WHAT TO DO IF YOU'RE SELLING
A HOME WITH FOUNDATION ISSUES
Selling a home is a big decision that comes with a lot of questions, especially if you haven’t done it before. Most homes develop one issue or another over time, and foundation issues are more common than you may realize. If you believe your home has foundation damage and you’re looking to sell, there are a few steps you need to take to cover yourself legally and get the most money possible for your home.
Get a Quote from a Contractor
A home inspection is a part of the selling process, but you can get your own inspection prior to listing. Contact a contractor near you and ask them to give you a quote for your foundation repairs. Many contractors even offer free consultations, so this may come at little to no cost! Get the quote in writing and hold onto it for future buyers.
Don’t Sell As-Is
You might think you need to sell your home as-is to a cash buyer to make any money, but that isn’t the case. Selling as-is will result in someone paying pennies on the dollar to purchase the home before they fix it themselves and most likely resell it for a huge profit. Foundation damage alone is not a reason to resort to an as-is cash sale.
Disclose the Damage in Writing
Disclose the damage found by the contractor in writing to any potential buyers. You can include the estimate for repairs so the buyers will have an idea of what they’re getting into. A serious buyer will have to have their own home inspection done and they can get an estimate for repairs from that too. Providing details of the foundation damage in writing from the beginning protects you legally from a buyer trying to say you weren’t honest about the condition of the home.
Negotiate with Buyers
It’s a seller’s market right now and that means you have the power! Hire a real estate agent to handle negotiations on your behalf. This is the best way to get the most money for your home and avoid paying unnecessary costs at the end of the sale. Buyers may try to negotiate terms that include you paying a portion of the repairs but offer a higher overall price for the home. Let an experienced professional handle the process of negotiations because, in today’s market, you’ll probably be overwhelmed with offers to purchase the home!
Contact Lamacchia Realty
If you need a real estate agent in MA, NH, RI, CT, ME, or FL, contact Lamacchia Realty today. Our team can help both buyers and sellers to ensure they’re getting the best deal. A real estate agent can disclose foundation issues in a way that won’t scare buyers away and help you make more money at the end of the sale!