Home › Forums › Closed Forums › Properties or Areas › Slab crack in former model home
- This topic has 13 replies, 10 voices, and was last updated 12 years, 6 months ago by
sdrealtor.
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March 12, 2012 at 10:35 PM #19592March 13, 2012 at 3:03 PM #739885
UCGal
ParticipantIt looks like it originally sold in 2007 for $780k. then was foreclosed on in Jan 2011. From the notes I posted on sdlookup:
from fidelityasap.com
Sale Status: Sold 01/03/2011
TS Number: 439140CA
ASAP Number: 3841782
Notice of Sale Amt: $686,221.23
Opening Bid Amt: $475,750.00
Sold Amt: $510,000.00So it was bought by a 3rd party. And since it was a trustee sale – that third party didn’t have an inspection clause or anything like that. They got hosed.
March 13, 2012 at 3:21 PM #739888ocrenter
Participant[quote=UCGal]It looks like it originally sold in 2007 for $780k. then was foreclosed on in Jan 2011. From the notes I posted on sdlookup:
from fidelityasap.com
Sale Status: Sold 01/03/2011
TS Number: 439140CA
ASAP Number: 3841782
Notice of Sale Amt: $686,221.23
Opening Bid Amt: $475,750.00
Sold Amt: $510,000.00So it was bought by a 3rd party. And since it was a trustee sale – that third party didn’t have an inspection clause or anything like that. They got hosed.[/quote]
Who would have thought a relatively new house on the auction block would have such a big issue. Would have thought this would have been a no-brainer at $510k.
March 13, 2012 at 3:26 PM #739891briansd1
Guestso anybody in the know can comment on the slab crack. What does it cost to remediate?
March 13, 2012 at 4:00 PM #739895ljinvestor
Participant–
March 13, 2012 at 4:11 PM #739898enron_by_the_sea
Participant[quote=ocrenter]
Who would have thought a relatively new house on the auction block would have such a big issue. Would have thought this would have been a no-brainer at $510k.[/quote]
Wow. I am glad I don’t do this.
March 13, 2012 at 4:56 PM #739904sdrealtor
ParticipantPer the tax records it went back to the benficiary (Chase) on 12/16/2011 and it is bank owned. I think they can afford to take the loss on it.
March 13, 2012 at 8:50 PM #739923
svelteParticipantAs I recall, there was another home in 4S with a cracked slab a couple of years back.
Looks like it may become a common problem there?
March 14, 2012 at 8:33 AM #739932all
Participant[quote=svelte]As I recall, there was another home in 4S with a cracked slab a couple of years back.
Looks like it may become a common problem there?[/quote]
Several houses on Lone Bluff Ct had the same problem, but those are on steeper slope.March 14, 2012 at 8:39 AM #739934Ren
ParticipantI wonder how bad it is. There are slab cracks and there are slab canyons. As any contractor will tell you, cement does two things – it hardens and it cracks.
March 14, 2012 at 8:49 AM #739935ParticipantIt really depends upon why it cracked, how big the crack is, whether it is still moving, was there displacement (i.e. is one side of the crack higher than the other or did it just separate) etc. If the cause of the cause of the crack (say a big tree planted to close to the house-probably not the cause here) was removed it could be a few thousand to fill with epoxy. If the land under the house moved it depends upon why and whether it will keep moving. In these cases you need an engineer to come in and evaluate the situation. That would cost you about $700.
March 14, 2012 at 9:45 AM #739939ParticipantI have to assume they got the slab crack properly evaluated and was probably determined to be more of a slab canyon. hence the steep discount. afterall, as a rule banks are spending the few thousands to fix up foreclosures, if it was a simple crack they would have taken care of it, no?
March 15, 2012 at 6:24 PM #740056HenryPP
ParticipantI remember someone on this site mentioning that when they inspected 4S homes, they noticed the potential for structural problems. Actually, I think it was Early Retirement who said that. ER, if you are reading this, good catch!
What’s strange is that from the pictures this home doesn’t look like it was built on a steep slope. Anyone know the story here, why the slab cracked?
March 15, 2012 at 6:44 PM #740057Participant[quote=ocrenter]I have to assume they got the slab crack properly evaluated and was probably determined to be more of a slab canyon. hence the steep discount. afterall, as a rule banks are spending the few thousands to fix up foreclosures, if it was a simple crack they would have taken care of it, no?[/quote]
Probably not. If they fix it they have an implied warranty for the work. Better to leave it as is and not be on the hook in the future.
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