My House Has Foundation Issues, Can I Still Sell It?
Can you sell your home if it has foundation issues? This is Cameron Stewart with Fast Cash Home Buyers and we’re going to be talking about this today.
Hey guys thanks for joining me. A question that I get sometimes is can I sell my house if it has foundation issues? I believe a lot of people are under the impression that if you have any structural issues in your house, it prevents you from selling. Although it can be very troublesome, or hard I should say, to sell a property that has foundation issues, there’s nothing that prevents you from doing so. The simple answer is, yes you can sell it as-is to whomever is interested in purchasing your home as-is. HINT: me! But you can sell your property if it has foundation issues.
Now there are essentially three avenues to do this.
Number one you can list it on the market without fixing it up. That is a very bad idea in my opinion. Here’s why. When you list your home on the market, you’re selling to retail buyers. Retail buyers are picky. They don’t want to do work in a house and truthfully, retail buyers are not as knowledgeable as let’s say, investors or contractors are in homes, and they get scared and rightfully so. If I’m going to pay top dollar for a house, I’m not interested in paying for a house that has foundation issues. I get it completely.
The other part of that is when you’re buying a home you know traditionally through a real estate agent and you’re purchasing with a mortgage the bank i.e the mortgage lender is going to be very particular on what they lend on. There’s going to be an appraisal there’s going to be an inspection and you know, if there’s serious foundation issues, that’s going to come up in both the inspector is going to mark that on their report hopefully, if they’re a good inspector, they will, and it’ll give the buyers the avenue to pull out of the deal. Or they just won’t even put in an offer. Of course you know the appraiser essentially is going to say hey this house isn’t worth top dollar because it has foundation issues. So putting your house on the market without fixing a foundation issue is, in my opinion, just not the right move. It’s possible, but slim to none.
The next option is to fix the foundation yourself and then list it. Obviously the drawback here is it’s pretty time consuming to fix the foundation and then you’re going to list the property so between fixing it up and listing you’re talking about a potentially a long period of time. Number two it’s costly. I don’t know anyone who’s ever fixed a serious foundation issue for let’s say, a thousand or two thousand dollars. You’re talking about a lot of money a lot of labor a lot of heavy equipment. You know I don’t want to give you a quote because every single situation is different but you know if you have to dig out and totally repair a foundation it’d be tens of thousands of dollars. So although it’s possible a lot of time and a lot of money out of your pocket.
The other option is to sell your home at a slight discount, knowing that the person purchasing your home is going to have to fix the foundation issues. Once again, you would sell your house in as-is condition. Someone like me, a cash investor, could be interested in a property that has foundation issues. Remember, as an investor, my goal is to purchase a house to make money. How I would do that in this situation is I would look to purchase the house and fix the foundation, and sell the property at a profit, you know, making money in between the purchase and the sale of course by adding value to the home. A new kitchen, new foundation, you know redoing the foundation, a new bathroom, whatever it might be. So definitely an option there.
I hope this video provided some information for you guys. If you’re interested in having me come out and take a look at your house to see what I’d be interested in offering cash, please give me a call at 315-351-2772 call or text that’s my direct cell phone number or you can log on to www.fastcashhomesny.com. Other than that I appreciate your time guys, and I look forward to speaking with you soon!