Selling a house in foundation repair on Long Island is a tricky deal to undertake. Legally, you must disclose any known foundation issues with the structure to any prospective buyer. Often, the disclosure will be added into the listing, itself. When prospective home buyers read home listings, they are normally inclined to skip any that they feel will be too much work for their investment. This can turn away a lot of prospective buyers costing you sales and showings, even if the foundation issues are small. For more information, click here.
Instead of trying to sell a home in need of house foundation repair, you should discuss your options with a Long Island realtor. In most cases, realtors will advise that it is best to fix foundation problems before attempting to sell your home. Some realtors also have contracts or working relationships with contractors in the Long Island area who are willing to perform house foundation repair prior to the sale of a home and be paid upon closing. It is an attractive option if you are in a hurry to sell, but can’t afford to have repair work done immediately.
Most buyers are afraid of buying into a home that is in need of foundation repair work because of underlying issues and subsequent damage that can be the cause and result of the foundation deterioration. If a buyer is working on a budget, they will be more inclined to skip a listing that seems like it will have too many repair costs associated with owning it further down the road.
Additionally, foundation repair problems in Long Island are one of the leading causes of low home appraisals. Your house can be appraised for anywhere from a few thousand to tens of thousands of dollars below its actual value if foundation problems are evident. Selling a home with foundation repair needs will only cause you to have to settle for less money than what your structure is worth.
Don’t try to save time or money by disguising or fixing a foundation repair issue yourself. Foundation repair experts in Long Island is a common enough occurrence that most people will be able to spot shoddy work meant to disguise or save money from a mile away. Furthermore, if you cover up a foundation repair issue and sell your home knowing the problem has not been fully repaired, you are opening yourself up to civil lawsuits and, in severe cases, criminal punishment.
If you do pay to have a foundation repair expert fix cracks or other damage to your structure, save your documentation and provide a copy to prospective home buyers. Having a copy of your service agreement on hand will protect you later on if their work proves to be sub- par. Being able to provide a copy will also put potential home buyers at ease when they realize that the problem has been taken care of by a professional.
Always speak to a lawyer and your realtor before making any decisions concerning the transfer or property. They will be the best to advise you about your rights and the legal ramifications of your decisions. Trying to sell a home can be a stressful period in anyone’s life. There is no point in making it any more stressful than it needs to be by opening yourself up to potential lawsuits or scaring away sales with a damaged foundation structure.
Resolving the issues now will not only help you sell for the price you want, but it will make the process easy and relieve the burden of worry on you and the purchaser alike.