When you decide to sell your Memphis, TN, home, you want it to be in the best possible condition to attract buyers and get the most competitive offers. Unfortunately, your home may have significant problems with the foundation that require repair. If you aren’t willing or able to fix the damage, you might wonder whether selling a house with foundation issues is even possible.
The short answer is that, yes, you can put a house with a structural issue on the market. But you might be thinking, “Can I sell my house fast in Memphis, TN, when it needs expensive repairs?” The answer to that question is also yes, and you have several options.
Uncovering Common Foundation Problems
Before listing your home for sale, look for foundation issues that warrant further attention. You may already be aware of some problems, like water in the crawlspace or sloping floors, but foundation problems may be less obvious. For example, windows and doors that don’t open or close easily, cracks in walls, gaps between the drywall and ceiling, and stairs and porches that lean or are pulling away from the house are all signs of foundation problems.
These issues can occur for several reasons, from poor construction to water damage. A professional inspection will determine exactly what’s going on and how much it will cost to fix. From there, you can decide the best way to proceed.
Three Options for Selling a House With Foundation Issues
You can move forward with the sale in one of three ways.
1. Fix the Foundation
Repairing foundation damage can cost anywhere from a few hundred dollars to over $10,000. Putting money into the repair can make your home more attractive to potential buyers and eliminate the possibility that they’ll use the damage for leverage during negotiation. In some cases, buyers may stipulate that you fix the foundation as a condition of purchase.
2. Sell the Home “As Is”
Selling a house with foundation issues will likely attract interested buyers, but the selling price will be significantly lower. You will need to make a full disclosure of the damage and possibly offer buyer incentives to address the fact that they’ll need to make the repairs. Keep in mind there are some tax considerations with selling your home for a lower price since you cannot deduct losses if you sell for less than what you paid.
3. Sell to a Cash Buyer
Cash buyers and investors, like Alan with Pyramid Properties, purchase homes that need work. Because they don’t have to deal with the complications of financed purchases and are willing to do the foundation work, the appraisal and sale process moves faster.
Sell Your Memphis Home Fast
If you need help selling a house with foundation issues, a house with mold, or simply want to avoid the hassles of listing, showing, and negotiating, get in touch with Alan at Pyramid Properties by calling (901) 504-5555 to discuss your options. He can help you sell your house without hassles and still get a fair price, even if it needs extensive work.