Slab crack in former model home

[ocrenter]

http://www.sdlookup.com/MLS-120013032-16837_Silver_Crest_Dr_San_Diego_CA_92127

We visited these model homes in 4S back in the peak bubble days in 2005-2006. Did they just put these up so fast that there was simply no quality control? It does seem like when the builders put up model homes, they really do go up in lighting speed. Are there more quality problems with model homes? The asking is almost 50% off the original purchase price. I wonder if the builder compensated the homeowner?

[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: $510,000.00

So 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.

[ocrenter]

[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: $510,000.00

So 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.

[briansd1]

so anybody in the know can comment on the slab crack. What does it cost to remediate?

[ljinvestor]

–

[enron_by_the_sea]

[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.

[sdrealtor]

Per 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.

[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?

[all]

[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.

[Ren]

I 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.

[sdrealtor]

It 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.

[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?

[HenryPP]

I 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?

[sdrealtor]

[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.

[Author]

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