Sell a House with Foundation Damage

 

There’s no getting around it, foundation damage is a big deal. It’s almost never an easy fix, and it’s the sort of damage that often sneaks up on homeowners. If you’re having trouble selling a home due to foundation damage, or if you’ve just learned that your home has extensive foundation damage, know that you still have options. Renewed Homes is a trusted, local real estate investor based in West Michigan, and troublesome houses are our specialty.

We regularly purchase homes with foundation and structural damage, and we work with homeowners directly to provide a fair cash offer. If you’re afraid your home won’t sell because of foundation damage, know that Renewed Homes can help. We’ll schedule an onsite walkthrough in 48 hours, and we’ll make a cash offer for your home, exactly the way it is. No expensive repairs or restructuring necessary. We simply make the offer, you accept if it’s right for you, and then you’re free to move on.

How to Sell a Home with Foundation Damage


For most homeowners, foundation damage comes as a big surprise, as it’s the sort of thing that happens over time. Since your foundation can shift and crack gradually over the years, it’s not always easy to identify, and it’s the last thing you want to hear from an inspector right before you’re ready to list your home. The toughest call to make, however, is deciding whether to repair the damage before you list, or to list with the existing damage. Either way, you’re out some money, but here are a few considerations to make for each side:

 

Repairing Your Foundation Before Selling

If your home has foundation damage, and you simply can’t see yourself selling without fixing up the issues first, know that you’re going to be spending a lot out of pocket before you get your payout. Foundation repairs don’t come cheap, but once you get them taken care of, you’ll be able to list your home at a much higher price, especially if it’s in a sought-after neighborhood. The downside to repairing before selling, is obviously the upfront cost, as well as the time it takes to complete the repairs. That’s a lot of time your home has to sit vacant, and a lot of extra time you’re paying a mortgage for a home you’re not living in.

 

Repairing Your Foundation Before Selling

If your home has foundation damage, and you simply can’t see yourself selling without fixing up the issues first, know that you’re going to be spending a lot out of pocket before you get your payout. Foundation repairs don’t come cheap, but once you get them taken care of, you’ll be able to list your home at a much higher price, especially if it’s in a sought-after neighborhood. The downside to repairing before selling, is obviously the upfront cost, as well as the time it takes to complete the repairs. That’s a lot of time your home has to sit vacant, and a lot of extra time you’re paying a mortgage for a home you’re not living in.

Leaving Repairs Up to the Buyer

Foundation damage often costs tens of thousands of dollars to repair. And if you were planning on selling the home, you might not have that kind of cash just lying around. It’s perfectly reasonable to choose not to repair your home’s foundation before you list it. It’s a great way to keep a little cash in your pocket, but it will bring down your listing price. That means less money when the home does sell, but it also means you don’t have to shell out a lot of money for repairs on a home you won’t own. One other consideration to make is that foundation damage is likely to scare off some buyers, which might mean that your home will sit on the market for longer. If you price competitively however, there’s sure to be some buyers looking for a project who will be the perfect fit for your home.

 

Always Disclose Foundation Damage

Regardless of which option you choose, it’s extremely important that you disclose information about foundational damages and necessary repairs to interested buyers. It’s illegal to withhold that kind of information, because it can be dangerous if a new owner moves in without knowledge of foundational issues. So if you’ve chosen not to repair the damages, you’ll want to let buyers know that your list price reflects those necessary repairs, and you’ll need to provide information as to what exactly the issues are.

 

List As-Is

If you’re having trouble moving your home with foundation damage, don’t be afraid to list it for sale as-is. An as-is sale means that the buyer agrees to purchase your home, flaws and all, without any repairs from you, and often without an inspection. Because as-is buyers expect some structural damage to exist, they may have lower offers, but they’re likely to snatch up your home quickly, allowing you to move out, and move on.

Foundation damage in any home is a major issue, but it doesn’t have to be a roadblock to your home’s final sale. If you need to get rid of a home with foundation damage in a hurry, consider giving Renewed Homes a call. We’re a local company, based right here in West Michigan, and we make it our priority to come out and talk with you personally about your home as soon as we can. After an initial walkthrough, we’ll make a cash offer, and if you accept, we’ll do our best to close in under 14 days.

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