We all know the feeling. The first time you see that crack in your foundation, panic begins to tighten your stomach. Just imagine how much worse that feeling is if you’re looking to sell your home but discover foundation cracks before you can get that far!
Foundation Problems in Real Estate
Too many real estate transactions fall through because of foundation problems. None of the partied involved are at blame: sellers often don’t have the means to fix the problem, especially if it’s discovered after the inspection, while buyers have a very good reason not to purchase a house that’s damaged at its very core.
Fortunately, we have a solution that should make both parties very happy: we offer funding at closing for real estate transactions.
Explaining “Funding at Closing”
That sounds like a great thing, and you’re probably wondering what exactly it actually means. So allow us to explain: our real estate division deals directly with home transactions, including foundation inspections and anything else a real estate company, agent or other stakeholder may need in relation to their home’s transaction and its foundation.
Ideally, that means we come to your potential new or soon-to-be-former house to inspect it and tell you that there is absolutely nothing wrong with its foundation. Not every home has foundation problems, and we’re not afraid to tell you if yours falls into that enviable category!
Foundation Repair without Financial Trouble
But of course, in the course of these inspections we do come across foundation problems. Fortunately, when you choose us for your foundation repair, the transaction is not likely to fall through as you might imagine. Instead, our “funding at closing” option allows you to defer the cost of the repair within 21 days of the actually sold date, at which point, we will receive our payment from the title company.
The title company, on its part, does not ask you to write out a check to pay for the repair. Instead, they pay for the job through the home’s equity, which means that no matter whether you’re a buyer or a seller, the money does not come out of your own pocket. You buy or sell the house with the knowledge that your foundation is repaired and in good shape.
How Funding at Closing Works in the Real Work
To help you understand how that concept works even a bit further, consider the following hypothetical example:
You just got a job on the other end of Texas and are planning your move. Because you have a great home, you don’t plan on having it sit on the market for long, and purchase your new house before the old one is sold. Low and behold, a buyer quickly emerges who loves the home as much as you did. A routine inspection is ordered to make sure everything is in good shape; no one expects any problems to pop up. You continue planning your move and close on your new house, and your buyer does the same.
But then, during the inspection, your worst nightmare comes true: the inspector finds significant horizontal cracks in your bed joints, which point to serious foundation problems. Your buyer is ready to jump ship, and you’re threatened be stuck with two mortgages – one of which is attached to a home that unless you spend serious money on repairs, no one will be willing to buy.
That’s when you remember a blog post you read from PermaPier a few months back, when you found another, ultimately harmless hairline crack in the mortar between your foundation’s bricks. Wasn’t there something called “Funding at Closing?”
Why yes, there is! And by contacting us, you can ensure that you sell your house without extra costs to you or the buyer, and that the new owner can move in enjoying the house and its solid, newly-repaired foundation as much as you.
We hope you never need it, but if you do, it can be invaluable to everyone involved.