By admin1
What can I expect if I decide to sell my home as is?
If you feel like fixing the foundation is more trouble than it’s worth, selling a house with foundation issues is totally doable. You’ve got two solid options:
1. Selling as-is
Selling as is means you won’t do any repairs and make no guarantees that anything is in working condition. You may even specify certain items “as is” rather than the entire house. Be advised that you will still be held accountable for complying with state and federal disclosure regulations.
One downside to this approach is the possibility of getting a lower offer. Although you’ll attract flippers and investors, you’ll likely reduce your pool of potential buyers. A seasoned real estate professional can help you decide if this is the route you should go. Getting an experienced agent who can set expectations and priorities and keep the deal together is key, Davis believes.
If you decide to sell as-is or directly to a cash investor, the right agent can walk you through the process and help you sell the house quickly for the most money.
>Learn more: Curious what your home could sell for? Use the Home Cash Offer Comparison Calculator below to compare offers and see your potential payout.
2. Selling directly to a cash investor
Selling to an investor requires little to no prep work, and you’ll avoid the complications and delays often associated with financed purchases.
Investors can include flippers looking for properties to renovate and resell, buy-and-hold investors who want to rent out properties, and instant buyers or iBuyers.
With HomeLight’s Simple Sale platform, you don’t need to worry about repairs, open houses, or agent commissions. HomeLight has one of the biggest networks of investors who buy houses in almost any condition.
Simply answer a few questions about your home, the level of work it needs, and your selling timeline, and get a cash offer in as little as 24 hours. If you choose to accept it, you could close in as few as 7 days.
What else should home sellers know about foundation issues?
When a home has foundation issues, it can bring up a lot of questions for sellers. Knowing what to expect can make the selling process a lot smoother. Here are some of the most common questions that come up:
- Does insurance cover foundation repair? It depends on what your policy covers, but flooding, earthquake damage, and settling are usually not covered by insurance.
- How long does foundation repair take? Foundation repair typically takes two to three days, but the exact time frame depends on the severity and location of the damage, as well as the size of your home. In general, Davis says foundation repairs can be done quickly. “I’ve never had a delay in closing [due to foundation repair].”
- What is the most common mistake sellers make related to foundation damage? One big mistake is trying to cover it up instead of fixing it, according to Davis. He has seen sellers use caulk, paint, and temporary piers to hide or inexpensively fix foundation issues. Beware: this could leave you legally liable.
The bottom line — inspect, disclose, share, negotiate
Foundation problems are intimidating and costly, but they aren’t necessarily deal killers. Keep in mind that if you live in an established neighborhood with older homes, you’re probably not the only one dealing with foundation issues, Davis points out.
Buyers looking in your area will likely encounter similar problems with other homes, so if yours is in otherwise good condition, it might not deter them.
