Working with homeowners and their foundation issues... 2

[Ben29]

I receive so many phone calls from homeowners requesting structural engineering services that it's getting hard to ignore, especially in this economy. I would say 95% of homeowners are calling about their foundation. Is it possible to take these jobs and still protect myself legally? I'm not going to certify foundations - and I will make that abundantly clear. But I am sure I could help these people and make a profit while doing it.

Has anyone had good experience working with homeowners in this capacity? Any advice? Should I just stay away?

 

[LittleInch]

Craig,

I agree, but the MINUTE the deal completes then the home owner will revert to their usual emotional penny pinching once they've got a lump knocked off the purchase price... There is no way the seller is going to pay you direct once they've sold it.

Even if the mortgage company or whoever make it a condition to get it fixed in 12 months, they will revert to minimum lowest cost approach.

The other way around and it might work, i.e. a seller needs to get it fixed in order to sell for his asking price which would be more than your costs or simply that no one will buy it with faults identified.

Remember - More details = better answers
Also: If you get a response it's polite to respond to it.

 

[XR250]

I agree, but the MINUTE the deal completes then the home owner will revert to their usual emotional penny pinching once they've got a lump knocked off the purchase price... There is no way the seller is going to pay you direct once they've sold it.

This is a lot of scarcity. Must be your market. I have not experienced this.

 

[LittleInch]

"Scarcity" ??

I would like to know though how you choose your clients.

Once the imperative requirement goes then so does the desire to spend money.

Remember - More details = better answers
Also: If you get a response it's polite to respond to it.

 

[Craig_H]

LittleInch, I'm no lawyer but my limited experience with real estate transactions here is that "holdbacks" are amounts from the purchase price that are held by the buyer's lawyer in trust until a condition is remedied (such as the repair that I am dealing with). The seller can elect to remedy the situation by a pre-determined date, or they lose the holdback amount. Unless the holdback is insubstantial, it is in the seller's best interest to have the deficiency remedied.

 

[LittleInch]

Different markets alright.

My experience is that the report and costs are used to lower the price paid or the seller gets it done before sale is concluded. Hence why only some of the repairs ever get completed as the buyer learns to live with it.... Or just wants it done cheaper.

Sometimes a mortgage company might hold back money until the buyer competes work, but I've never heard of a seller spending money on a property that the sale has actually been completed.

Remember - More details = better answers
Also: If you get a response it's polite to respond to it.