Foundation problems are perhaps the worst nightmare a homeowner can face when selling a house. Not only can it be costly to fix but also disclosing it after a successful repair can still result in buyers declining the offer. Even a lower price will not compensate for having to live in dangerous conditions and an unsightly environment.
If you have a house with foundation problems, you might have questions about how to best approach the sale. Although selling it is a real challenge, there are two ways you can choose to follow; both will result in a sold property but at a different expense and amount of time involved.
You may think that your foundation is in great shape when in reality, it could be crumbling under the surface. A foundation inspection will reveal the condition of your foundation, whether it needs repair or an entire replacement. A home inspection can then provide homeowners with a list of things that are wrong with the house.
A foundation problem is when there is any weakness in a home’s foundation system. This can be caused by one of three things: water damage, construction errors, or poor construction materials. The bad foundation is usually caused by water, especially when there is a lot of it or too little. The soil can be unevenly dry or wet, for example, because of poor drainage or due to flood and heavy rains. These types of problems can cause major structural damage to a home and result in costly repairs or even demolition if ignored for too long. A qualified inspector will be able to tell you how bad the problem is and what needs to be done to fix it before it gets worse.
Inspecting the foundation of a house is challenging for a homeowner without a specialist. However, if there is a major problem, you will definitely notice it. You can look for horizontal cracks, bowed walls, uneven floors, and separated siding. You can notice the gap in window frames, or the doors are hard or impossible to open. Sometimes, you don’t know that your foundation needs help until it’s too late, do not ignore even minor cracks in the walls. When the structural problems are caught early on, a foundation repair company will evaluate and fix the issues at a lower cost.
Sell Your House With Existing Foundation Problems
The obviously cheaper way to go is to sell your house as-is. A house with foundation problems will not be as attractive as other offers on the open market and most buyers will try to negotiate a price to lower it even further if they become interested.
Real estate agents may not agree to sell your home as-is, especially if it has visible and unsafe structural damage. It could mainly be because it is a time-consuming process that involves a lot of convincing. However, you can find a real estate agent who will handle the selling after some repair work is done or purchase the house way below the market value.
You may think that buyers are not willing to purchase your house as-is because of how it looks, but it is mostly the extra investment many buyers simply don’t have. The majority of potential homebuyers only have enough for a downpayment and closing costs, along with other necessary expenses.
Hiding the foundation problem is not a solution either because a buyer can be accompanied by a home inspector who will assess the condition of the building before finalizing the problem.
Sell Your House After Foundation Repairs
A potential buyer searches for a house that is ready to live in and has no serious damage. Foundational problems are hard to spot on your own, so get a professional opinion from a structural engineer. Based on the inspection report, you will be able to assess what is the top priority to fix before selling.
The foundation repair cost depends on the parts of the house that have to be corrected: foundation itself, walls, etc. Before starting any repair, it is advised to get your foundation inspected a few times and collect assessments from different structural engineers. It is no easy job and requires a lot of expertise.
The major cause of a sinking foundation is too much moisture in the soil due to excess rain, flooding, or drainage. If the building was constructed on a slab, your home’s foundation could be fixed by mudjacking or slab jacking.
- Mudjacking – Levelling the house by filling the space under a house with mud. It is done by hydraulic piers that are installed under the foundation’s footing, and they pump the mud and leave it there until it becomes solid.
- Slab jacking – This method is often used to fix erosion and sinking of the foundation. The polyurethane resin is filled into the holes of concrete.
Both methods are effective and prevent future foundation issues from happening. The average cost varies between $500 to $1500.
If your house were built on the crawl space, the foundation repair contractor would have to use a different and more complicated method to level the building – the underpinning. The process involves digging under the foundation and installing hydraulic jacks to support the building. The cost for it is much higher and can reach even $30,000.
If you notice bowing walls in the basement, they have to be stabilized. The following methods are available:
- Wall anchors
- Carbon fiber strips
- Epoxy crack injection to fix long cracks
- Adjustable wall braces
- Helical tiebacks
Depending on the condition, more than one method can be applied for a successful result.
What Do You Have to Disclose When Selling a House With Foundation Problems?
To keep up-to-date, search for the latest information regarding this issue on the official website of your state. Depending on the location, you may need to tell the buyers about the recent major repair works that you have done and all existing problems. It is relatively easy to obtain this information in any case, especially when potential buyers examine the house with an expert.
How to Sell As-Is Effortlessly?
The total cost to repair foundation issues depends on which method is applied and how much of the foundation has to be fixed. You can leave some parts undone and try your best at repair negotiations with a new owner. Due to high costs, it is utterly vital to receive an educated assessment before starting any repairs if needed.
If the final price of a foundation company is way out of your budget, there is another option that is no less attractive and absolutely stress-free. You don’t have to assess foundation damage nor pay for it.
Sell Your Home With Highest Cash Offer and Avoid Foundation Repair Costs
If you need to sell a house with foundation issues, Highest Cash Offer buys houses for cash, as-is, in any condition or situation. Things like cracks in walls or doors that won’t close properly are signs of potential foundation problems. Foundation issues that are not repaired quickly can lead to irreparable damage, as well as unsafe structures. Even though the signs of a broken foundation may seem relatively minor, foundation repair can actually cost tens of thousands of dollars. The longer you wait, the worse the damage can get and the more costly it is to repair.
Foundation repairs can scare off potential buyers, and rarely will a lender allow for financing when there are major repairs to be done. Many sellers report that foundation repair costs are the number one factor that prevents them from selling their homes. Most home buyers are terrified of purchasing a home once they learn that it has a structural or foundation issue.
Our goal is to help get you out from under the property that you no longer want or need; with or without structural issues, we will still make a fair cash offer for your house. If you want to avoid all the time and delays associated with putting a house on the market, we can help by buying hassle-free and without the headaches of appraisals. We can also help you avoid dealing with loans and the typical homeowner requests for repairs.
With Highest Cash Offer, you won’t pay any for realtor commissions, closing fees, or costly repairs. You can close fast and get your cash in as little as 7 days, or we can take our time and close when it is convenient for you. To get started, give us a call at (888) 387-5750 or fill out the form above for a free no-obligation cash quote today!