There are difficulties associated with buying a home with a previous sink hole. What caused it is very important, if natural, eg. earth instability it would be difficult to mitigate permanently. But if it was a man made problem that would be easier to correct.
Financing and insurance can be expensive:
‘The engineer report, the repairs performed on the home, and any information regarding your insurance pay out on the property. This will be extremely helpful when it comes time to put it on the market, and it’s going to help your resale value. Right now (2014), repaired sinkhole homes still take a slight hit when they are up for resale. Roughly, it’s about ten percent less the value* assessed for property. So if you home is worth $100,000, it’s going to take 10% right off the top and it’s now worth about $90,000. Part of the reason for this is because even though they are repaired most big banks WILL NOT do mortgages on the properties. It can, also, be challenging, although not impossible, to get homeowners insurance. Thus, the reason the paperwork is so crucial and must be kept in a safe place. (Read between the lines and make copies and put in a safe deposit box, etc.)’
You should get a deal, even if you buy near a previous sinkhole home. Good luck!
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