Selling pristine and perfect property is complicated enough. Trying to sell a house with issues can be even more difficult. However, homeowners still tend to decide to place their property on the market when they discover issues—especially foundation issues. The phrase “foundation problems” is a tall and difficult wall to climb for potential buyers.
It is, however, understandable. The foundation of a house is the root, after all. If the foundation has problems, it can cause more complications and issues for the rest of the house. Especially in places where natural and unpredictable events occur, porches and floors are keen to crack and sink.
The good news is that a property with issues is not the end of the world for sellers. Considerations can be made to be able to sell a house as-is or with prior repairs. Here’s a few issues for properties and how to address them during sales.
Can I sell a house with dry rot
The particularly challenging thing about selling a house with dry rot is that your options are fairly limited. Especially in wet places, fungi can spread quickly and rots the wooden components of the house.
Repairs can certainly be done, but it can be costly and time-consuming depending on the severity of damage. There is a reason that mortgage lenders may not be willing to lend a full amount to prospective buyers.
The first thing you can do is assess the situation. Just how bad is it? Is the dry rot in its late stages or not? During the early stages of dry rot, there are tell-tale signs which include: shrinking and sunken wood, fungus that resemble cotton, water droplets on the wood, cracking and darkening of the wood. In its later stages, fungal growth is apparent and the peeling and patchy wood emits a musty smell.
If you wish to repair the issue, the first response should be to identify the source of moisture and isolate it. Then you can remove the decayed wood and replace it. However, if all you want is to sell it, you must remember two things: the selling price would be affected and potential buyers might have a hard time securing mortgage on the property.
Can I sell a house with Japanese knotweed
The problem with properties afflicted by Japanese knotweed is how difficult it is to get rid of. Unless you know the proper techniques to identify and remove it, you are looking to sell a property at a heavily discounted price. This is due to the fact that regular mortgage lenders tend to refuse affected properties without professional treatment plans.
The two main issues attached to knotweed is that it is very costly to treat and that there is stigma attached to the plant. To acquire a potential buyer, then, there are some steps that you might need to undertake.
Ask a professional
It is always advisable to consult a professional for options to get rid of the infestation and create a treatment plan that may be able to smoothen out mortgage problems.
Inform and help the buyer
Don’t keep the buyer in the dark about the knotweed issue, as it is required by law to disclose property damages. Assure them that there is a treatment plan. This can help with acquiring mortgage loans and other documents.
Again, Japanese knotweed infestation is not the end of the world. However, you do need to have a clear plan and be upfront about the issue to be able to sell such a property. You also have to be aware of its effects on the price.
Can I sell a house with Artex ceilings
The Artex style of coating was widely popular across the UK back in the 80s. The danger associated with asbestos that can be found in Artex ceilings has made it extremely difficult to sell a property with those distinctive spirals and swirls. There is a commonly-accepted rule of thumb that if the house was built within the past two decades, then it may contain asbestos. However, unless you seek a professional’s help, you can’t entirely be sure.
If your house has Artex ceilings, it is definitely essential to let a professional conduct a survey to see if it’s a potential source of asbestos. Once identified, then you can decide whether to get it fixed immediately or disclose it to the buyer.
Remember that it may not be such a massive problem. It is also not entirely uncommon. There is a good chance that it may not even affect the asking price when it is fixed beforehand. Get a professional to survey your property, decide what to do and always inform the buyer.
Can I sell a house with subsidence
One of the most difficult obstacles in selling a property is subsidence. It occurs when a ground on which the house stands caves or sinks which causes serious damage to the property’s structural integrity. Especially during a drought season or in summer, the ground contracts and the effects of subsidence are even more noticeable.
Mortgage lenders will refuse properties affected by subsidence unless a plan for remedy is in order and standards are satisfied. Fortunately, most cases of subsidence can be fixed. Your house’s insurance company may be able to arrange for a surveyor to diagnose your property and determine the best course of action.
To sell the property, then, means two things:
1. You will have to accept the fact that this issue means that your asking price will be lower. Obviously, trying to sell a property without a mortgage is difficult. This will also allow the potential buyer to have the finances for the repairs.
2. You can wait for the remedial action and hope that the asking price in the end can help you recoup the costs of the repairs.
Selling properties with underlying issues can be difficult, but with proper communication with the seller, putting the correct strategies in place and collaborating with professionals, it is not impossible.
If you want to sell a house with foundation issues and don’t want the hassle of fixing the issue, then contact us on 0191 486 2386 or by completing the form below
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About Richard Mews
Richard has 31+ years of property experience, has been Chairman of several regeneration committees and has helped more than 600 homeowners and landlords get easy, stress-free personal solutions for selling their property. Richard’s goal is to give you unbiased help to receive a quick house sale, even if that means not working with him.