Posted by JayHoward on January 11, 2001 at 22:38:30:
Your last paragraph touches upon the very reason I consider RE with foundation problems potentially a good area to concentrate. Since most buyers are scared off by foundation repairs, there’s opportunity for bargains.
However, on the flip side, many potential buyers have a stigma about buying property that’s been piered. I know when we were looking for our personal residence, we ran across a couple of houses with that needed them and we passed. I don’t know how we would have reacted if the piers had already been installed and the house had been given a clean bill of health, but I suspect we would have still passed. So my thinking is buy at a low enough level that it can be repaired and sold for a profit at a price slightly below the comps. The reputable cos here that do this kind of repair offer a lifetime guarantee on their work regardless of the property owener, so there’s some comfort for the buyer.
This is an area I will continue to explore. Thanks for you note.