Yes, you can sell your house with foundation problems, but it can be more complicated and may cause extra delays, additional inspections, and ultimately, less money. But it is possible and this article will show you how to do just that – sell your house with foundation problems.
Read on to learn more about the process of selling your home with foundation problems and why selling your home for cash may just be your best bet.
What Causes Foundation Issues?
While poor construction can lead to foundation problems that arise later, they are often a result of moisture and soil issues that lead to shrinking or swelling soil which cause the foundation to shift or crack. Poor drainage systems can also lead to the soggy ground and a settling foundation.
How to Determine if Your House Has Foundation Problems
If your home goes under contract, chances are your buyer’s lending company will require an inspection to be completed. Home inspectors are trained to spot signs of foundation problems like sinking foundations, bowed walls, gaps between the walls and floors, large cracks, and sagging floors.
Discovering foundation issues with your home when you’re getting ready to sell can lead to headaches and expenses that you hadn’t planned on. Trying to sell your house with foundation problems means that your buyer pool will be severely diminished. Many lenders will not approve mortgages on a house with foundation problems. This is especially true for buyer specific loans like FHA and VA loans, which often have very strict lending rules.
Selling your house for cash is a great solution if you find that your buyer pool is too diminished to sell your house as quickly as you hoped.
Should I Repair My Foundation Before Selling?
That depends. There are several factors to consider when you are trying to decide if you should repair your foundation for a traditional sale or look to sell your house for cash instead. Here are the top 3 things you should consider before repairing your foundation pre-sale.
You should start by getting a professional opinion on your foundation problem. Having your foundation inspected by a structural engineer will confirm whether your foundation issues are real and how severe they are. Get estimates on the cost of repair to help you assess how bad things are and how much it will cost to repair them.
Decide Whether to Repair
Once you know where you stand with the repair, decide whether you want to make the investment in your property so that you can sell it to buyers with various lending sources. As mentioned, selling to buyers with traditional lending sources will require that you repair the foundation first. The only way to sell your house with foundation issues and avoid repairing your foundation is to sell your house for cash.
Call in the Pros
If you decide to repair your foundation, use experienced professional contractors who know what they are doing. Foundation repairs are not something a homeowner should attempt to DIY, regardless of their handiness.
How Much Will It Cost to Repair My Foundation?
Foundation problems can be expensive, and you will be required to repair them prior to a sale or reduce the amount of your sale price so that the new homeowners can have the foundation repaired.
According to HomeAdvisor, homeowners should expect to pay between $2,147 and $7,505, for their foundation repairs. Alternatively, you may want to look for a cash buyer instead. These “as-is” transactions do not require inspections and repairs.
Will Buyers Even Look at My House With Foundation Problems?
Yes. Real estate investors often look for bargain properties that they can buy for cash and renovate to resell. Selling your house for cash allows you to avoid any lengthy inspections, repairs, and negotiations. This option is highly useful if you don’t have the cash or time to do major repairs before a traditional sale.
If you decide to sell your house with foundation problems as-is, you can avoid having to take on the major repairs to your home and you will offer no guarantees to your buyer on the condition of anything pertaining to the house.
Work With a Cash Buyer
If you are ready to sell your house with foundation problems but you aren’t able or interested in the process of securing and paying an engineer to do the work, give Quick Fix Real Estate a call. We can get you a cash offer on your property as soon as today and you can close within a week. Contact us today to get your real cash offer.