I Need Some Info Please!!!!
I was recently told that it is not possible to receive a construction loan if you are trying to purchase a house that has severe foundation issues i.e. cracks in the wall. I live in Houston Texas where basically all of the houses have foundation issues. I was just wondering if anyone else has run into this problem and if there is any way around it.
Thanks for any info you can share
Michelle
no
I am not from Houston, but there is a big difference between cracks in the wall and slab and "foundation problems". In Florida we have normal settling and then there are sink holes. Twice I have had to call a structural engineer out to look at a house before I purchased. He cost $250 each time. One time was just normal settling. The other time the new addition was settling away from the house and pulling the roof with it.
Foundation problems are a big deal. My advice would be to call in an expert and have him document his findings. If he finds normal stuff then you have it documented. If he finds something more then move on.
Brenda