Selling a house with foundation issues may present challenges, including potential delays, discounted offers, and the need for damage control. To prepare your home for sale, it’s essential to include a foundation or structural home inspection on your checklist. Identifying foundation problems is crucial, as it can limit your pool of buyers. Some mortgage loan companies may refuse to close on a house with foundation issues, and government-backed FHA, VA, and USDA loans have stringent requirements concerning the property’s structural integrity, potentially leading to deal delays or cancellations. Read this post: Sell your house for cash in Connecticut
Determining Foundation Issues
Begin by conducting a visual inspection around the exterior of your house to look for any apparent signs of structural or foundation problems that warrant further investigation. Some common exterior signs include foundation settling or sinking, gaps between the garage door and pavement, bowing or bulging exterior walls, large horizontal or vertical cracks, and leaning chimneys.
Consult a Professional Structural Engineer
If you notice any signs of foundation issues, it’s essential to seek the opinion of a qualified structural engineer. Avoid contacting a foundation repair company first, as a structural engineer will thoroughly evaluate the lot, drainage, soil, and other factors affecting the foundation.
Decide on Repairs or Selling As Is
Once you have a professional inspection report, you’ll need to decide whether to fix the foundation issues before selling or sell the house as is. Keep in mind that foundation problems are often symptomatic of other issues, such as soil shifting or moisture problems, which may also need to be addressed to ensure successful foundation repairs.
Hire a Qualified Foundation Repair Contractor
If you choose to fix the foundation issues, hiring a qualified foundation repair contractor is crucial. Avoid attempting DIY repairs, as foundation work is complex and requires expertise to ensure long-lasting solutions. Obtain quotes from at least three licensed contractors whose methods have been evaluated by the International Code Council Evaluation Services (ICC-ES) for compliance.
Common Causes of Foundation Issues
Foundation problems are commonly caused by soil and water issues, with dry, shrinking soil leading to foundation shifting and soggy, swelling soil causing foundation upheaval. Inadequate drainage can also lead to soil erosion, destabilizing the foundation, while poor construction practices may contribute to differential settlement.
Cost of Foundation Repair
The cost of foundation repair can vary depending on the specific issue and the location of the property. On average, homeowners can expect to pay just under $5,000 for foundation repairs, but this figure can vary based on factors like the type of repair, the material used in the foundation, and the region.
Selling a house with foundation issues requires careful consideration and planning. While it may involve some challenges, there are viable options available, such as fixing the foundation before selling or selling the property as is. It’s essential to work with experienced professionals, including real estate agents and structural engineers, to navigate the process and achieve the best outcome for your situation.
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