In the world of real estate, a foundation problem can be costly. Foundation repair costs generally vary, depending on the severity, however, there is an out-of-pocket expense incurred. Trying to sell a Raleigh home with a foundation problem affects the homes value significantly.
No home seller wants to have to put out a large additional expense to fix a foundation problem, nor does a home buyer want to take on a home with a disclosed issue.
An under contract home has a home inspection performed by a reputably inspector. A possible foundation issue is noted. Both realtors need to consult with their clients, each from a different point of view.
What can be done to satisfy both sides and get to the closing table successfully?
Before selling your home, if you notice foundation cracks, problems in the brickwork, cracks in the walls, doors that won’t close properly, have a foundation repair company inspect your home’s foundation. It’s better for you as a seller to disclose any problems upfront.
With a known foundation issue, a seller has two choices. First, they can pay to have it repaired knowing the foundation repair contractor will provide a warranty of the work performed. Second, they can lower the price of the house to accommodate the cost the buyer will incur to repair the foundation issue.
If a home seller does not have their foundation inspected prior to getting an offer on the house and a home inspector finds the problem, the buyer will have their own inspection and obtain a repair quote. Now the seller is scrambling to find a structural engineer or foundation repair company to inspect and hope they receive a respectable quote for repairs.
Home buyers should do their due diligence and thoroughly investigate a house prior to closing. Here is one couple’s story on the consequence of not following their home inspector’s advice.
“We just purchased a 30 year old home from a real estate person that painted the home and replaced the old carpets with brand new ones to make it look move-in-ready. The home looked almost like a turn-key-home.
We had a contingency to close the deal in a very short period of time so we were crunched on the closing time and even got a $500 penalty because we closed 5 days later than estimated.
Our home inspection recommended to check the foundation because a crack appeared in one of the structures, but we didn’t have the chance to do so because of our timeline and inexperience. After we moved in we called the foundation repair contractor and he estimated the repairs in approximately $ 18,000.”
Preparation reduces stress
Buying and selling a home with a foundation issue is possible, however, having all the information helps each side make educated decisions. Emotions are already running high during a real estate transaction. Home buyers do not need to panic but instead get a professional foundation repair inspection so they have a clear picture of what they are dealing with. If a home seller suspects an issue, get it checked out ahead of time to reduce a lot of stress, which makes for a smoother closing.