The discovery of foundation issues in Milwaukee homes during an inspection can turn a home sale upside down. Since a broken foundation many times goes unnoticed by the homeowner it can be a surprise to everyone. Unlike a leaky roof, foundation repairs may be put on the back burner or ignored completely. Unfortunately foundation issues can slowly build up over time and when you notice a crack in the basement wall or your house starts to shift, it may be too late. Foundation problems in the greater Milwaukee area are more common than you may think…unfortunately they cost A LOT to repair!
You may look at the cracks and think it’s minor or that it’s normal settling, but foundation repair can cost the homeowner tens of thousands of dollars.
Even after a buyer falls in love with a property, they quickly question their decision once they learn the high cost involved with foundation repair.
Home inspections don’t occur until after a purchase contract has been accepted, so when a foundation issue is discovered, there is a sense of urgency to have the repairs done quickly or the buyer may request a major price reduction to offset the cost. The seller is left to feel uneasy and may question if they are being taken advantage of. Remember, many homeowners are unaware that any problem existed since they have had no prior issues.
Then to make matters worse, many lenders will require the foundation to be fixed prior to closing or they will not approve the loan. So who is left to pay for the repairs out of pocket? The seller – and many sellers do not have thousands of dollars available to cover these costs.
Being unable to agree on a solution often leads to cancelled contracts and many sellers say that the number one reason they can’t sell their home is due to foundation issues.
Warning Signs to Buyers that there may be Costly Foundation Issues:
- Cracks in Basement Walls
- Cracks in Drywall, Doors and Windows
- Bowed Basement Walls
- Water Stained Walls
One Way to Avoid Expensive Foundation Repairs – Sell your home AS-IS to Plan B HomeBuyers, LLC!