Cracked Basement Slab...
I am considering a property that has a crack in the slab about an inch thick and it goes in three directions.
Has anyone had experience w/ cracked slabs. The asking price is 59k w/ a resale value in the range of 130k-140k.
Any advice or experiences rather??
Since the cause of the crack could be serious foundation problems (perhaps a large sink hole), or something simple, there is really no way to help you without a better understanding of the cause of the crack.
If you don;t know exactly wha tyou are looking at; I'd strongly suggest you get an expert local opinion - someone you can sue should their advice prove to be faulty.
It could be nothing or it could be something.
How far do the cracks run? Is the slab completely level or are the sides of the cracks higher and lower dramatically.
The age of the cracks has a lot to do with what to expect. If they are 20 years old and haven't moved in the last 20 years you have nothing to worry about. If they appeared last year that is a different story.
My first concern would be the asking price of 59k vs the resale value of 130 to 140k?
I would be asking how long on the market?
I would take a look at similar homes in the price range of 130 to 140k range to see how the subject property would compare and compete with the subject property competition.
I would have a big concern with the cracked slab and checking to see if the condition has affected the structure like
Cracks in the interior, doors not shutting properly, windows not opening properly and would be looking at the exterior ground for any forum of erosion and or ground sinkage.
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The length of one of the cracks appears to reach the perimeter wall of the house, possibly making contact w/ the footings. However, the cracks are not vertically slipping pass one another, but the 1" crack alone looks like it can possibly lead to more damage. If I do go through w/ the property, I will be getting a more thorough assessment of the damages. I just wanted to run it by other fellow investors before I dish out $300 bucks for an inspection, which may even result in me not even buying the property. The property was just listed and b/c it is in an outstanding neighborhood, I am someone is going to b/c making a purchase pretty soon. As a matter of fact, as I was leaving the property, 2 more people were waiting for me to back out of the driveway in order to take a look at the property.
At any rate, I just wanted to know if any of you had successfully repaired cracked slabs of similar characteristics.
Thanks.
shamund
I will tell you that repairing a cracked slab properly is a real pain in the ^&#^$& and vary costly. There is no easy way of fixing this problem professionally short of jacking the home.
I have dealt with this before and would recommend if the problem is not effecting the structure of the building a simple fill and patch will work. If it is affecting the structure and you can get it for less than 50% of market value you can still profit vary well.
I use Texas contractors for all my foundation issues no matter what state the subject property is in simply they really know their stuff.
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Once again, the success and expense is going to depend on what the nature of the crack is. If it has stabalized and hasn't moved in years all it is going to take is some concrete to patch it. Fixing the cracks themselves would be a 30 minute job.
If it is a currently active crack due to structural issues with the footings or movement due to water then fixing the cracks properly will involve remediating whatever is causing them. That could be very expensive.
The key is analyzing what has caused or is causing them.
All cracks of that size are caused by movement. The question is has it stopped and will it move again?
Thanks for the replies guys. I now know when it is safe to go ahead w/ issues like this. Eventhough the inspector would have determined the same, it's alway good to know for one's own benefit.