How to Sell a Home with Foundation Problems
Do you own a home in Texas that has foundation problems? Do the doors stick and are there cracks in the walls and brick? Do you want to know how to sell your house with foundation problems?
Owning a home in Texas has its challenges. We not only need to water our yards but we also must water and maintain our foundations. And many times, even with an irrigation system and our best efforts, the foundation shifts, cracks, or fails. Sometimes, it is caused by a broken pipe or large tree roots, but other times there is no identifiable reason, it just happens.
No matter what the cause is, repairing the damage is always costly. Most homeowners will spend thousands fixing the foundation and thousands more repairing cracks in brick walls, drywall, resetting doors, floor replacement, landscaping, and repainting, to name just a few. But the financial loss does not stop there. Even after you do all of that work, the value of a home with a failed foundation, even if it has been repaired with a lifetime warranty, will be much less compared to a home that has never had a foundation issue. Most homeowners will see a reduction in resale value by 10-15 percent. Ouch!
Your Options When You Want to Sell a Home with Foundation Problems?
You really only have two options when you want to sell a house with foundation problems. The first option is to have the foundation repaired and then fix all of the related damage. Per Home Advisors, the national average to repair a foundation is $4,033. This does not include the cost to repair the landscaping, plumbing, wall cracks, painting, brick repair, carpentry, and many other repairs.
The second option is to sell the home as-is. With this option, you will be selling the home to a company that buys houses for cash or to an individual that is familiar with home repair and willing to take on the risk.
Once a foundation has failed, time becomes the enemy. Over time, the damage will continue to grow, become more severe, and costly to repair. Therefore, a timely decision needs to be made to tackle the project yourself or let it be someone else’s problem by selling as-is to a home cash buyer.
Advantages and Disadvantages of Completing the Repairs
Here are some of the advantages of completing the foundation repairs and home restoration work.
- A home that has been repaired can be marketed and sold to typical buyers.
- A home that has been repaired will sell for more.
- Buyers will be able to get a traditional loan making the purchase possible for a larger pool of buyers.
- The problem will not get worse or cause more damage.
Now let’s look at some of the risks and disadvantages of completing the foundation repairs.
- You will need to have the funds to pay for the work, which may be substantial.
- Unforeseen conditions may substantially increase the cost to complete the work. This is very common.
- The money spent might not increase the value of the home or give you a return on your investment.
- The house may not sell for an acceptable price.
- Repairing a foundation and all the damage can be very messy, time-consuming, and stressful.
Carefully Review Your Options
Every person and situation is different. Take the time to review your pros and cons based upon your finances, risk tolerance, and ability to manage construction contractors. If you decide to start, you will need to finish all of the work. Selling a home that has only half of the foundation repairs completed is the same as selling the house with no work done at all.
Listing the Home on the MLS
Once the repairs are completed, you can then engage a real estate agent to list the home on the MLS and start the marketing process. If the repairs were done professionally and the home is properly marketed, you should find a buyer.
Sell Your House with Foundation Problems As-Is
Many homeowners try to sell a home as-is by listing it on the MLS thinking that they will find an individual who will buy the house for more than what a professional home cash buyer will pay. This is a fallacy and almost always ends in disappointment. The typical home buyer is looking for a home that is in tip-top condition. With our busy lifestyles, typical buyers are not interested in an expensive and time-consuming repair project. Even if you find a willing buyer, a traditional lender will not approve a loan on a property with foundation issues.
As a seller, you need to understand that a home cash buyer, like OutFactors, will look on the MLS for potential properties to purchase, but they will not pay anything extra just because it is listed on the MLS. If a home cash buyer believes your home is worth $150,000, that is the maximum they are willing to pay. So the only thing you accomplished by listing it on the MLS is to give your real estate agent thousands of dollars that should have gone to you. We strongly recommend that you get a cash offer from an investor first and if the offer is not acceptable, then list it with an agent.
Why You Should Get a Cash for House Offer
No matter what city or state you are in, you can find companies that buy houses. So before you spend a lot of time, energy, and money on repairing the foundation or agree to pay a real estate agent thousands in commissions, why not get a fast and free offer from a home cash buyer like OutFactors? As a home cash buyer, we will give you a fast and free offer to buy your home as-is without any strings attached—it is truly free to get an offer. Getting a cash for house offer takes only 2 minutes but can save you thousands!
While you are at it, don’t just get an offer from OutFactors. Why not get several other offers from local home cash buyers. Again, getting an offer cost nothing but will allow you to compare offers to make sure you are getting the highest cash price for your home. You have everything to gain and nothing to lose!
Once you have a cash for house offer from a home cash buyer, crunch the numbers. Does it make sense to spend thousands to repair the home, then pay thousands to a real estate agent only to end up with the same amount of cash? Most sellers are shocked to learn that there is nothing to be gained by doing all the work and selling the traditional way. And if the math confirms that it is better to do the repairs and sell the traditional method, the only thing you have invested in is a little bit of time your time.
Brought to You by OutFactors
Selling a home with foundation problems to OutFactors is fast and super simple. You will get an offer in 2 minutes and we can usually close in 10 days. To get your fast and free cash offer for your house just enter your address and answer a few questions about your house. Personal information is NOT required. Yes, that is correct. No registration, no email address, no telephone number – not even your name. So get your cash offer now!
If you get started now, 10 days later you can be sitting at a table signing the closing documents and collecting the cash for your house.
Sell Home Foundation Problem | Home Cash Buyer | OutFactors — Dallas Fort Worth, Texas