Selling Home, repair or not?
Hi All, I need to relocate to another state because of a new job. I need to sell my home. The home has started to settle and I was told it will cost between $8,000 & $10,000 to fix the foundation and stop it from settling. Here is the question, since I am not planning to live in this home, is this something I should fix before I sell or should I just leave it as it is? If I were to stay in the home I can see spending the money to repair it, but if I am just selling it, will it make sense to spend $10,000 on the repairs?
- bugear001Lv 61 decade agoBest Answer
Most finance companies will not carry a loan on a house that needs foundation repairs. I know for a fact that FHA Loans will not. make sure you get three quotes. I had foundation problems with mine and had to pay $2500 to get it repaired before I could sell it.
- FrancinaLv 44 years ago
Was counter offer you signed off on for the price of the house? The money part is not part of the inspection process. Normally after the inspection, the report is given to the buyer and seller. The repairs may be used as a bargaining chip or the buyer may request the repairs to be made. Sometimes a 50-50 split or something of this nature may be agreed on. Sounds like there is a lack of communication somewhere in the pipeline. However, if inspection results where signed off and both parties agreed on this situation, then I would say this is a done deal and ready to move on. I don't believe you need to agree on any more expense. Make sure your paper work is in order before you close or problems will occur at the table. The property may not close and a buyer could be lost, and time is wasted.
- DeeLv 41 decade ago
Fix it definitely. You will have a very hard time selling it if not especially in this market when people can buy all sorts of property at knock down prices.
If you dont fix it obviously you will have to knock that amount off the asking price as it will come up in the inspection anyhow. Also if you didnt mention it you could be sued. I know of a case where a person was sued for mould in a house she sold 5 years previously and she didnt even know the house had mould.
I know its a hassle on a house you are going to sell but better to be safe than sorry, and hopefully a quick sale!! Good luck!!Source(s): Real Estate Experience.
- skyalertLv 61 decade ago
You must disclose this problem with agent and include in your listing or it could come back to bite you in a lawsuit. OR Agree to do the work on condition before sale, this way you get the work done and can sell it if the first buyer bails on you. Possibly at a better price or simply in more marketable condition.Source(s): Bought, fixed up and sold 6 diffrent revenue properties.
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- 1 decade ago
well if you plan to make some profit off from the house then is best for you to fix the problem. but if u just really want to get the house out of the way then you can let the buyer get some discount so they can used the money to fix the house wit the money they save n their time
hope that help. sorry if it didnt
- 1 decade ago
A Home inspection will catch this at the wrong time. Buyers might get cold feet, or want more money off the house price, than the work is worth. You should level with your broker, and listen to their advice.
- goldwingLv 71 decade ago
In today's home market, what makes you think you could resell it if you do not fix the problem? You already know of the problem, therefore it MUST be stated in the listing, or you will open yourself up to a lawsuit! Sorry to be the bearer of bad tidings, but....I doubt you could sell it as is.
- Danielle FLv 51 decade ago
I wouldn't touch a house with bad foundations. Get it fixed if you want any chance of selling in this bad market. There are many great houses for sale with values dropping....
- 5 years ago
If you want best price of your home, so repair your home..
- 1 decade ago
I would fix it. People will might not buy a house with a messed up foundation.