Can You Sell A House With A Foundation Issue?
If you're like most people, the thought of selling your home probably makes you a little anxious. But what if there's something wrong with your home that could make it difficult or impossible to sell? If you have a Foundation issue, for example, it could be a major obstacle when trying to sell your house. So what can you do to overcome this obstacle and sell your home, can you sell a house with a foundation issue? Read on to find out!
Cost Of Fixing
According to Home Advisor, it costs on average $6,358 to repair a foundation. Remember this is the national average, it can be lower, but it could also be very costly. It's important to get a few estimates from different companies.
Fixes For A Foundation
There are several types of foundation issues including Cracks, settlement, and heave (or uplift). There is no one size fits all fix for each issue. Each will require its own solution depending on the severity and location of the problem in your home. Some cracks can be filled with epoxy or concrete while others may need replacing entirely. Settlement typically requires underpinning that re-levels your house so it sits evenly on top of the new foundations which you rebuild beneath it! Heave problems generally require geotechnical engineers who understand how soil moves under pressure such as when there's too much moisture inside it over time causing weight bearing down on the soil to increase.
Preparation
The best way to prepare for selling your home with a foundation issue is to be upfront and honest with potential buyers. It's important that they are aware of the issue before making an offer on your home, so they can factor in any necessary repairs into their budget. You may also want to consider lowering your asking price if you're unable to fix the problem prior to selling. This will help attract buyers who are willing and able to take on the repair costs.
Selling Your Home With A Foundation Issue
Despite this major obstacle, it is still possible to sell your home with a foundation issue! By being upfront and honest about the situation, you give yourself the best chance of finding a buyer who is willing and able to take on the repair costs. You may have to compromise on your asking price, but it's better than having a home that's impossible to sell. So if you are asking yourself "can you sell a house with a foundation issue?" The answer is yes but, there are going to be some obstacles as we will discuss below.
Mortgage Issues
When selling a house with a foundation issue it can be difficult, especially when the buyer is using a traditional mortgage. The lender may not want to give a mortgage for a home that needs repairs, or if they do the interest rate and terms will be much higher than for a home without any known repairs. There are ways to get around this obstacle, but it can take some extra effort.
One way to sell your home with a foundation issue is to find a cash buyer. This eliminates the need for a mortgage, so the buyer doesn't have to worry about the property being in disrepair. You'll likely receive less money for your house this way, but it's still better than not selling at all! Whether it's a homeowner or a cash home buyer, like ourselves, they will have the money to fix it without using a bank. The new buyer can then go and refinance after the repair is done.
Another option is to take out a loan yourself to cover the repair costs. This allows you to keep control of your property and find a buyer who is willing to work with you on the repairs. Rehab loans can be hard to get and expensive, but they are a viable option for selling your home with a foundation issue.
No matter what route you choose, it's important to be proactive and honest about the situation. By being upfront, you give yourself and potential buyers the best chance of finding a solution that works for everyone involved!
Find The Right Contractor
No matter what type of foundation issue you have, it's important to find the right contractor to fix it. Not all contractors are created equal, and not all of them have the experience or knowledge to properly repair your home. Make sure to get a few estimates from different companies and ask for references before hiring someone.
The best way to find a good contractor is by word of mouth. Ask your friends and family if they know anyone who has had a good experience with a foundation repair company. You can also check online review sites like Yelp or Google Reviews to see what other people have said about specific contractors.
Selling With A Realtor
If you do decide to sell with an agent on the open market make sure you disclose the foundation issue. All Properties sold on the market include disclosures, which are designed to protect you and the buyer. Your agent should provide a written disclosure form that lists all of the known defects in your home, including any foundation issues.
This will allow potential buyers to make an informed decision about whether or not they want to buy your house before making an offer on it. They may decide against buying if they feel like there's too much work involved with fixing up your property!
Of course, disclosing this information is also important for protecting yourself as well. If someone knows about a problem going into a purchase agreement but decides to move forward anyway, you would have grounds for legal action later down the line.
The best way around this issue is by finding a cash buyer who can pay full price without the help of a mortgage. This completely removes the need for disclosures and makes it much easier to sell with or without an agent!
Can You Sell A House With A Foundation Issue, In Conclusion
If you have a property with a foundation issue and want to sell it as is, there are some things to keep in mind. For example, the cost of fixing these issues can vary greatly depending on what needs to be repaired or replaced. It’s important that you find an experienced contractor who has experience working with this type of repair so they know how much time will be needed for the project. You should also hire a realtor who understands all aspects of selling properties with foundation problems including mortgage issues. This way your home sale won’t get derailed because the potential buyers don’t qualify for financing due to any underlying structural flaws their lender found while reviewing your property records during their pre-approval process. Can you sell a house with a foundation issue is a question we get asked often, with us it's not an issue. When we buy houses for cash, we buy houses as-is, this includes foundation issues. Contact us today for a no-obligation cash offer on your house and see how easy it is to sell your house fast with a foundation issue.