Can You Sell a House with Foundation Issues?
From sloped floors to water in the basement or crawl spaces, foundation issues can cost you upwards of thousands of dollars in repairs.
Fortunately, if you're planning on selling a house with foundation issues, you have options: make repairs and list, list your home as-is, or sell to a professional homebuyer.
Here's how to sell a house with foundation problems in Knoxville, TN
What Causes Foundation Issues?
A home's foundation can be severely damaged by poorly maintained or compressed soil. As the foundation settles and moves, foundation issues can arise, such as cracks and leaks, settling, sinking foundations, and bowing walls. If the foundation is never repaired, the property may eventually be condemned.
Depending on the severity of damage and the type of foundation used, the cost to repair these issues varies.
How to Spot Foundation Issues
Whether you're selling or buying a house in Tennessee, it's essential to know how to identify foundation issues. Here are some indications your home may have a settling or foundation issue:
- Unaligned doors and windows
- Doors that won't latch shut
- Open cracks between blocks or bricks
- Basement walls that bow inward
- Gaps between drywall or walls and ceilings
- Difficult to open windows
- Sloped floors or staircases
- Cracked windows
Water in the house's perimeter, basement, or crawl spaces. (Selling a house with water damage has a few different options than homes with foundation problems.)
1. Fix Foundation Issues and Sell the Home
If you're interested in listing, you'll need to hire a foundation repair professional to inspect your home, write an estimate, and complete the repair work. This will give you an idea of how much the process may cost.
You'll also need to disclose any issues with your property's foundation. Some buyers may require you to make repairs before they purchase your home. However, if you can't afford to repair foundation issues or you don't want the stress of doing it yourself, you can always sell your home as-is.
How Much Does it Cost to Fix Foundation Issues?
Depending on the issue, minor cracks can cost as low as $500, while significant damage to a property's foundation may cost $10,000 or more! According to a 2021 study, the average homeowner pays anywhere between $2,021 and $7,074 to repair foundation issues.
Because the cause of foundation issues varies from home to home, so will the methods of repair. The cost of foundation repairs depends on several factors, including:
- Repair method - The cost of foundation repairs depends on the type of repair method used. The most common repair methods include foundation jacking, stabilization, sealing, and basement underpinning.
- Type of foundation - The type of foundation a home has largely determines the cost and type of repairs needed. For example, houses with basements may require more excavation than a concrete slab. Homes with crawl spaces and beam structures are also easier to access than those without.
- Accessibility - How accessible the foundation of a home is and whether landscaping needs to be removed will affect foundation repair costs.
- Foundation settlement - Soil expansion, settlement, contraction, and inadequate drainage can all cause foundation issues. If this is the case, a deep and stable foundation with steel push pipes may need to be installed.
- Size of the home - The size of a home will also affect foundation repair costs. So, the more equipment and materials needed, the higher the cost of repairs will be.
2. Sell With Foundation Issues
Another option is to sell the house as-is and let the buyer handle the foundation repairs, but you'll need to lower the price.
A property that needs repairs may be of interest to buyers wanting an investment property. However, even if a buyer isn't afraid of renovations, that doesn't mean their lender is.
Lenders, such as the VA and Department of Housing and Urban Development (HUD), require houses to be structurally sound, which means buyers may be denied financing from lenders and subjected to higher interest rates or loan parameters. So, even if you have a buyer interested in purchasing your property with foundation issues, they'll need to pay cash.
If you're selling as-is, you'll also need to disclose any foundation issues to buyers. You shouldn't hide any problems, because your buyer's inspector will find them.
3. Sell to a Home Buyer
Your last option is to sell to a professional home buyer that is prepared to make foundation repairs.
By selling to a homebuyer, like Reliant Home Buyers of TN, you can avoid prepping, repairing, and upgrading your home before selling. Our home buyers, based in Knoxville, TN, will pay cash for your house, regardless of its foundation issues.
How to Sell a House With Foundation Problems
We Buy Houses With Foundational Issues
If you're selling a house with foundation issues, but don't want to make repairs, our Knoxville homebuyers can help you receive cash for your property!
Reliant Home Buyers of TN works with an extensive network of contractors, which means we can make renovations that investment buyers may avoid. In some cases, this means you're paid the same amount of money (or more!) as if you repaired your home's foundation and listed it.
So, if you want to sell your house without making repairs, we can help you! Working with us means there are no lenders, realtor fees, or price negotiations. And you'll close when you want, as fast as you want.
Our home buyers in Knoxville, TN have over 18 years of experience buying homes as-is. Here's why you should work with us over other local home buyers in East Tennessee.
- There's no obligation to sell. If now isn't the time to sell, let us know! With Reliant Home Buyers of TN, there's no obligation to sell before signing our one-page contract.
- You're selling to a legitimate buyer. When you contact Reliant Home Buyers of TN, our owner Justin Treadwell will help answer your questions and let you know if he can help your situation.
- Sell your house as-is. After we do a walk-through of your home, we'll provide you with a list of needed upgrades. If we're interested, we'll make you a WIN-WIN proposal based on the condition, location, and price of other for-sale homes in the area.
Need to Sell a House With Foundation Issues?
Whether you're selling after foundation repairs or with existing issues, the easiest option is to request a FREE cash offer from Reliant Home Buyers of TN.
We buy as-is houses in Knoxville, TN and surrounding areas, including Alcoa, Kingston, Lenoir, Clinton, Powell, Maryville, Oak Ridge, and Loudon. If you need to sell a house with foundation issues, call 865-567-6391 today!