People often ask about selling a house with foundation damage vs. repairing it. While it’s not cheap to have foundation repair, it will certainly improve your chances of selling your home. That’s because damaged residential properties in the Dallas, Fort Worth metroplex (and elsewhere in North Texas) are a big concern to mortgage companies, as well as the people who are considering buying a house. After all, who wants to purchase a structure that has a cracked slab foundation or invest in a pier and beam house that is settling or sloping?
About Mortgage Companies And Selling A House With Foundation Damage Vs. Repairing It:
The primary reason to fix the foundation on your Dallas, Fort Worth structure before selling it is because mortgage companies generally won’t finance a house with a damaged foundation. Mortgage companies know all too well that the structure will continue to deteriorate. For that reason alone, it’s best to save yourself time and trouble by enlisting a foundation repair company. Have a qualified professional fix your house before you decide to sell it.
Property owners who put their homes on the market commonly discover that buyers decline to purchase their house once an inspector detects foundation problems. Quite naturally, the prospective buyer will want to contact a professional and have it evaluated. Once they do, and if they find out that the foundation does need repair, 95% of the time they’ll want you to have it fixed before they’ll buy it. In other instances, they may reject the house altogether. Remember, there are lots of other residential properties for sale.
This situation could go on and on, unless you find a prospect who will pay cash and accept the property as-is. Individuals who are willing to purchase a house in this condition (and pay 100% cash for it), are frequently investors or “house flippers”. In order to make money on the house, they will generally offer sellers much less for the home than a traditional buyer would.
When deciding whether to sell your house with a damaged foundation or have it repaired instead, keep these things in mind. In the end you’ll find it’s much easier to have foundation issues resolved before listing your home. To have you foundation evaluated, contact us.