What You Can Do to Sell a Home That’s Undergone Foundation Repairs
Like many people, you’re probably thinking that selling a home with foundation concerns is the worst-case scenario. No one will bother looking at the interior if the foundation is exposed or appears distressed. And even if they do, they’d never take your offer or waste their time negotiating with you. This isn’t true.
Foundational issues shouldn’t be the kiss of death that stops you from selling your home. We’ll show you how you can navigate these issues and how you can make your home more appealing to buyers.
Will buyers consider a home with foundation problems?
Yes, they can. Many people looking for a fixer-upper home would consider buying one with foundation issues. However, you may end up selling it at a lower price that reflects the foundation issues. Most buyers would be happy to buy a home on the condition that you first fix the foundation issues. Negotiation power depends on whether you’re in a seller’s market or buyer’s market.
If you want to go ahead and sell a home with foundation issues in the open market, do the following:
Get a foundation inspection report
You may not have such a serious problem, but it’s still good to get a second or third opinion. A qualified real estate agent will see any warning signs quickly. If the agent says you need a trained eye, ask a foundation repair company or a home inspector to check your home. An issue that looks more than just regular settling would mean one thing: hiring a structural engineer to evaluate the foundation issues. You never know, the issues could worsen over time.
Disclose known foundation issues
This next step is extremely important. Many states require sellers to disclose existing foundation problems in writing. If you’re not forthright with buyers, they may eventually come back at you for selling them a home with major structural issues. Let everyone know quickly and in writing so that the prospective buyers understand there is a problem.
Share the inspection report
Take away the unknown from the sales process. Whenever a buyer asks for a report, share it. Let buyers know what they should expect. Include any invoices or estimates for foundation repairs, whether you intend to fix the issues or not.
Should I Worry About Foundation Concerns?
Apparently, the real estate market has become competitive. Buyers have options, and they do care about their investments. Safety is always top priority, so they’ll shy away from a home with foundation concerns. Put yourself in their shoes Would you buy a home with foundation issues?
The truth is that buyers want issue-free homes. They don’t want to move in and start fighting cracking walls, sagging floors, moisture, and mold. Our advice is that you deal with these concerns before you list your home.
Another thing is that insurers don’t cover foundation repairs unless they’re caused by earthquakes and other risk factors they’ve included in your policy. That means you’ll have to pay for the repairs.
How to Attract Buyers
Whether you’re in a buyer’s market or the seller’s, your success depends ultimately on these things.
Selling a home with foundation issues isn’t going to be easy. However, you can increase the chances of finding a buyer by doing the following:
Discounted sale – Since your foundation has issues, it makes sense to sell it for a lower price. The buyers can then use the money they’ve saved to undertake the necessary repairs.
Waterproof the basement – Waterproofing the basement also makes your home attractive. Don’t let buyers fight moisture from the inside and the outside. Seal basement cracks, make sure reliable drainage is in place, and dehumidify this space.
Labor Warranty – If you’ve hired a foundation repair contractor before and they’ve given you a solid warranty, make sure you pass it to the buyer so they won’t come back to you later.
Get an Agent — Liaise with an agent who has experience selling fixer-upper homes so they can help you make the most out of a sale.
Foundation issues will inadvertently affect the final price. A serious buyer will want to buy the home for less than the list price, especially if there are repairs to be done. But if for any reason you want to fix the issues, you can then quote a higher price. Whether you work the repairs into the sale or not, the foundation concerns have to be addressed.
Schedule a free foundation repair inspection with the professionals at Tar Heel Basement Systems and uncover the issues that get in the way of selling your home at the current market price. We’ll perform a thorough evaluation of your home, install the necessary repairs, and restore the structural integrity of your home.