When a seller simply mentions the words “foundation problems” most buyers run for the hills. But, don’t turn your cheek just yet.
Having most buyers lose interest could really work in your favor. Reduced competition for a deal means you can save thousands of dollars, some of which you can use on foundation repairs.
We understand the initial fear—having a serious foundation problem can ruin a home. However, if you’ve fallen in love with a house, it may be worth the extra time to understand the issues and see if they can be fixed within budget.
Here are the Steps You Need to Take:
1. Talk to the Seller
Try to get as much information from the seller as possible. Have they had previous work done on the foundation? If so, ask these follow up questions:
- What issues were present?
- When were the problems handled?
- How were they handled?
- Have the repairs lasted?
- What company did the foundation repairs?
You can also ask if they’ve had any common signs of foundation settlement. That may help you get a better understanding of what you’re dealing with.
2. Call in the Professionals
Call a foundation expert to take a look at the house. Someone who works with foundation problems day in and day out will have a more accurate description than a general inspector or the current home owner. That way, you can get a realistic picture of what’s wrong and how much repairs will cost.
In most cases, the seller won’t have a problem letting you do this. However, if a seller refuses to allow you to bring in your own expert, then it’s probably best to walk away.
3. Understand the Costs
Small foundation problems may be a reasonable fix that you can negotiate in the purchase of your home. However, serious foundation damage can cost tens of thousands of dollars. You need to understand what you can afford and the cost of fixing foundation problems.
In addition, if you decide to put in an offer on a home that needs foundation repair, you’ll want to work with your agent to ensure all of the appropriate contingency clauses are in place. These contingencies will make sure you have sufficient room to wiggle out of the deal prior to reaching the closing table.
Lastly, you may need to consider other financing options. Some loans are only approved if a home passes an inspection without foundation issues. So, to make an offer and get approval, you may need to pursue alternate financing.
Need Help Making the Decision?
Contact BDB Waterproofing today. With BDB Waterproofing, you get just what you need to fix your problem. We want to help you solve your problems permanently, so we won’t try to sell you something you don’t need. And of course, all of our work comes with a warranty.
We provide our services throughout Omaha, Lincoln and eastern Nebraska, as well as Council Bluffs and western Iowa. Call us at 402-779-3165 or email us for a complete basement inspection and no-obligation repair cost estimate.