Buying a house with a repaired sinkhole
When you’re going through the home-buying process, hearing that you may be buying a house with a repaired sinkhole can be a shock to the system. You likely have a lot of questions about the potential of your future home, and whether or not you may have to deal with a sinkhole.
Demand the detailed report
If you are considering buying a house with a repaired sinkhole, make sure you get all the information there is available to you. The seller is obligated to disclose the information to you, and that means more than acknowledging that there was a sinkhole, but it has since been repaired. This is for a reason.
If you do not ask for a detailed report when buying a house with a repaired sinkhole, you run the risk of the situation being downplayed as “just minor settlement” or “a sinkhole was never actually found”. While we wouldn’t suggest you assume the worst of a seller, you also need to be educated about the history of the home you’re trying to buy.
Just as you would want to see a Carfax report on a used car, don’t just take the seller’s word for it and demand they provide you with copies of the original testing and also of the repairs performed and make sure the repairs were certified by a professional engineer. The seller has to provide you that information and if they refuse, you probably should reconsider this purchase.
Is it eligible for sinkhole insurance?
The answer to this question varies case-by-case. Therefore, it’s likely worth your time to verify that your home is eligible to be covered by sinkhole insurance. If you are able to get sinkhole coverage, make sure to ask about your premiums because a history of sinkholes is very likely to raise the price of being insured against sinkholes.
The general rule of thumb is that you don’t want there to be any surprises after closing on your home. Buying a house with a repaired sinkhole should not immediately repel you from buying it as long as you take the extra time and due diligence to investigate all the facts. With an effective repair, your home should be safe against potential sinkholes.