As long as I’ve been in real estate the foundation of a house has been a major area of concern for buyers. For some reason the mention or thought of a house having a foundation problem frightens alot of buyers. Frightens them so much that they determinedly refuse to move forward with a purchase because of it. Are you worried about foundations? In Foster City the topic is freaking epidemic. Foundation problems are as common as dirt around here. In the last few years sellers around here have done work in advance and made some of these issues disappear before marketing these houses. Some don’t. The funny thing to me is that foundation problems are one fo the few things that trump the current buyers zeal at writing huge over bids. Often with absolutely no logic behind it.
I mean, folks are routinely taking houses with original kitchens and baths, old roofs, galvanized plumbing, inadequate electrical systems but if there’s a foundation problem…forget it! They don’t want it! It’s hilarious really. You mean you’ll write an offer $100,000 over asking (or more) but ba $10,000 foundation problem scares you? No problem with an $8500.00 pest report though! If there’s a crack in that foundation…no thanks! Cracks in a foundation are typically about a $1000 repair. That’s a big deal? Of course in Foster City you have to worry about the sodium in the soil and rust in the rebar and that adds to the dollar amount of repairs…but it’s repairable! Problems with foundations can be fixed. Just like roofs can be replaced! An agent I know wrote an offer on a place in Foster City this week that was $152,000 over asking and finished 6th. Why does a $6000.00 foundation issue frighten anybody?