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Submitted 189 days ago...

Donbas288

Donbas288

New User (2)

Will a crack in the foundation have an affect on the asking price of my house?

I am aware that I have to disclose the fact that there is a crack in the slab. However, it has been repaired, leveled, and stabilized. The contractor that did the repairs gave me a lifetime warranty transferable to all and any future owners of this home, provided no major structural changes have been made. Will the crack in the slab affect the asking price of the house, even though is has been repaired and carries a foundation warranty?

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Answer 1 / 3 - Submitted 187 days ago...

jamieboyster

jamieboyster

Authority (586)

Not adversely.
It should not be any concern sinse it has a transeferable warrantee.
Although, It would be best if the warrantee was insured, In case the contractor goes out of business.

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Answer 2 / 3 - Submitted 168 days ago...

colemand

colemand

Contributor (105)

It may and it may not. It's the same as asking, "will my blue shutters have a likely affect"? It is what it is and if it's an issue with your potential buyers, then they will likely use it as a reason to offer less. But that doesn't mean you have to accept the offer. Certainly the buyers agent will use it as leverage in negotiating, but again, you're not obligated to sell. Assuming that someone has brought it to your attention in a bid for the property, they probably implicitly gave it a value as well? If the potential devaluing due to the crack is significant, have an appraisal done yourself. I'd spend $350, if I thought it might save me $1,000. Make sure you inform the appraiser of the crack and request that he specifically mention it in his report (assuming he comments in your favor), then the crack becomes a non-issue. But a buyer is going to have an appraisal done anyway, so maybe you could agree with the potential buyer to lower the price or pay for the appraisal if it comes in less than the agreed upon price or if the appraiser makes an issue of the crack. FHA appraisals are more strict than conventional appraisals, so if FHA allows it, it's safe to say that the crack is nothing for the new owners to worry about. This will come into play if the buyer is borrowing FHA monies. Hope you find the information helpful and good luck.

Incidentally, your question should refer to the "sales price" or "offered price" and not "asking price" since you can ask whatever you want for it. What you want to know is will the "final/agreed upon price" be affected.

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Answer 3 / 3 - Submitted 165 days ago...

Donbas288

Donbas288

New User (2)

Beginner 74 left a very indepth answer. In his cenerio, a crack in my foundation could be a bickering point with a buyer. However, he gave me steps to take to avert knocking off several thousand dollars on my selling price. I was glad to get as many options as he offered. Thank You

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