My Home Has a Cracked Foundation. Can I Still Sell It?
May 13, 2020 | Hometown Development
If your home has a cracked foundation or needs other major repairs, it can be difficult to attract a buyer willing to take on extensive home repair projects. However, it is still possible to sell your home. Let’s talk about some options available to you to sell your home according to your budget and timeline.
Major repairs are red flags to buyers — even if they’re looking for a project or a fixer-upper. A house with foundation problems, a leaky roof, plumbing issues, pest infestations, or mold are all issues that require a good amount of work — and cash — to fix. Often, these problems are too expensive or complicated to repair yourself. If you need to sell your home, you still have options. Here’s how you can sell a home with foundation problems or any other major repairs.
How to Sell a Home that Needs Repairs
If you want to sell your home with major repairs, selling it traditionally will be difficult. Even home-flippers will steer clear of homes that need major updates or fixes. If you’re determined to sell your home, you might consider making the repairs to fix the foundation, leaky roof, pest problem, or other issues. This will take time and money, but it could be worth it if you can get the value out of the home sale.
If you can’t complete all of the repairs, focus on fixing the most important issues first — like the cracked foundation. A solid foundation will be less alarming to buyers and you’ll have a better chance of selling your home on the traditional real estate market. If the foundation only has small cracks or minimal damage, you might be able to have the cracks patched. However, if the damage is severe it may need to be replaced, which can be an expensive job. If you don’t have the funds or time to repair a severely damaged foundation, you might consider selling your home as-is.
What is an as-is sale?
In an as-is sale, you let it be known to buyers that you are selling your home in the condition that it is already in, without making repairs or updates. This will weed out buyers who are looking for a home in perfect condition and attract those who want a project or fixer-upper. Keep in mind you might need to adjust the asking price to reflect the needed repairs.
Benefits of an As-Is Sale
There are many advantages to selling as-is. A few of the most important ones for homeowners are:
- You can sell your home quickly
- You don’t need to make any repairs
- You don’t have to hire a real-estate agent
- You receive a fair price for your home
- You can avoid the stress of a traditional sale
Sounds great, right? How do you sell your home as-is?
How to Sell Your Home As-Is
If you want to sell your home as-is without making any changes or repairs, there are a couple of ways you can do this. First, you could try to find the perfect buyer. This would be someone who is looking for a house in an up-and-coming area they can flip. This person would be willing to purchase a home that needs repairs — but only if they can get it for the right price. They’re going to be extremely careful with their purchase decisions because they’ll want to make sure an investment in a home with foundation problems, for example, will pay off.
There is a chance you could find this perfect buyer and convince them your home is worth it. You may even be able to agree on a price low enough to tempt them. Still, finding such a buyer will take time. If you want to sell your home quickly, and for a fair price, you might consider working with a real estate investor.
Sell to a Real Estate Investor
A real estate investment company has the funds to make repairs like fixing a cracked foundation or replacing a roof. They can see opportunity in as-is homes like yours and have the time and capital to fix it — which you or a traditional buyer may not. Real estate investors look for homes they can buy in almost any condition and offer fair prices to the sellers. Their purpose is not only to give new life to a home, but to help homeowners get their lives back as well. Best of all, investors can close on an as-is sale much quicker than the traditional sale process — sometimes in less than a week. If you want to sell your house with foundation problems or other major issues, selling to a real estate investor will be your best bet.
Major home repairs like a cracked or problematic foundation are scary. It’s hard to imagine selling a home in that condition, and harder still to imagine the cost to repair the problem yourself. If your home has major damages that you just don’t want to repair yourself, look to Hometown Development. We purchase properties in any condition, and we’d be happy to take a look at yours. Give us a call at 616-379-3090 or contact us online for more information about our cash offer process.