Texas Home Lending News

For any homeowner, foundation issues spell trouble. After all, the foundation is the base of the house. When it has a problem, the whole structure is affected. From roof problems to bowing walls, the problems from a bad foundation can be significant. 

So, will a foundation problem hinder you from selling your house? Probably not. However, you may need to compromise on the price. 

When prospective buyers hear of a foundation issue, either they will negotiate the price heavily on their favor or they will walk away. A home’s foundation, after all, is very important. 

Jim from Granite Foundation Repair here in Dallas provided some insights on how to tell if your house has foundation issues and offered an advice on how to sell it.

Signs Your House Has Foundation Issues

If you suspect you have a foundation problem, have your house inspected by a professional foundation repair expert immediately. Sometimes, the foundation issue may not be as serious as you initially thought. 

Getting a professional assessment will help you decide whether it will be worth to fix it or sell it as it is. 

Here are signs that will tell you your house has foundation issues:

• Cabinets and counters separating from the wall. If the kitchen countertops and cabinets seem to be tilting and pulling away from the wall, it is likely your home is experiencing a foundation problem.

  At first, the problem may not even be noticeable. But over time, you may notice that the gap continues to widen.

• Sagging or uneven floors. Floors that appear to be dipping, sagging or bowing could indicate foundation issues. When foundation issues impact pier and beam foundations, floors have a tendency to sag and squeak.

  Slab foundations and pier and beam foundations are positioned differently, so they get impacted differently.

• Gaps around exterior doors or window frames. If you notice such gaps, it’s likely you have a foundation issue. Sometimes, you may even begin noticing your doors no longer latch properly. 

• Doors that stick or don’t open and close properly. If you have sticky doors, it’s likely you have foundation problems. With exterior doors, you may begin noticing that they appear uneven or drag at the threshold. Double doors also may become difficult to close.

  This is a common issue in slab and pier and beam foundations. Be sure to have your home professionally assessed, as high humidity levels may also cause this.

• Foundation upheaval. This very serious issue could even render your home unsafe. If you notice bumps appearing gradually in a concrete floor, it could signal foundation upheaval.

  Foundation upheaval is caused by various factors. For example, excessive moisture or expansive clay soil.

• Foundation settling or sinking. This is another problem you should worry about when thinking of selling your house. Foundation settling is caused by the soil beneath your home moving or shifting. Older homes are more prone to this issue.

   

• Foundation cracks, wall or floor cracks. Cracks are a common indicator of a foundation issue. Wall fissures, floor cracks, and a broken chimney are also a common indicator of a foundation problem.

Remember that all cracks are created equal. So, have them examined by a professional foundation repair expert. 

Options in Selling a Home with Foundation Problems

Once you’ve noticed that your house has a foundation problem, the next thing to do is understand the available options. These are:  

Option One: Try to sell the home with its foundation issues. 

Consider this option if your house requires extensive repairs. Buyerslooking to provide value to an investment property often see this as a good opportunity. On the other hand, many buyers often think “money pit” whenever they hear the words “foundation repairs.”

Even when a buyer is willing to fix the issue, financing the repairs may become a problem. Many lenders shy away from houses that need structural repairs. Traditional lenders like HUD and VA only finance homes that are structurally sound. 

Suppose you find a buyer that agrees to this condition then the rate of interest is likely to be way high. As such, understand that many buyers may have a hard time qualifying to buy it if you decide to sell the home as it is. 

Option Two: Fix the issues and then sell the home. 

Get a professional assessment as soon as you notice your home has a foundation issue. Ideally, you want a report from a structural engineer. This should cost you anywhere between $400 and $900 depending on where you live. 

For issues that don’t require extensive repairs, expect to pay anything between $4,000 and $12,000. However, if the foundation problems require extensive repairs, then the costs of between $20,000 and $40,000 are pretty common. 

Selling a house that has foundation issues isn’t easy. Prospective buyers are scared of such homes and banks are less likely to authorize loans. 

Difficult as it may seem though, it doesn’t mean it’s impossible. You only need to understand the options before you once a professional foundation repair assessment is done.