Those dang underwriters and appraisers can make it pretty difficult to get loans at times. In this episode, Rich, The Crackman, explains how basement foundation issues can affect your refinancing goals.
Narrator: It’s time once again for the “Crack Man Podcast” hosted by A1 Foundation Crack Repair. I’m Darren Kincaid here with the Crack Man himself, Rich Comeras. Rich and his son Adam have over 30 years’ experience in the construction industry. This podcast provides expert basement waterproofing, concrete repair, and preventative maintenance tips for homeowners and businesses. A1 Foundation’s valuable insight will help avert a disastrous flood within the basement, health problems associated with water infiltration, and protect your biggest investment….your home. The topic of today’s podcast: Should I have a foundation crack repaired even if it isn't leaking?
Narrator: So, Rich, those dang underwriters and appraisers can make it pretty difficult to get loans at times. What kinds of problems can your basement and foundation present when trying to refinance your home?
Rich: Well, it's not only the refinance, it's also the purchase of a house. And this has been coming up more and more the past few years. It used to be just FHA or VA loans. Now it's your conventional financing. What happens is the appraiser comes into a house, and he'll pick on certain things. Some of the things that he'll pick on is possibly cracks in foundations, lally columns that are rusted, broken, or nonexistent or temporary, or on stone foundations where the mortars coming out in between the stones. And they pick on those.
I was very concerned and wondered why am I seeing more and more people calling me because of these issues when they're selling a house or refinancing the house. And it doesn't matter if it's in Rhode Island, Connecticut, New Hampshire, or Massachusetts. We're seeing that. I talked to somebody that sells mortgages to mortgage companies and banks and asked them. And what he told me is that Fannie Mae or Freddie Mac, which is a quasi government agency that kind of underwrites a lot of loans, that they've instructed these appraisers to note these things.
Why all of a sudden? And what he said to me was, I don't know if you remember that collapse or problem in Florida with a condominium, large condominium complex, and this kind of brought it to a head. So, we're getting these calls of people panicking and can't refinance, or they're having to give me a hard time on the purchase of a house because of these foundation issues. We can price them out ahead of time by usually taking a picture or going out to the site, and it saves a lot of hassle.
I guess the moral of the story is before you're selling a house or refinancing it, take a look at your foundation and see if there's a problem that could cause the delays. And if there are, we're more than happy to help you at A1 Foundation Crack Repair.
Narrator: Well, thanks, Rich, for explaining how basement foundation issues can affect your refinancing goals.
Narrator: If you have a basement water problem and think you need a professional or, if you’d like more information on foundation crack repair and basement waterproofing topics, please visit A1FoundationCrackRepair.com or call (866) 929-3171. Or you can email info@a1foundationcrackrepair.com. Thanks for listening and keep that basement dry.