When you're getting ready to sell your home, one of the last things you want to hear is that there's an issue with the foundation.
These issues are more common than you might think, though. In fact, approximately 25 percent of homes in the U.S. will experience a foundation issue at some point, and five percent will have major structural problems as a result.
The good news is that, even if your house does have foundation problems, that's not necessarily a deal-breaker.
If you've been wondering how to sell a house with foundation problems, keep reading. Explained below are all the options available to you.
What's Wrong with Foundation Problems?
If your home has foundation problems, it could seriously slow down the sale of your home.
Foundation repairs can often be expensive, and they may deter homebuyers from investing in your property. This has to do, in part, with the fact that lenders might not approve them for loans if they're buying a house with a damaged foundation.
Because of the expense associated with them, foundation issues often lower the value of your house.
Signs Your House Has Foundation Problems
It's not always easy to tell if your house has a foundation problem. It's important to identify these issues before you try to put your house on the market, though.
The following are some common signs that there's an issue with your home's foundation:
If you have cracks in your walls, floors, or in the exterior of your home, that's a sign that there's a problem with your foundation. Damage to your chimney can also be an indicator of a foundation issue.
Settling or Sinking
Does your house seem to be sinking to one side? If it's settling in or sinking and appears crooked, your foundation could be the problem.
Doors or Windows Sticking
If you have doors or windows that get stuck or don't close all the way, your foundation could be to blame. It might also be the culprit if you notice gaps around your window frames or your exterior door frames.
Do your floors seem to slope to one side? If they've become uneven over the years, your foundation is probably contributing to (if not causing) the problem.
Many people don't realize that moisture buildup in their homes can be triggered by a damaged foundation. If you have moisture in your basement or in your crawl spaces, it could be because of a problem with your foundation's drainage system.
Be on the lookout for your cabinets or counters separating from the walls, too. If there's space between them and the wall, the foundation is likely damaged in some way.
How to Sell a House with Foundation Problems
If you notice any of these signs of a foundation issue, you ought to have an expert come out and take a look. They'll be able to determine the extent of the problem and give you some advice on how to fix it.
You can still sell your home if it has a foundation issue. You have to decide how you're going to handle the problem, though.
The following are some options that are available to you:
Disclose the Damage and Sell As-Is
Disclosing information about foundation problems is not a deal-breaker for a lot of buyers.
The truth is that there are people out there who are willing to buy a house even if there are problems with its foundation. Lots of people are okay with buying these houses and fixing them up themselves.
Keep in mind, though, that you will likely have to lower the selling price of your house if you're selling as-is. The buyer will have a lot of negotiating power, especially if your home's foundation issue is particularly severe.
Sell to a Real Estate Investor
Another option if you don't want to deal with a long, drawn-out negotiating process is to sell your home as-is to a real estate investor. Real estate investors buy houses in any condition and then flip them.
If you want to get your house sold fast, selling to a real estate investor is a good option. In many cases, you can get an offer on your house the same day the investor comes to inspect it, and you can get cash for it within a week or two.
The amount you'll get for your house will likely be less than what you'd get if you sold it on the market in the traditional way. Sometimes, it's worth it to take less money to avoid the hassle of a home sale, though.
Fix the Foundation Problems
Your final option is to spend the money to fix the foundation problem before putting your house on the market.
If you take the time to view services and spend money hiring someone to fix your home's foundation, it'll be a while before you can put your house on the market. However, investing time and money in these repairs now will help you get a higher price for your house later.
It might be worth it for you to delay the sale until you can fix the foundation if it means more money in your pocket in the future.
Sell Your House Today
When it comes to figuring out how to sell a house with foundation problems, it's easy to feel overwhelmed.
If you remember this information, though, you'll have an easier time deciding which approach is best for you, whether that's selling your house as-is, paying to repair the foundation, or anything in between.
Do you want to learn more about how to sell your house and get as much for it as possible? Take a look at some of our other seller-focused articles today for more advice from experienced real estate professionals.