We often hear from recent home-buyers a story that seems to be a reoccurring theme for us. That is, new home-buyer buys home, and six months to 12 months later starts to notice cracks in walls and doors and windows not functioning properly. Why is occurring so much? I have a pretty good explanation...
During the great recession, I had the opportunity of being an expert witness many times. My expertise was required in helping a current homeowner in negotiations with another party on their house foundation repairs. Quite often during this period of time homeowners would either walk from their home with lots of damage in it or they would collect and then walk. Leaving the mortgage company with the foundation problems plus the cost to repair them.
The term “Caulk and Walk” refers to selling a house with major issues to a new Homeowner after a little cosmetic fix up.
It was very common for the lender to then sell the home at auction 'as is'. Many times, the house would sit for a long time - up to years - before it would be sold. People sensing a bargain would then buy the home and instead of fixing the problem at its source, did what we call “caulk and walk”, selling a house with major issues to a to a new Homeowner after a little cosmetic fix up. Now, after 6 to 12 months, or even several years, those problems that were not fixed at their source are coming back. See my earlier blog…. Why the Crack Keeps Coming Back.
How can you protect yourself? I suggest that before you buy a house you call our team and have it expertly investigated. It is a small price to pay for making sure you’re not buying a house with big problems.
In order to properly investigate, there needs to be sufficient time, so give us a call to schedule before your inspection period starts. While waiting on your appointment, check out what information a level B foundation inspection should have HERE.
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