The Florida legislature and Governor Rick Scott have changed the sinkhole laws due to the insistence of Florida Insurance companies. This article was written before the changes were made. If you have a new sinkhole problem you may be out of luck. Contact your insurance company to see if you have sinkhole coverage. We continue to buy unrepaired sinkhole homes in Florida.
If you're visiting this website. You either know that your home has a Florida sinkhole or you suspect that your home has a Florida sinkhole. If you are trying to sell your sinkhole home or have questions about Florida sinkhole homes you can find answers to the most frequently asked questions here.
Sinkhole house Signs, Symptoms, and Solutions.
Sinkholes are very common in Florida. Rock below the land surface is limestone, salt beds and carbonate rock. Often their is naturally occurring rock that can be dissolved by ground water circulating through them. When that happens caverns develop underground. When that space gets too large, there is often not enough support for the land above, hence a sudden collapse at the surface.
There are usually many signs of a sinkhole prior to a full collapse. Most homes rarely fall into the gaping hole in the ground but it can still occur under the right circumstances. The high cost of sinkhole repairs can be more detrimental to your finances, then actually dangerous.
What is my unrepaired sinkhole house worth in Florida? Sinkhole Effects on Market Value of the Home
The value of the house will be affected greatly by the cost to repair the sinkhole. I always look at what the insurance pay off amount is. The insurance company is not going to give the owner a penny more then they have to. Generally, You take the repaired market value subtract the cost to repair the house and you come up with the current value of the home. Some times the amount you come up with is negative. The property may still be worth something.
Many neighborhoods that experience sinkholes are faces with a decrease in the value of their home. Sinkhole homes fair market value decreases in value by 5 to 10 percent when compared with non sinkhole homes. Homes are already valued at a lower market price than they were even a year ago due to the economy, so the further decrease in value can be very discouraging to home owners.
Call me and we can discuss the particulars.
The three ways of determining market value of house.
Cost Approach, Income Capitalization Approach, and Comparative Sales Analysis Approach
What type of Florida Sinkhole is causing damage to your home?
The information below gives a very brief overview of the types of Florida sinkholes that can damage your home. If you would like additional information please contact me.
(Cover-collapse sinkholes) These types of Florida sinkholes occur abruptly and are deep holes in the ground with steep sides. These sinkholes are often initiated by fluctuations in the water-table. Water levels fluctuate, the roof of the cavity is then stressed and damaged. When the water-table decreases too much, the cavity walls become unsupported. The ceiling (or top) becomes too weak to hold the heavy clay and mud (called the overburden) which causes the ceiling to collapse, hence forming the Florida sinkhole.
(Dissolution sinkholes) If the overburden (mud and/or clay) is thin or absent, the surface of the limestone bedrock will become eroded from ground (or surface) water as well as wind. A depression will naturally form over time, causing a bowl shaped indentation with chemical breakdown of the rock.
(Cover-subsidence sinkholes) This type of Florida sinkhole will appear as a concave depression in the ground. They are a few feet in diameter and depth. Cavities in the limestone fill with clay and sand, sediments fill the depression hence, a lake is formed due to the accumulation of water caused by a restricted flow.
Many ponds and lakes in Florida are a result of sinkhole formation and Florida has more sinkhole homes than any place in this country. Many people believe that sinkhole damage to a house can be caused only when a large hole in the ground opens up and swallows a home. I have only seen this happen 10 time in all my years of doing real estate. Many times there is actually no void under the house at all. The ground is unstable due to fine sand, clay, or organic material (Mud). This causes the house foundation to be unstable. The big expense is to make sure you have no problems in the future. In many homes I see there is very little visible damage to the property. Yet the sinkhole repair and stabilization of a damaged sinkhole house can run over $150,000.00. This is due to the amount of repair necessary to prevent future instability. The insurance companies (some times with the help of a good sinkhole lawyer) will pay off a homeowner's insurance policy to there limits of the policy.
What Florida sellers must disclose about their unrepaired Sinkhole damaged home.
If you have a Florida sinkhole house on your property you are required by law to disclose the sinkhole damage to any potential buyer. You must disclose everything. It is imperative you deal with the Florida sinkhole house as soon as possible to prevent further structural damage to your home. If you have not already done so, please contact your insurance company and have them check for the needed sinkhole repairs. Have a qualified engineer inspect your home. Many times it is necessary to have a lawyer represent you in dealings with your Florida insurance company.
Florida Sinkhole homes and waterfront homes seem to be closely related.
A majority of the sinkhole homes in the Florida, I look at are close to waterfront or low-lying areas. There is a reason for this. Centuries ago, when the ground was low the water would flow into these low-lying areas. The water would fill up with organic material such as plants and other creatures. Over time, this plant life would decay and turned to clay or mud. As time would continue to pass dirt would cover this area. Then someone would build a house on top of it
It is important to remember that Florida is basically flat. When you have hilly or low lying areas you probably have some instability below ground.
If your house has signs of sinkhole activity, such as: stair step cracks on exterior walls, deep cracks in your driveway or paved areas, doors and windows that are difficult to close, call your insurance company. You need to file a insurance claim. The insurance company will sent our an engineering company to determine the extent of the settlement. They will either have it repaired or give you the money. After you receive a settlement from your insurance company, call us, do not repair your sinkhole home.
If You're Ready to Sell Your Sinkhole Damaged Home.
Often, homeowners of a sink hole damaged home want nothing more than to be rid of the problem they are in. They feel unsafe in the home or they just cannot deal with the time and expense of repairing their damaged sinkhole home. If you are the owner of a home that has unrepaired sinkhole damage , call me for prompt and professional solutions. Work for the seller of the unrepaired sinkhole damaged home. I will help you to alleviate the situation you are in. Having an unrepaired sink hole home can be very difficult. I specialize in selling these unrepaired sinkhole homes in Hillsborough, Hernando, Pinellas and Pasco counties and throughout Florida.
Have you received a settlement from the insurance company for your unrepaired sinkhole home?
Repairing a sinkhole home is an expensive, time consuming, and messy ordeal. I can help. Let me handle your problems. I will give you a top dollar offer on your unrepaired sink hole home. You can use the money to buy a new home, one with no foundation problems. Most of my sinkhole homes are in Spring Hill, Port Richey, and Holiday, Florida.
Has your Florida home has been damaged by a sink hole. I will give you a top dollar offer. You may ask why I would want your sink hole damaged house and the answer is simple. I Buy, Rehab, Rent, and Sell Residential Real Estate and sinkhole damaged homes and property in Hillsborough, Pasco, Pinellas and Hernando Counties. I have many years of experience with damaged property and sellers trust me to do what's in their best interest. If you have a sink hole and your home is located in Tampa, Clearwater, Brooksville, Hudson, Holiday, Clearwater or anywhere in Florida, please contact me for assistance. We are here to help. Tampa Florida
Sinkhole Buyer in Fl. Sinkhole house buyer Hillsborough. Sinkhole house buyer Pasco. Sinkhole house buyer Hernando. Sinkhole house buyer Pinellas Fl.