Whether you’re buying or selling, the basis of your real-estate transaction depends heavily on the foundation of the home. Be prepared for the home inspection and buying/selling process with these tips:
Buyers
Read your Home Inspection report very carefully. Foundation settlement is a structural concern and can diminish the value of any home. If there is the slightest indication of a foundation issue, call a local, trusted foundation repair contractor for assistance. A reputable contractor will give you a fair and honest assessment of the property.
Examples of some of the warning statements in a home inspection report:
- Some evidence of settling was observed.
- Foundation movement may exceed FHA/VA standards.
- Cracking of floor slab noted.
- Cracks in brick/floor/wall/ceiling.
- Fascia/trim separation.
- Windows difficult to open.
- Caulk separation at windows or doors.
- Recommend contacting a foundation repair contractor.
Don’t be fooled by a Home Inspection report, which is typically written in more general terms and may occasionally gloss over foundation problems. Remember that the home inspector’s role is to report on the general conditions of a home not provide a structural report.
Sellers:
Here are some helpful things to remember:
- A good foundation repair company can typically complete a repair within 1-2 days.
- FHA/VA and conventional loan approvals are no problem when the foundation is properly repaired and backed up by a lifetime warranty (always check to see if your contractor offers a lifetime transferable warranty)
- The best way to avoid last minute closing problems is to have the foundation inspected before you put the house on the market. A local foundation repair specialist will be happy to provide you with a no cost evaluation and assessment.
- If you are owner financing the sale, you may sell the property without foundation repairs as long as you disclose what you know about the foundation. Homes that need foundation repairs generally sell at a discount far below the cost of repairs.