BUYING OR SELLING A HOME WITH FOUNDATION ISSUES
When buying or selling a home you should look around the inside and outside of the home for signs of foundation issues. There are several warning signs of foundation issues that you should check for.
Buying a House with Foundation Issues
Buying a home with foundation issues, make sure that you know that it can cause damage to certain parts of the home.
- Broken Walls
- Broken Support Beams
- Bowed Ceilings
- Cracked Floor
If you are buying a home with foundation issues, there are steps you can take to help limit the impact of the problem.
- Request that the seller makes repairs to the foundation
- Have the seller subtract the cost of the repairs from the price of the house. Have someone inspect the home and get an idea of how much the repair will be.
- Ask for documents relating to the foundation
- Original Contract- The contract from the foundation installation that is signed by the previous owners.
- Scope of Work- What work has been performed on the foundation.
- Engineer Report- Findings from an engineer who looked over the land and the construction plans
- Warranty Information- Information on what the warranty covers, how long it lasts, and if it is transferable to you.
Selling a Home with Foundation Issues
If you are selling a home that has foundation problems, there are some things that you can do.
Repair the foundation problems– The fastest way to sell a home with foundation issues, is to have it checked out and then repaired before the house is on the market.
Reduce the asking price– If you don’t have time to make all the repairs that the home needs, offer the buyer a discount that is worth the price of the repairs. This will allow them to handle the issue in a way that they see fit.