Quote:
Originally Posted by Your Boss
Good friends mother recently purchased a home to renovate as her retirement home. Home was built in the 20's, bank owned when she purchased.
This week they were doing some work and discovered that the house has no foundation and never did. Built on a single layer of cinder block sitting on top of sand. Really terrible find obviously. Early quotes are 100k+ to fix, which would put her way underwater.
Thinking about options, I don't think the bank has any liability. If they knew about the lack of foundation it's something that would have to be disclosed, but doubtful they knew. Inspector didn't catch it, but not sure he has any liability either.
Any ideas?
First is the house crooked or sinking?
Inspectors range from Poor - Great. They can only see what's in front of them. They don't dig for stuff, no crawlspace, no idea what's underneath. I would guess they couldn't tell what the walls were sitting on.
I would assume there was no foundation though as the house was built in the 1920's.