Ok guy’s I have a home that I owe 16,000 on. Since January of this year the city that I live in has has construction near my house. This construction has caused significant damage to were I got a lawyer involved to find me the max that they are willing to pay. So far estimates of the damage range from 50,000 to 60,000 dollars. I have been wanting to move on from the house since I also got an offer of 50,000 dollars on the house. Selling the house would take a portion of the lawsuit since I believe I can still claim for detrimental Right?
Legal advice is best suited to IMHO.
Colibri
General Questions Moderator
Huh? The estimated damage is equal to the price someone offered for the house? Or is the value before damage $100K and after damage $50k?
It’s certainly possible for cost of repairs to exceed the market value of the house. That’s why it’s important to make sure your insurance is for replacement cost and not just market value.
You have a lawyer. All of your questions regarding this matter should be addressed to your lawyer.
As seller you are obliged to inform any buyer of the damage to the house that you know about. Presumably you are also obliged to inform his about pending litigation so he realizes the damage is already under dispute, in case he is under the impression he can sue the city himself.
Market value of the house is 70,000- 104,000 for houses in my area.
Voyager, the value of the house use to be 100 and the offer I got was 50.
Oakminster, the more information I can gather the better off I am, after all self education is the best education.
Doug K., I have contacted my Insurance but the construction is already ready to pay for the damages and you cant take two checks. Its like when you get in a crash with an auto they have there insurance and I have mine.
md2000, he knows who my lawyer is and has used him in the past. “Buyer 1” and I had a good conversation about my options.
They have already started to put dirt back and cover up the 30-40 feet deep holes and plan to start paving the street. so there claim adjusters should come soon.
Well the courts won’t force the other side to act quickly , your issue with wanting to sell is ignored, as real estate is a long term investment. They don’t pay compensation for the delay , except perhaps rent. (if you lose rent because there is no tennant, or if you pay rent to live elsewhere.)
The issue with accepting a cash payment is that will be to the value of the initial quote.
What frequently happens with such repairs is that there is a catch, a “can’t repair that way because of X Y and Z …” so the repair may well cost more than the initial quotes.
What did your own builder say the damage was ? Don’t just trust theirs !
That is, they may start out doing $30,000 worth of repairs, but end up doing $50,000 .
Or The system may be that you can’t get cash, you can only get repairs done.
Also, they may be able to avoid paying you if you sell, so be sure to understand the law with regard that… an offer to pay cash may become void if you sell, and the state law may override a contract.
Great point, That is why I plan to stick it out and just collect the cash and then buy land with it. Above everything that I can do I believe that will be the best idea.
forgot the damage is cracks to the foundation on 3 of the 4 corners of the house. when the builder came it was just one corner. The house does have a lot of damage but honestly I will be happy to get near close to what the house is worth and buy land to move on.
Wrong for couple of reasons. First, no one knows your legal situation as well as your lawyer, and any advice offered will only cloud the issues in your mind. Second, it is unethical for a lawyer to offer you advice knowing that you are already represented. Talk to your lawyer. You’re paying for his advice. Anything you’re told here is just random people on the internet.