The very mention of "foundation difficulties" terrifies homeowners, and these problems indeed represent severe threats to your home's safety, value, and aesthetics. Foundation issues don't have to spell the end of your home's selling.
If you're the type who doesn't want to read long articles or blogs of what to do and not to do, and you just want to go straight to the point—this is your cup of tea. Let's get to the point and share that in most cases, we would still be interested in purchasing your home. You can find answers to our Frequently Asked Questions about Selling a House with Foundation Issues below.
Not all cracks have the same effect on the value of a property.
Foundation cracks come in a variety of shapes and sizes. The length, pattern, and direction of cracks can provide information about the severity of the problem and its influence on the home's value. It's worth noting, though, that foundation fractures aren't always a concern. Some of them are harmless and have minimal impact on a home's value. Get some professionals out to give you an estimate.
Is it cost-effective to fix foundation issues?
Though it truly depends on the type and severity of foundation issues going on, unfortunately, the expense of repairing foundation issues in a home can be pretty hefty. The first thing you'll need to do is pay the foundation inspection fee. After that, you'll have to deal with the repair costs. Homeowner's insurance does not cover foundation damage from flooding, earthquakes, or shifting and settling over time. As a result, you'll have to pay for everything out of pocket.
Should you fix foundation problems before selling?
This decision will largely depend on your circumstances and the market.
If the market is skewed in favor of sellers, the pressure and emotion involved in purchasing property might overshadow other problems. Why waste money if the best bidder is an investor who wants the land and isn't concerned about the foundations?
Harper from Harper Certified Appraisals in Oregon with 10 years of experience in Real Estate advises that the buyer should do their own examination and the seller should bargain based on what they know about the problem.
Though it's good to note that a home in need of repair is frequently less appealing to potential purchasers, many people would rather spend a more significant amount for a property in good condition and have peace of mind.
How do you sell a house with foundation issues?
If your circumstances leave you not much of choice but to sell your property without correcting the foundation problems, there are a few things you should do:
Disclose any known foundation issue to buyers in writing.
It's pointless to pretend the problem doesn't exist. You must inform buyers about the situation in writing and upfront. If you don't, their building inspector will find it, and you'll either lose the transaction, or they'll demand a significant discount. Or, if they buy the house and find out later, they can make a legal claim against you. Don't forget to:
Obtain the buyer's acknowledgment, in writing, that they have been informed
Provide information or referrals to buyers on the suppliers you have consulted regarding foundation repairs
Negotiate accordingly.
Remember that foundation issues will undoubtedly affect the sale price. If a buyer needs to remedy anything right immediately, they'll want to pay less for the house, and if you've had to address the problem on your own cash, you'll want to sell it for more. Or, the repairs could be worked into the sale in some way. In either scenario, the foundation issue must be addressed.
Next Step
Selling your home "as is" is your best option and Ash Creek Properties would love to work with you for a quick and efficient sale. Ash Creek can provide you with an all-cash offer, no repairs necessary. Close and move out on the date of your choosing. This means that once we agree on a fair price, you won't need to worry about that foundation—it's our concern now. We'll walk you through every step.
Got questions about selling your property? Contact us today.