If you suspect that you have a foundation issue with your home, it can be a scary feeling. Foundation problems are one issue that homeowners dread hearing is wrong with their house. And it can put you in a challenging situation, especially if you were hoping to sell soon. Should you fix the foundation before listing? Do you have to disclose the information to potential buyers? Is it possible to sell as-is? All are great questions to ask, so you know how to handle your home sale. Below we’ll cover all you need to know about how to sell with foundation problems and the options you have to close the deal successfully.
Can You Sell a House with Foundation Damage in Connecticut?
The biggest question you likely have is if you can sell a house with foundation damage CT? The good news is selling a home with foundation damage is possible. But your two options to sell would be to fix the foundation problem or sell the house as-is.
You’ll need to decide between the two before figuring out your selling strategy (listing with a realtor or selling by yourself). Fixing the foundation problem would be helpful for you to find a buyer for several reasons. If you were to sell with the foundation issue, your pool of potential buyers would be quite a bit smaller versus if you were to fix the damage.
Furthermore, even if you were to find a buyer willing to take on the foundation problems, their lender may not approve the sale. Most buyers use bank financing to purchase a home, which usually includes getting an inspection done to confirm the property’s value. The mortgage company wants to confirm the amount of money they’re loaning the buyer is of similar value to the home since it will be used as collateral until it’s paid off. The foundation damage will likely devalue the house and possibly make the mortgage company reconsider loaning the buyer’s money.
No matter what, if you fix the foundation damage or sell as-is, you will still need to disclose the damage to the potential buyer.
Disclosing the Damage to Potential House Buyers
Disclosing the foundation problem when selling a house is morally a good thing to do but also is a legal requirement. When selling property in Connecticut, you are required to fill out a residential property condition report and residential foundation condition report. These two documents ask questions regarding the home’s current condition and if there are any issues that the existing homeowner is aware of, including if you are aware of any repairs or remediation to any concrete foundation on the subject property? If answered dishonestly, it could cause legal consequences down the road. So if you do have the foundation damage repaired, make sure to get something documenting the foundation damage and what repairs were made to address the issue. Disclosing the foundation damage will be essential to the success of your home sale.
Selling Your House As Is
Didn’t realize selling your house as-is in CT was an option? It’s actually a great option in this particular situation to avoid paying for the foundation damage to be repaired. This is why homeowners cringe when they find out they have a foundation issue because instantly, they see dollar signs. Foundation repairs are one of the most expensive repairs you can make to your home. And nine times out of 10, if you have significant foundation problems, you could have structural issues, water damage, or mold too
But let’s clarify what selling your property as-is means. Selling your house with foundation damage as is, means you can sell your place in its current condition to any buyer willing to purchase it that way. So being able to sell your house as-is would save you a lot of money and time you would otherwise have to spend fixing the foundation damage to sell the property.
Also, a buyer should understand that purchasing as-is means you won’t be making any repairs or updates to the home before selling- basically, what you see is what you get. This can be a great option if your house requires other repairs besides the foundation damage (leaky roof, termite damage, new water heater, exterior paint). The only catch is that buyers will expect a price reduction, given that they will be the ones making the costly repairs. But, that means you won’t have to come out of pocket to do them or take out a loan and deal with months of construction. Some people see that as the perk to selling a house as-is even though they stand to make less on the sale.
Getting the Damage Repaired
Another option you can look into before selling your house is to get the damage repaired beforehand. If you think the foundation damage repair won’t be too expensive, you can always get quotes to figure out how much it would cost you to fix the foundation. A helpful little tip, get at least three or four different quotes and make sure the company you hire has a structural expert or engineer that works with them. Besides fixing the foundation damage, you want to make sure the home is structurally sound too.
How much do Foundation Damage Repairs Cost?
Foundation repair companies will be able to explain what is going on with your particular situation and how much it will cost. But to give you an idea, here are some examples of repairs and the costs associated with them.
|The average cost to repair foundation problems||$2,300-$7,000|
|Minor foundation crack repairs||$250 to $800 per crack|
|Major repairs with hydraulic piers||$10,000 to $15,000|
|Settling/Sinking||$1,300-$1,500 per pier|
|Bowed Basement Walls||$5,000-$15,000|
|Basement Sealing and Waterproofing||$2,000-$6,400|
|Stabilizing the Foundation||$5,000 to $10,000|
If you do end up getting your foundation-damaged house repaired before you sell, you’ll also want to consider making any other major or minor repairs around the house. If you’re not sure what repairs need to be made, you can always hire a home inspector to evaluate your home condition. After he or she does a thorough inspection, you’ll get a report back detailing the issues they noticed. You can then use that information to categorize major and minor repairs and figure out which ones you can do yourself or will need to hire someone to fix.
Tip: A home inspector won’t be able to give you detailed information regarding your foundation damage. Hiring an expert in foundation repair would be advised.
Getting a Fair Cash Offer on Your House
If you’re interested in the idea of selling your house as-is but need to sell fast, you may want to consider getting a fair cash offer on your house. A cash offer will help you sell quickly because the buyer doesn’t have to wait on loan approval or inspections to purchase your home. Cash transactions can move a lot faster since they don’t have to wait on the mortgage company to finance the loan. So finding a buyer that will make you a cash offer on your property would be ideal to sell as-is and quickly. But how do you get a cash offer for your home? If you’re lucky, you may find a buyer who will offer you cash, or you can find a local home buying company that will make you a fair cash offer.
Selling To a Cash Home Buyer
Instead of waiting around for a buyer to offer you cash for your house, you can always contact a local cash home buyer in your area to make you an offer for your house. This would save you the trouble of listing your home and making foundation damage repairs. Homebuyers purchase properties in as-is condition, so you won’t need to make any major or minor repairs before selling. If you’re interested in working with cash home buyers in Connecticut, one that comes highly recommended is Ocean City Development. They are a local cash home buyer that purchases houses as-is, no repairs or renovations necessary. They also don’t charge hefty agent commissions or service fees and will even cover closing costs. Their home buying process is really easy and includes making you a cash offer within 24-hours. Ocean City Development can also close in as little as 7-days or longer, whatever works best for you.
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If you’re feeling stressed selling a house with foundation damage, you don’t have to worry about it anymore. As you’ve learned from reading this article, you have available options besides paying to have the foundation damage repaired. You can always sell the house as-is and avoid the hassle and expense.
Just remember, if you do decide to make the repairs, your house may appeal to more people, but that doesn’t guarantee a fast home sale.
No matter what you choose to do, you can always contact Ocean City Development and sell right away, so you can quickly move on to your next house.