Friday, July 6, 2012

Brick Foundations...going the way of the Dodo?

People who have read this blog know how I feel about brick foundations but, just in case anybody forgot let me remind you.

Brick Foundations Are A Horrible Ticking Time Bomb And Should Always Be Immediately Replaced!!!
Excuse me for yelling.

But I've heard several encouraging bits of info lately that gives me hope that the scourge of brick foundations is coming to an end.

I was talking to another old house owner who said, 'My insurance company dropped me because I have the original brick foundation and nobody else would insure me.'

I talked to a mortgage broker who said, 'None of the banks I work with will underwrite a loan on a house with a brick foundation. The only way to get a loan on a house like that now a days is to get a 203k.'

I talked to another old house owner who is in the midst of refi'ing their house and they said, 'The refi would not go through until the bank verified that the house had a modern concrete foundation.'

I say FINALLY!!!!!!!!!!!

Finally these businesses seem to of woken up to the fact that brick foundations in earthquake country are a bad, bad idea.
Lets face it, people are not going to spend the kind of money it takes to redo a brick foundation without some arm twisting.

I'm looking forward to the time where even Real Estate agents tell people their house won't sell unless they 'fix that brick foundation.'
Seems like that time is coming soon. Can't get insurance or financing on a house how's it going to sell? Well, that leaves the all cash guys....but they'll have to put in a new foundation if they want to flip the house. Betcha that's going to destroy their profit margins....I'll shed a tear for them....

2 comments:

Anonymous said...

thanks for writing on this subject.
do you think this is the case in SF city proper as well? I've toured a lot of houses recently and many have crumbling brick foundations. I shake my head and walk away... I suspect this another instance where the SF real estate market is the exception to the rule... groan!

The MadScientist said...

I don't know about SF city proper. The instances I site were in Berkeley, Alameda and San Deigo!
I think that in earthquake country its going to be the new reality.
Why would anyone write a loan on a house in a liquafaction zone with a brick foundation and no earthquake retro-fitting?