Structural problems are no fun. These issues manifest throughout the house in different ways. The issue could be uneven or sagging floors, bowed walls, moisture issues, doors that won’t close properly, crawl space, cracks on the ceiling and more. Houses for sale sometimes have structural problems, and it takes creativity and commitment to work past them.
Arizona requires sellers to disclose all information related to a house’s foundation damage or any structural problems. Don’t try to hide the issues as it will not fool the home inspectors. On that note, if you are selling a house with structural issues, you can consult a property lawyer or a real estate agent to help you understand how the disclosure works.
The problem, however, with selling a house with structural issues is that most prospective buyers are unwilling to buy a property with foundation problems. With a property survey, hidden structural secrets about your house could be revealed that could cost a potential buyer a huge sum of money for repairs. Thus, most potential buyers shy away when they find that a property has foundation issues.
To Sell Your House, Do You Have to Fix the Structural Issues?
If you are selling a house with structural issues, it is not necessary that you fix the structural problems. What you need to do is let the potential buyer know about the issues and adjust the price down in order to cover the cost or to give credits for the closing of the sale. If you want to get the maximum price out of your property, you can consider repairing these damages.
You might be able to recover the cost if you have some work done around the house ahead of time. This way, you can also obtain better offers from potential buyers seeing that the house is in good order. You don’t have to tend to every minor repair. Address the major items and most buyers will be happy.
Usually, the foundation air conditioner and roof repair costs are the issues that really scare potential buyers so focus on these issues.
Sell the House at Greatly Reduced Price
If you are eager to rid of the property and don’t have the time or don’t want to spend for repairs, an option would be to sell it, but often at a greatly reduced price. Even if your house has some structural problems, many buyers out there would be willing to buy it especially at a significantly reduced price. Often, these buyers would do the repairs themselves and resell the property at a nice profit.
That being the case, selling a house with structural problems really depends on your situation. It depends on your finances, your equity, and the property’s possible sales price. If you are not looking to get a lot of money from the house but only want to be rid of it, say when you are relocating somewhere else soon, then this method may be best for you.
In selling a house with structural problems, the best thing to do is to have more than one structural expert (contractor and engineer) provide an assessment or repairs and their costs. Having real numbers is important in selling a house this way and with the help of an expert, you can be sure you can get the best out of your property even when there are structural problems to deal with.
Give us a call or go to the app store and download our app for a list of contractors and engineers who may be able to help. Simply type in “John Cunningham” in the app store search and download the app for free.