Just bought my first home and before even moving in a wall on the basement collapsed and let a bunch of mud into my basement ruining my furnace, washer, dryer, hot water heater, etc. My whole basement needs to be gutted.
Turns out the finished basement was hiding a sub- par wooden foundation.
Insurance company is covering nothing. I've already gotten a cleaning crew started on this but I'm not sure what to do. Not sure if I should fix it, just go into foreclosure or do a "Gabe buys houses" situation. Can anyone give any advice on what my options may be? thanks
Foundation nightmere first home
byu/AboveTheClooouds inRealEstate
Posted by AboveTheClooouds
3 Comments
Take a breath.
Get a couple estimates on repairing the foundation.
The foreclosure process is a ten year effect on your life. Are you prepared for that?
Any “we buy houses” outfits are going to fleece you. And then how you going to deal with the mortgage balance that is owed?
I think I would get on the phone to several local real estate attorneys to find out if you have any legal opinions.
> Insurance company is covering nothing.
I think it’s worth pushing a bit more here before giving up.