Can You Sell Your Home if it has Foundation Issues?
Foundation Issues and Selling your Austin Home
It’s something that nobody wants to deal with…you’re about to sell your home, you’ve gone through all of the red tape that’s involved, and then you discover that there are unnoticed foundation problems that in the end might affect the sale.
Your first thought maybe that the sale of your Austin house is over…no one will buy a home with foundation issues. But that’s not entirely true…it’s not the end of the world. There are ways to solve the problem that can be beneficial to you as the seller as well as for the prospective buyer.
Does your Home have Foundation or Structural Issues?
Not all cracks and potential foundation problems are clearly visible, but you can start by walking around your property to find issues that are visible. These may be small cracks that you may have overlooked over the years, bowing walls, cracked siding, as well as small cracks in your walls.
If you have tile floors, check them for any small cracks, and also be on the lookout for any signs of mold. Remember, not all of these may be clearly visible, but anything that looks a bit out of the ordinary should be noted.
Of course, some cracks may be minor and not really present any potential damage to your home, but before you attempt to fix these, you should have the home inspected by a foundation repair company to do a thorough assessment.
If you’re planning on selling your Austin home and have foundation issues, be prepared that repairs may be pricey. On average, a typical foundation repair can cost just over $4,000.
This greatly depends on how severe the damage may be. Some repairs can go up to the $10,000 range, especially if the foundation problems can lead to severe damage over the years. Minor cosmetic cracks can usually be amended with caulk sealant, but deeper cracks are more likely to need expert attention. Again, much of this relates to how extensive the damage to your foundation is, especially if you’ve overlooked it over time. If you’re even considering selling your Austin home, it’s best to address this right away.
Doing it Yourself?
As we mentioned above, some minor cracks can easily be fixed on your own. In many cases, some minor cracks aren’t really a threat to your home. However, should you notice major issues, and cracks that would require extensive surgery, it’s best to leave those to the experts.
If you’re selling your house, it’s very important to familiarize yourself with foundation issues. Anything that could potentially be a red flag, and prevent a sale from going through should be taken care of immediately. Potential buyers may ask for a price reduction on the house if the damage is extensive. Some buyers may request that the problems be repaired, or they will walk away from the purchase.
Foundation Problems and Selling Your Home As-Is
If you’re concerned about finances and need to sell your home right away, regardless of how many issues there may be, you may find cash investors who will buy your home ‘as-is’. Meaning that they’ll buy it regardless of the condition.
While this may be appealing as a quick way to make cash and sell your Austin home, you may not receive the full amount that you initially want. You may have to compromise and go down a bit in price, but it can save you thousands in-home repairs. People who buy homes and flip them are more likely to have any repairs done once the house is sold. Investors are always looking for homes to buy and then resell or rent them out since homes are in such demand in the Austin area.
Not all buyers are the same. Once you put your home up for sale, you’ll have plenty of offers coming in, from people who want a new home, as well as from home flippers. Again, some may take the house as is, but others may not. Problems can arise if these issues aren’t fully disclosed before the sale. If the buyer completes the sale and finds extensive damage that wasn’t disclosed prior to the sale of the house, then lawsuits may become part of the equation. Also, if finances are an issue, and the repairs need to be taken care of prior to the sale, it’s possible that your home insurance may cover some of the costs.
If you’re unsure about whether you should sell your home to a flipper, contact a realtor to get their perspective on it.
Options Before Selling your Home
If you seek the services of a real estate agent or realtor, they can go through the house with you and give you guidance on whether you need to bring in a professional to make any repairs. Always get a second opinion; so ask maybe two or three agents to go over the house and determine which ones have the most accurate assessment of your home.
The best course is to disclose any potential problems your Austin home may have with potential buyers. If you were able to fix some of the problems, but not all, provide that information in disclosure during the selling process. The buyer will most usually have an inspection of the house done, and the inspector is required to alert them regarding any issues (such as improperly installed plumbing, or sloping floors, among others) that need repair, including foundation repairs. You don’t want to hide any issues that can cause potential lawsuits, once the sale has taken place. It’s best to be transparent during a sale, and if enormous cracks in your foundation are overlooked and not repaired prior to a sale, it can cause major headaches down the road.
About Done Right Foundation Repair
Locally Owned, Texas Proud
Done Right Foundation Repair was created over 20 years ago by Chris Felsing with the support of his family. He started with a small team and a big dream, learning the ins and outs of foundation repair as he went. He and his team looked for ways to provide a complete solution to all foundation issues and have worked tirelessly for the past 20 years to master their craft. Our Central Texas locations: Done Right Foundation Repair in Austin, Done Right Foundation Repair in New Braunfels, Done Right Foundation Repair in San Marcos