Selling a house with foundation repairs in Carolinas requires you as the owner to take certain steps. The foundation is the most important component of the home. It is the backbone or structural support for everything within such as the doors, windows, floors, roof, etc. Regardless of whether the foundation is made of steel or wood frame, it is best to have the foundation diagnosed. Implement suggested reparative measures as soon as possible. If you’re planning on selling a home with foundation repairs in the Carolinas, then consider the following:
Understand the different types of foundation
Most modern homes are constructed from cement block and poured concrete. Homes that are over a hundred years old have stone foundations. However, poured concrete is preferred in today’s times. These are able to resist pressure from moisture and dirt. Poor or incorrect installation of poured concrete or cement blocks can lead to structural issues.
What may have caused the foundation problems?
Some factors that contribute to foundation issues include poor installation of cement or concrete, unstable compacted soil, improper mixing of concrete, pouring concrete during extreme cold weather, improper drainage of water, earthmoving construction near your home, etc. Issues caused by water cause the most damage.
What are signs of foundation problems?
Over a period of time, the foundation will settle. The composition of the dirt/soil around the home and the weight can make a home settle in at least a few inches. This is common. As the foundation is settling, small cracks may appear, usually in the basement floors, garage concrete and foundation walls. If these are noticed, there is no cause for concern providing the cracks do not increase. If the cracks are widening, or the foundation/basement walls seem to bow or lean inward then a structural engineer needs to inspect your foundation immediately. In cement block foundations, typical signs include broken/cracked blocks, water seepage via the walls, bowing and stair-step cracks are all indications of serious issues.
Is there insurance coverage for foundation repairs?
Before selling a house with foundation repairs in the Carolinas, you need to consider insurance coverage. Most homeowner’s insurance policies do not provide coverage for foundation repairs. Some insurers may provide coverage if the damage was caused by a natural disaster. Foundation issues caused by settling, water damage, or poor soil conditions will not help you get money for repairs. This is why it is imperative to read the insurance policy carefully to know what is and is not covered.
Why should you disclose foundation issues to a potential buyer?
If you are thinking about selling a house with foundation repairs in the Carolinas, you must price your home accordingly and disclose all the issues. If you fail to do so prior to a home inspection, the buyer will grow suspicious of your motives for selling and likely walk away from buying the house.
Failing to disclose foundation issues can result in a lawsuit if the buyers do discover the problems. If you are sued for not disclosing foundation issues, the court could force you to take possession of the house and pay back all the money to the buyer. You may also be required to pay punitive damages for failing to disclose. The court may order you to pay for the foundation repairs including punitive damages to the buyer.
So when in doubt, always disclose foundation issues to potential buyers.
The issues have been disclosed but what if the repairs cost too much?
If you can’t afford the out of pocket expense of making the repairs, you can offer the buyer an allowance to make them on their own. Another option is to be billed for the repairs and have the invoices paid at closing out of your net proceeds. There are rehab loans such as a FHA 203k loan where the buyer can roll the costs into their loan.
Now, it’s time to hire a great agent to help walk you through all of your options.