HELP! Selling a flip with foundation repair
HI everyone!
I have a flip on the market in Denver metro that we've done a foundation repair using Carbon Armor. The basement wall has a large crack. There is also a little settlement in one area at the garage entry way and in the mechanical room, purely cosmetic. Otherwise all the floors are level. We've had the house evaluated by an engineer and there are no issues that haven't been addressed with the foundation repair.
We've been on the market 30 days, today. We've had 17 showings and dropped the price twice and are currently sitting about 5K under market value. Most of the feedback we get is that the buyer loves the house but is scared off because of the structural issues. We've been pretty open about the repair and for the first 3 weeks we had a folder in the kitchen with information regarding the basement repair and had it in the MLS for the buyers agent. We have since removed that because it seemed like buyers were immediately scared off so now we have a note in the basement room where the repair can be seen just saying what it is and that there is a warranty for the work.
I was not expecting this much trouble selling the house when the issue has been fixed and comes with a warranty. Plus structural repairs are pretty common around here.
I'm starting to wonder if my mistake has been leaving the area uncovered and so visible in the mechanical room. You can paint or even drywall over the wall that has been repaired and I'm considering doing so but then I'm worried that it will just fall out of contract with the property disclosure and inspection.
How do you approach selling a house with this type of repair? Is it better to just cover the repaired wall and just disclose it in the listing and in the property disclosure? How do you approach this issue when selling your own filp with these type of repairs?
Thanks so much for any help you can offer! I'm anxious to get this one sold before the holidays.
Thanks,
Jill S.