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?

Mark and Nancy Dobrin are buyers who are attempting to move laterally within the Peninsula. They’ve experienced bot the good and the bad of this market. They’re in the middle of it right now:

1. Your plan was to relocate within the Peninsula in this market,
knowing how the market was just how intimidating was it to plan this type of
move?
I think we probably didn’t really anticipate how difficult it would be to find a new home.  We knew it was a seller’s market and we took advantage of that in selling our home. But now we’re on the other side of the equation and it’s harder than we had imagined. 

2. Unlike first time buyers you got to experience the sale of your home
with multiple offers. Even though you have a rent back how stressful is it
searching for your next home?
We were hoping for 2 month’s rent back for a little extra padding.  As it was we accepted an offer with 1 month free rent back plus 2 additional weeks.  Now with the closing of escrow we are definitely feeling the clock ticking on our time.  We’ve put in two strong offers but were turned down on both places.  Now we are facing the stress of planning for short term housing  while we put our things in storage and look for a KOA campground nearby.

3. The lack of inventory this year has certainly impacted buyers. How
has it effected you?
It has significantly impacted us in two ways.  First, there really isn’t much on the market that we’re interested in.  And secondly, when there is something worth offering on everyone else is there too.  It’s like going to a silent auction with hundreds of people but only two items on the table. 

4. You’ve written very good offers, well over asking without
contingencies and still haven’t found a house. Describe that experience.

It’s been challenging on a lot of levels.  On the last place, we lost to someone who offered cash (way over the asking price) with 6 months free rent back!  That’s hard to compete with.  It’s also been difficult emotionally because you get attached to a place you really like but then loose.  Then you have to get right back on the horse and look at what’s on the market this week.  But since you just lost your “dream home”  the next “mid-century charmer” that comes up just looks like another dump built in the ’50′s.

5. Do you feel this this type of market is a temporary bubble or is this a way of life around here?

Beats me.  We just don’t want to be sleeping in our car this time next year.