Fl sink hole,any experience with this? - Posted by Dan kelley

Posted by David on May 30, 2000 at 12:40:03:

Recently had a sink hole develop. we had a dry summer last year and then when it started to rain, a sink hole developed in limestone understructure. They dug out around the hole and made it deeper. then they filled it up with three truck of cement. The cement acted as sort of a plug for the hole. so far it has not reopened. A geologist would be able to provide more information, but I don’t think that there are any guarentees. And of course you would have to disclose to future buyers/optionee.

Fl sink hole,any experience with this? - Posted by Dan kelley

Posted by Dan kelley on May 30, 2000 at 12:29:04:

I came across a SFH with a sink hole In the back yard that eat part of the swimming pool.The Ins company paid the mortgage off,so Its free and clear.The women who owns It says she has a offer of $24,000 and wants to know If I can do better.Comps are $70,000.Its a nice house other then the sink hole.She was told It would cost $30,000 to fix.Any body have any experience with sink holes?

Re: It’s only good for one thing - Posted by Lori Samson

Posted by Lori Samson on May 30, 2000 at 21:34:29:

If the numbers really make sense to you then use it as a rental property because I agree with everyone else and unless you can get it for a song and could fix it and then use it as for the cash flow I would have to pass that one… actually I would run. We are in Texas where everything has foundation problems and here we just accept it and work with it. In other areas of the country they would tell you to run from foundation problems. If you are confident that it is workable for you then don’t let us discourage you , just caution you. Lori

Re: Fl sink hole,any experience with this? - Posted by eric-fl

Posted by eric-fl on May 30, 2000 at 13:52:12:

I’ve lived in Florida all my life, and I can tell you, from a buyer’s perspective, I wouldn’t take a house with a sinkhole if you gave it to me. You could fix it, but as the previous post mentioned, you would have to disclose it, unless you wanted to risk a lawsuit down the road. And then, good luck getting top dollar when you go to sell it - plus, at 30 plus 24, that’s a total of 54,000 on a 70,000 dollar house, before any other costs, like marketing, closing, carrying, etc. I wouldn’t let her problem become yours - if she can find someone willing to give her that much for it, I would advise her to take it. Make sure you put her in the tickler file, though, and follow up - I’d be surprised if even a hard money lender would let that go. Her offer may be pie in the sky.