Most home buyers know that they won’t find a house that is exactly what they are looking for, so they can overlook problems such as an ugly paint scheme, unnecessary landscaping or old appliances. However, when it comes to roof or foundation repair, buyers can get a little gun shy. These types of repairs can be costly in both time and money and when you are looking for a new home, you usually don’t want to start that way.
Most states have laws stating that a seller must disclose any foundation or structural issues. If you try to hide any damage, you can be found liable and the cost of repairs will be the least of your worries. Most realtors advise sellers to have the repairs done and then adjust their price accordingly, to cover the expense. This usually works out better than lowering your price and letting the buyer have the repairs done. Many mortgage lenders won’t approve the loan if the foundation is damaged or there are other structural issues. In a lot of situations, buyers and sellers don’t have a big window to get deals made; moving is usually a domino effect, with one person vacating a property just in time for another to move in.
A buyer should have a home inspector look at the property in question, and many lenders make it part of the requirements for a loan. Many property inspectors have little to no training and are just a second set of eyes to assist a new home buyer. It is in the buyer’s best interest to hire a professional like one from Pro Foundation Repair to get an expert to look for any foundation or structural damage. They will also provide an estimate that the buyer can use during price negotiations.
Both buyer and seller should keep all copies of disclosures, inspections and so on. The buyer will need all reports, inspections, repairs, and disclosures for the mortgage process. A lender wants to be assured that the home will be around for a long time.
It is always better to err on the side of caution; if you’re not sure a home is structurally sound, then have an expert look at it, but there are some things you can keep an eye out for. While walking through the house, check the windows and doors to see if they are crooked or sticking. Look for trim pulling away from walls or warped floors. In the basement or crawlspace, look for cracks and signs of wetness. Also, take note of any leaning or bowing walls. When you are outside the house, look for leaning chimneys and cracked masonry work. Cracks and chips in the foundation wall itself are a sign of damage.
If you see any of these indications, contact us as Pro Foundation Repair. We will give you a free estimate that you can use to negotiate the price of the home. We will repair the foundation damage, giving the new owner the peace of mind that they have a structurally sound home.