Despite seeming like a dreadful problem to have, selling a house with foundation problems is easier than you may think. You may have many questions now, but don’t worry because it’s possible to sell your house even if it has foundation problems.
It doesn’t matter if your home has cracked basement walls, mold in your basement, or sagging eaves. All types of foundation problems can be a hassle to deal with and may send potential buyers running if you don’t know how to handle them.
However, keep in mind that foundation issues are prevalent, especially with homes built in places with dry climates and clay soils.
If you want to move forward, the best thing to do is to know the exact foundation problems you are dealing with before deciding whether to fix them. This can be tricky. However, there are signs to watch for that tell you that you have foundation problems.
Determining Foundation Issues
Identifying foundation problems in your home can be challenging because the signs are often very subtle. For example, do the small cracks in your wall mean nothing, or is it a sign that your house is sinking?
Other signs you need to watch out for are not even located near the foundation. Evidence can be found in your basement or door and window frames.
It is important to note that sometimes, only professionals like structural engineers can determine whether you face foundation issues. But there are typical problems and signs of foundation issues if you know where and what to look for.
Cracks
If you have interior cracks, you’ll notice that there are zig-zag cracks that run along with the height of your wall. If you have wallpaper, it may also be pulling away if cracks are located where your ceiling meets your wall.
For exterior cracks, its signs are large cracks that have a zig-zag pattern. Other signs to look for include brick cracks, as well as protruding bricks.
Rotten Wood and Cracked Tiles
If you have piers and beams with rotten wood, it can be a sign of foundation problems. Other possible causes include humidity, flood, or insect infestations. If you have cracked tiles in your kitchen, room, or bathroom, that could also be a sign of trouble.
Expansion Joint Separation
Expansion joints are installed in your house to deal with the natural movements of the earth, humidity, wind, and other such factors. But when these joints fail, it will cause widespread cracks along with home, and soon, your foundation may fail.
Nails Popping Out
You may think nails popping out of your drywall may be harmless since they can easily be fixed, but this is a potential sign of more significant problems. Inspect this closely to be sure it is nothing to be alarmed about.
Uneven Floors and Door Problems
If you notice that your door has cracks in the wall above it, and is out of the square, have it ready for a foundation inspection. You should also be worried if your home has uneven floors. Bouncing floors and rotten doors can also be signs of foundation issues.
Walls Pulling Away
If you notice that your exterior wall is pulling away from your house, you need to contact a contractor or inform your buyer right away. This is a potential risk of your wall about to collapse.
Musty Smells
Musty smells in your basement area, especially in crawlspaces and corners, are common signs of foundation problems. The odor may be mildew, and leaks in your basement walls could cause it. While other issues may cause the problem, it can also be due to moisture seeping between the foundation cracks.
If you have a blocked gutter, it could be the culprit for your basement foundation problem. Otherwise, you may have structural issues.
Mold
Just like mildew in your basement area, mold can also be a sign of foundation problems. If you are experiencing recurring mold on your walls and windows, it means that moisture is accumulating since water is seeping into the foundation-related gaps.
The Costs of Foundation Repairs in MN
The cost of your foundation repair can vary depending on the severity of your problem and the tools, materials, and time needed to complete the repair work. It is important to note that foundation issues need serious repairs, and each job is affected by specific factors of your home environment.
Before repairing your home, have it inspected by a professional first. This can cost a few hundred to a thousand dollars. A professional inspection will help you determine the extent of the damage.
The average cost of foundation repair falls between $2,012 and $7,073. However, if you do not repair your foundation issues or inform the buyer, the damage and cost will just continue to grow.
Should You Repair Foundation Issues Before Selling Your House?
You can repair all your foundation problems before listing your home. This will give you a bigger pool of potential buyers.
Remember that first impressions count, so if you want to sell your home, tidying up your aesthetic issues that were caused by the foundation problem should also be on your to-do list. A lot of homebuyers are dealing with strapped budgets, so they wouldn’t want to pour more money into fixing their future home.
On the other hand, some people would advise you to leave your home as it is because all the repairs you do will be part of the public record. As a result, future homeowners may cross off your property before they see it just because it had foundation issues. If they do not see your home, you won’t be able to explain that the problem can easily be fixed.
Selling Options for Selling a House with Foundation Damage
After you’ve diagnosed the foundation issues of your home, what’s your next move? Your dilemma boils down to two things: selling the house as is or selling it to cash home buyers with the problems still intact.
Selling Foundation Damaged House as Is
If you do not have the money to repair your home, you will ultimately be forced to lower your asking price because the buyer would need to shoulder the repairs.
You will surely save time and effort if you let the home buyer take care of your foundation problems.
Never try to hide any damage or the extent of the damage since if you do not disclose this problem, the home inspector will be the one to tell the buyer. Not only that, but buyers won’t appreciate you trying to lie to them.
After the inspector relays the foundation problems to the buyer, the buyer’s lender may even cancel their loan, and the sale may be canceled.
Of course, you can also fix the foundation problem before selling it. But before deciding to fix the problem, make sure to consider the extent of the damage.
Cracks that are larger than ¼ inch or curved slopes inside your home mean that you are looking at serious and time-consuming repairs.
A professional can give you an educated assessment of what needs to be done. Then you can weigh your options before you proceed with selling your home.
Selling Directly to Cash Home Buyers
Contrary to the image you probably have in your head, selling directly to homeowners in cash does not mean they will come to your home with a briefcase filled with money. Cash offer homebuyers do not need help from a lender to pay for their purchase, and they usually buy properties off-market.
Many cash home buyers are house flippers that get a big discount since they want to fix all home issues and make home improvements to a property so they can sell it for profit in the future.
Some buy-and-hold investors will convert your place into a rental home so they can have passive income.
Finally, iBuyers or Instant Buyers use automated valuation models (AVMs) to generate competitive offers on homes that are still in good condition.
When you sell your home to a cash home buyer, it will require less work on your end since there will be no staging or open houses. Therefore, you will be saving time and money since you can avoid the traditional process and costs of selling your home.
You can even sell your house without a realtor or a real estate agent. The sale can be finalized days after you accept a fair offer.
With cash home buyers, you won’t need to fill out mountains of paperwork, and you’ll enjoy peace of mind since you won’t have to worry about fixing foundation problems or other expensive repairs to your home. If you want to sell your house, there are a lot of cash home buyers in Minneapolis.
How to Sell a House with Foundation Damage
You may think that selling a house in poor condition and with foundation problems is a big hassle. But if you know exactly what to do, the process can be seamless.
After figuring out the extent of your foundation problems, all you have to do is decide whether you want to sell your home without fixing the problem or dealing with your issues first. If you want to take the easy route, we buy houses in Minnesota. Contact us today for more information.