Foundation: Fix it First
Several months ago we listed a home for sale. At the time, I asked the sellers if they had looked into the possibility of any repairs needed that I might not be aware of. The sellers assured me that their home was “fine” and that they would be happy to cross that bridge when/if we came to it (meaning they would let a buyer find any issues during their home inspection, and then address them at that time). So, we listed the home for sale.
Fast forward 8 weeks – after a ton of showings on their home, we get an offer from a buyer. The sellers are so excited. We go through the inspection process, and guess what…there is a foundation issue. In fact the buyers didn’t even ask to have it repaired; they simply terminated their offer and bought a different home.
Of course the sellers are now aware of an issue so they have the foundation company out to do the repairs. At the conclusion of the repairs, the plumbing test is done…but there’s still a leak. So we run more tests – and make more repairs – and test again…but there’s still a leak. So we run more tests – and make more repairs – and test again…but there’s still a leak. So we run more tests – and make more repairs – and test again…but there’s still a leak. FINALLY, we get the last leak fixed and we are ready to go. However, it took approximately 3 months to get all of the repairs done.
AT THIS POINT WE HAVE SPENT MORE TIME OFF THE MARKET THAN WE SPENT HAVING SHOWINGS…ALL BECAUSE THE SELLER DIDN’T WANT TO CHECK INTO THE POTENTIAL PROBLEM BEFORE LISTING THE HOME.
I do understand that in today’s economy people don’t want to spend a ton of money making repairs to a home they are going to sell. However, in today’s real estate market you have to be competitive and your home has to be in tip-top shape if you want to sell for top dollar. In this case, the sellers not only had to spend the money anyway…but they lost a buyer and delayed their entire moving process by several months. The sellers have been on an emotional roller coaster for months.
The morale of the story is:
Take the time to really evaluate your home prior to putting it up for sale. Consider having a home inspection done and making repairs before anyone even knows you are selling. Listen to the advice of your real estate professional, they are not emotionally attached and they understand the reality of the current real estate market in your area. If you address the problems up front it will save you so much time and trouble in the long-run.
This post is part of our "Single Stories" series. Want to read more stories about the life of a REALTOR and what to do or not to do when buying or selling a home? Follow our blog to read more at https://www.northtexastopteam.com/blog/