How Foundation Problems Can Impact Buying or Selling a Home
Are you putting your property in the Dallas-Ft Worth area up for sale? Perhaps you’re a homebuyer and searching for property in the region. In Texas, there is usually a quick closing period of 30 days. A lot has to be squeezed into that short window of time to ensure a smooth closing. This includes inspections of the house’s plumbing, electrical system, and foundation. Foundation problems in DFW are quite commonplace, and existing issues need to be resolved before the closing period.
Foundation Problems for the Seller
Begin with a DIY inspection for signs of damage. Examine your home for the following:
- Cracks in the walls, ceilings, and house exterior
- Opening and shutting problems with any of the doors or windows
- Uneven flooring
- Soil pulling away from the foundation
If any of the above is present, then you will need to schedule a professional foundation evaluation. If problems are present and require remediation, you can arrange for repairs before selling the home or put the property on the market as is. If you opt for the latter, you will need to make note of the foundation problems in a disclosure form. Keep in mind, you will likely also have to sell at a lower price. If foundation problems are only discovered during the closing process, the buyer may back out, or you will have to enter into last-minute fixing negotiations to decide you will pay to restore the foundation.
Your real estate agent can consult you on this manner and advise whether it’s more cost-effective to repair the foundation on your own dime or sell the property as is.
Foundation Problems for the Buyer
As the buyer, insist on seeing documents verifying the foundation was inspected by a qualified technician. If no inspection has been done, see if you can agree to an inspection with the seller, perhaps agreeing to split the cost. Align Foundation Repair provides a free and zero-obligation foundation repair estimate.
There is a prevailing belief that buyers should avoid homes with existing foundation issues. However, this is not necessarily the case. Due to an existing problem, you might be able to negotiate a lower price and use some of the saved money to cover the cost of the foundation repair.
Even if existing issues are present, you can still consider the property if it otherwise ticks all the boxes. You may also agree to buy the home at the seller’s asking price on the stipulation that the latter agrees to pay for the foundation repair before the closing date.
Additionally, some buyers will agree to fix the foundation because they already plan to do significant reconstruction or remodeling on the house.