Foundation Repairs and Selling Your Home
If you are planning to sell you home, Pro-Select Foundation Repairs recommends that you consider the following:
In Texas, when you sell your home, you have a moral and legal obligation to disclose the existence of foundation damage and prior foundation repairs.
How will the financing affect the way foundation repairs are done?
Owner Financed
As long as you disclose the existence of foundation problems, you do not even have to fix your foundation. You may choose to sell the house on an “AS IS” basis.
Conventional Loan
Prior to financing, lenders generally rely on inspectors and engineers to certify that a house is in an acceptable condition. The lender will usually demand that the work be done but will leave it up to the owner to choose the contractor. Check to see if the lender wants an engineer to supervise the work and provide a sign-off letter as detailed below.
Government Sponsored Loan / VHA / HUD / VA
When foundation repairs are made within one year prior to the sale date, the government requires the following:
1.)A registered professional engineer must prepare a structural evaluation
2.)The engineer must prepare a plan of repair
3.)The engineer must inspect the work while it is in process
4.)The engineer must prepare a “sign-off” letter stating the work was completed satisfactorily and in accordance with his or her instruction
Pro-Select Foundation Repairs
Select The Best… Above The Rest
(817) 542-0313
psfr1.com
Tags: foundation repairs, Foundation Repairs and Selling Your Home
