Foundation damage is one of the scariest phrases that someone trying to sell their house can hear. Hearing that a house has foundation damage conjures all sorts of disturbing images, like the house tilting to one side or even falling over. It sounds dangerous and it certainly tends to make a lot of people think there’s no way I can sell a house in this condition. However, the truth is a bit more nuanced than that. If you are trying to sell a house with foundation damage in Milwaukee, you actually have quite a few options, especially if you take the time to understand what you’re dealing with, the potential costs involved, and how you can still sell your house fast for cash. Let’s take a closer look at hones in Milwaukee with foundation damage and how to sell them.
Sell A House With Foundation Damage In Milwaukee
How Do You Know You Have Foundation Damage?
Before you can sell a house with foundation damage you need to know if you, in fact, actually have it. There are some misconceptions about foundation issues that it’s important to be aware of. Just because you see some cracks that don’t necessarily mean you have foundation problems. Sometimes, it’s just because the concrete used to build your house either has too much sand or too much water and the mix is starting to deteriorate. This is especially common in older homes.
Another reason you might be seeing cracks or issues is that your house is settling. The soil around and under your house can change based on weather and other elements, so over time it is bound to move around and shift. There’s also going to be expansions and shifts that happen with the materials that make up your house, which is normal.
So how do you know when it’s actual damage? There are some clear hints to be aware of. They include noticing the alignment is off in windows or doors, noticing that your windows are now difficult to close or have cracks in the glass, seeing a slope in the floor or staircase, noting drywall cracks or gaps between the walls and the ceiling, seeing large gaps form near the concrete outside, noticing cracks in vinyl or ceramic tile, seeing wood planks become ajar in the floor, or spotting water in basements and crawl spaces.
When it comes to cracks, they are not created equal. And the size of the cracks you see will tell you a lot about what’s happening in your house. If you’re noticing cracks that are less than a quarter-inch wide, you don’t have to worry about that. The same goes for hairline cracks in concrete, which happen as homes settle. If you notice L-shaped cracks in foundations, you’re probably looking at shrinkage cracks, which may or may not be related to structural damage. When you start to notice “stair-step” cracks that cause concrete or masonry to jut out, you’re starting to get into dangerous territory. And if you see horizontal cracks, that’s when it’s really time to take it seriously as that can mean you might need an entirely new foundation in order to stabilize the house.
Fix the Foundation Issues If You Can
The most obvious way to deal with foundation issues in your Milwaukee house is to fix them or get them fixed if possible. The way to know for sure if you have foundation damage is to hire a structure engineer, which is different than a home inspector, and have them take a look at the house. They’ll give you an educated assessment of the problems. It will likely cost you a few hundred dollars, at least, but if you want to go down this road you have to take every precaution.
If it turns out that your foundation requires some fixing, such as anchor bolts or support piers, that’s going to cost you upward of $5,000 or even $10,000 to do. And things only get more extensive and expensive from there. It’s not uncommon for extensive foundation repairs to cost as much as $20,000, $30,000, or even $40,000, depending on the size of the house and the scope of the repairs. You may also need to know more about the basics and misconceptions of foundation repairs.
If you plan on selling your Milwaukee house on the open market, you’re probably going to have to eat those costs and make the repairs. Buyers on the market are going to be very wary of a house with foundation issues. And if they aren’t scared off altogether, they’re probably going to make you a low offer knowing they have to deal with it in the future. So your best bet in this scenario is to sink those repair costs into the foundation and hope you can recoup them later.
Sell on Open Market With Foundation Issues
If you have a Milwaukee house in need of extensive foundation repairs and that you can’t afford to fix, you can consider selling the house as-is on the open market. It’s possible that you might find some interest parties willing to roll the dice on the house. Chances are, most buyers will walk away after seeing foundation damage or seeing it for themselves and realizing the work (and money) involved. However, it is possible you might find a buyer on the market.
Of course, that buyer is likely going to be coming to the table with financing and the lender will have to be convinced that the house with foundation damage is worth borrowing against. Many lenders, such as VA and HUD, will require that the house is structurally sound and won’t lend against yours, so expect to hear a lot of denials from financers. There might also be a lot of high-interest rates and unfavorable conditions that make buyers walk away. And this is before you get into concessions and closing costs as the buyer knows they have you in a place where you need to sell and can push you on negotiations to cover those costs. The truth is that traditional buyers will find it hard to be able to buy your house with financing.
Be Honest & Upfront
Regardless of what you decide, it’s important that you are honest and upfront with potential buyers at all times. It’s just good business and the right thing to do, but it also protects you legally from being blamed for future damage or problems. If the buyer knows the full extent of the problems going in, they’re able to account for that. Plus, you should have everything in writing and make sure all closing documents absolve you from liability for future issues. The whole point is that you are selling your Milwaukee house because you don’t want to deal with these foundation damage issues anymore.
Sell Your House With Foundation Damage As-Is for Cash
The truth is that trying to sell a house with foundation damage in the traditional way is difficult and it’s unlikely you are in a position to pay for all the repairs that are needed to get the house back in good shape. You do have an alternative and that’s to sell your house to a real estate investor like Cream City Home Buyers. We won’t require you to fix anything, we will buy a house with foundation damage, and we will pay you cash right away for your house.
We want to invest in your Milwaukee house with foundation damage because we can take care of what’s needed and turn a profit on the property later. But we’re not interested in lowballing you. We want to make you a fair cash offer so you don’t have to deal with the headaches any longer and so you can start fresh with money in your pocket.
The process is simple. Just reach out and let us know about your house in Milwaukee with foundation issues. We’ll follow up with some questions and schedule a meeting or possibly a tour of the property. Then we’ll crunch the numbers and make you a fair offer. You’re under no obligation to take it but if you decide to, we can close in a matter of days if that works for you. Then we pay you in cash and take over ownership of the house. No need to clean. No need to fix anything. Just walk away with cash in hand and you get to start fresh without worrying about foundation damage anymore.