If you found this blog post, you probably are thinking “help, my house won’t sell because of foundation problems.” Maybe you suspect your house has foundation problems, but you aren’t sure and don’t have the money to hire an engineer to examine the foundation. Perhaps you had foundation work performed on your home in the past but the repairs caused more damage than good. Whatever the reason, you need to sell a house with foundation problems and you feel STUCK. If so, take a nice deep breath and read the following blog on How to Sell a House With Foundation Problems in Dallas TX…
Help, My House Won’t Sell! Selling a House with Foundation Issues
Foundation settling is VERY common in the Dallas Fort Worth area. In fact, if your home is more than 20 years old, there is a good chance that you are already seeing signs of foundation problems. Do you notice cracks in the interior or exterior of the house? Do cabinet doors swing open without being touched? Can you open and close windows with ease or are they jammed shut? These signs of foundation damage can be pretty scary to potential home buyers.
Consider Taking a Proactive Approach
If you need or want to sell your house and suspect foundation damage, you can always consult an engineer for a foundation inspection to catch the issue before listing your home on the MLS. Foundation inspections can run around $600-1500, depending on the size of your home and construction type. Once the engineer takes a look at your home’s foundation, you will know if you need to have foundation repair work performed. Foundation repair can be very expensive, so it’s important to get an unbiased opinion from a Licensed Professional Engineer before you agree to any repairs.
REMEMBER, if you are aware of foundation damage prior to listing your home for sale, you are required by law to disclose the information to the potential buyer.
The advantage of making foundation repairs prior to listing your home for sale is that you’re less likely to scare the buyer off. For example, imagine the following scenario…You endure months of home showings and finally find a buyer to make an offer on your home. After negotiating, you agree to the standard option period (window of time where the buyer can back out of the purchase) and home inspection. Then, the home inspector finds signs of foundation settling and the buyer gets cold feet. At that point, your only option is to discount the sale price significantly and hope the buyer is comfortable with the risk associated with buying a home that needs foundation repair. Even if the buyer doesn’t back out, the bank may refuse to finance the loan, given since the house needs foundation repair. You will then be forced to put your home back on the market and start over with the home selling process.
Repair the Foundation Prior to Listing Your Home for Sale
On the other hand, if you hire a reputable foundation repair company to make the needed repairs, you can reassure the potential buyer with a certified engineer’s report. (At the end of all foundation repair jobs, a Licensed Professional Engineer signs an “engineer’s report” stating that the home is structurally sound). The only downside here is that you will have to foot the foundation repair bill until your home sells. Depending on how many piers need to be installed to fix the foundation, you could be looking at tens of thousands of dollars in foundation repair costs. Most foundation repair companies offer financing programs if you have a good credit score.
If You Don’t Want (or Can’t Afford) to Make Repairs…
If you need to sell your house fast and can’t afford to foot the bill for foundation repair, you may need to find a buyer who will purchase your house in as-is condition. The buyer will most likely need to pay cash since banks prefer not to finance loans for “fixer-upper” houses. While it may be difficult to find a buyer comfortable with purchasing a fixer-upper, there are some Dallas home investors who are familiar with the foundation repair process and don’t shy away from properties with foundation damage.
Happy Buy Homes is a cash home buyer in Dallas Fort Worth. We buy houses in as-is condition, even if foundation repairs are needed. We will make a cash offer for your Dallas house and can close in as little as 7 days.
When you sell your house to Happy Buy Homes, we assume the risk associated with a fixer-upper, not you. You won’t have to pay any fees or realtor commissions. We can even buy your house if you are facing foreclosure or your property has liens against it.
Call 817-345-6444 to speak with a Home Buying Specialist today! We can discuss your options over the phone and answer any questions you may have.