There is no such thing as a good time for a foundation problem with your house. Though, there is not a worse time for a foundation problem than when you are trying to sell your house. Will a foundation issue prevent you from selling your house? Probably not, however, it is unlikely the house will sell at the price you were initially hoping. Buyers will either walk away or see a major opportunity to negotiate the price heavily in their favor. After all, a home’s foundation is extremely important. It’s one thing to buy a house with existing foundation problems, but it’s another to ask the buyer to either repair the foundation on their dime or deal with a worsening foundation over time. Here are a couple of approaches you can take in handling your home’s foundation issues while it’s on the market.
Get a repair estimate
Whether you opt to repair your foundation, or you want to sell your house with foundation issues, you need to get a repair estimate. This needs to be completed for two reasons. First of all, you may be surprised at what you find out. The contractor may complete an estimate and inform you that the foundation issues are minor, therefore, cheap to fix. You may then decide an immediate fix is affordable and worth it. If the damage is significant, then you at least have confirmation from a professional and you can adjust your asking price based on the professional assessment.
Secondly, you need a repair estimate to disclose to potential buyers. It is important to realize that failing to notify possible buyers of your home’s foundation problems will only hurt you in the long run. Buyers will find out about the foundation one way or the other. It’s best they find out from you, rather than through a home inspection prior to sealing the deal. If the purchasing candidate finds out on his/her own, it will swing the negotiating power heavily in his/her favor. Buyers will not be happy to hear of the foundation issues; however, they’ll appreciate you being up front about it, and it could soften them up ever so slightly.
Know your audience
Please understand, selling a home with moderate to severe structure problems is going to be a pain. People looking to invest long-term in a home for themselves are not going to come knocking at your door if the foundation supporting your door is in poor shape. In all likelihood, your target buyer is going to be one who sees the home as a fixer-upper. Moreover, the buyer will see an opportunity to purchase and fix the house, just to sell it for more than you did, shortly after. The bottom line is, whoever sells the house with a fixed foundation is not only going to get more money for it, but they will also be open to a much larger pool of buyers.
Banks are less likely to authorize loans for a home with foundation issues. They will see such a case as a long-term risk and will avoid loaning money to the buyer. Families will not be able to, or will not want to purchase a home in which they cannot put down a mortgage. Once again, a fixer-upper candidate will be willing to pay cash for the house, as he/she will not be in a position to invest in the home for a long period.
Frankly, there isn’t really a beneficial way of selling a house with foundation problems. The best you can hope for is fixer-upper buyer, or a buyer that is handy or wealthy enough not to be scared away. Though, this person will want a deducted price. At the end of the day, fixing the foundation before you sell your house is the best solution. You will reap the rewards by getting significantly more money once the house is sold. If you did decide to sell, consider sell my house fast Dallas as a company.
BFD Foundation Repairs
If your home is in need of foundation repair, or at least a repair estimate, contact BFD Foundation Repairs. We’ve been in business for over 20 years; we promise you there is not a foundation issue in which we are unfamiliar. We’ll get your home in living condition and selling condition (if that’s what you are looking to do).