How to Sell Your Sinkhole House
For most people, their house is their most cherished investment and their most valuable asset. Unfortunately, it is not always possible to protect your home from unexpected dangers and hazards that can lead to serious damage. One such danger is a sinkhole. If your property has suffered sinkhole damage, you may wonder if it is even possible to sell your home. And if it is, what should you do? The answer is yes, so contact Frank Buys Houses if you’d like to sell your sinkhole house.
What Is a Sinkhole?
First, it is important to understand what a sinkhole is. It is defined as a closed natural depression in the ground. Sinkholes can be natural (caused by erosion) or artificial (influenced by humans).
Unfortunately, if a house has suffered a sinkhole, it is stigmatized for the rest of its life, especially if it is not repaired. Unrepaired sinkhole homes may lose up to 80% of their value and become unsellable.
How to Sell a Sinkhole Property
If a sinkhole could not be prevented and has opened on your property, selling your home can be really challenging.
In order to sell your sinkhole home the traditional way, the first thing you should do is to repair it. The repair process starts with a consultation with an experienced licensed engineer, who will conduct a thorough inspection of your property and tell you how much it will cost to repair it. If the sinkhole is small and has not caused serious damage, average repair costs are $15,000. However, if the sinkhole is larger, and the damage is serious, you should be prepared to pay at least $25,000.
You should also know that even after a complete repair process, there is still a risk that you will not be able to sell your property.
Should I Tell Potential Buyers About A Sinkhole on My Property If It Was Repaired?
Yes, you need to provide prospective buyers with a copy of the original report in which the sinkhole was discussed, as well as a copy of the completion certification of stabilization. This certification proves that the necessary repairs have been completed, and the recommendation of the hired professional has been followed.
You need to provide buyers with all the information about your property, including all the details about the sinkhole activity. Also, you must specify that your house is being sold as a sinkhole-damaged property. The buyer should sign the document that says that you have disclosed all problems and all information about the sinkhole.
Get Legal Advice
Those homeowners who are planning to sell their sinkhole properties are also recommended to speak with an experienced sinkhole lawyer first. A sinkhole lawyer will help you make sure that all the necessary procedures are followed.
Sell Your House Fast to A Cash Buyer
Even though selling a sinkhole home is complicated, there is one easy and effective method that many homeowners do not know about — selling your property to a cash buyer or home investor.
If you own a home that has suffered sinkhole activity in the Stockton, Tracey, or Modesto area in California, and you want to sell it as quickly as possible without investing in any repairs, you should contact Frank Buys Houses.
At Frank Buys Houses, we buy houses in any condition and under any circumstances, meaning that sinkholes are not a problem for us at all. We are ready to purchase your property with a sinkhole regardless of how bad it is. The best thing about our company is that we buy houses for cash, so you will be able to sell your house fast.
If you have any questions about the selling process or our company, feel free to visit our website or give us a call. We are always ready to answer your questions and provide you with the necessary information.