Trying to sell a house with foundation issues
Hello! We have a house, that is NOT our primary residence, that we are trying to sell. But the house has foundation issues and we want to to use the funds from the sale of the property to start investing well we currently live. We considered financing from the property like a HELOC but it is not our primary residence. Any suggestions or feedback would be greatly appreciated!
@Kara Speigner
I think it depends on how badly you want to sell. You can fix the foundation or sell at a discounted rate that allows the new buyer to fix it. Houses with bad foundations sell all the time. Just for not as much money obviously. If you want to keep it I would still fix the foundation. Then you could do a cash out refi and use the money to buy in your area. Hope that helps.
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Foundations really scare away most buyers, You will have to discount heavily. I would get it repaired BY A LICENSED CONTRACTOR and have them include an Engineer's report as part of the deal. Then you have something to show buyers and you can ask full value for the house....
Quote from @Kara Speigner:
Hello! We have a house, that is NOT our primary residence, that we are trying to sell. But the house has foundation issues and we want to to use the funds from the sale of the property to start investing well we currently live. We considered financing from the property like a HELOC but it is not our primary residence. Any suggestions or feedback would be greatly appreciated!
Most foundation issues are not as bad as people think. There are companies that specialize in fixing foundation issues, many of them will issue a lifetime guarantee against additional settling or other problems. I would either fix it before selling, or at least get a couple quotes so potential buyers know what they are buying.
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Quote from @Nathan Gesner:
Absolutely true. I used to look for houses with foundation/slab issues. The only really bad ones are where there is displacement in the slab, or a serious drop in levels....