Dealing With A Wet Basement ? Dealing With A Wet Basement?

Dealing With A Wet Basement ? Dealing With A Wet Basement?Dealing With A Wet Basement ? Dealing With A Wet Basement? Dealing With A Wet Basement ? Dealing With A Wet Basement?
Dealing With a Wet Basement
This letter was in response to a recent question I was asked as to the marketability of a home with a wet basement and a lot that is subject to flooding.
You have disclosed to me the current problems you are facing in the spring of each year regarding the flooding of your lot as well as having a wet basement. Your concerns as I understand it are firstly how to deal with this issue should you decide to list and sell, and secondly how will it affect the market value of your property.
Throughout my real estate career, I’ve encountered more problems when selling houses with wet foundations and basements than most other problems. In recent years with the majority of homes being sold conditional upon a home inspection this problem has been uncovered even further. People don’t just think of wet basements ruining flooring, furniture and drywall anymore, they also know it can lead to health issues caused by mould and mildew, and depending on how chronic the problem is it can cause major structural problems. I would say therefore that the majority of Buyers know how important it is when buying a house with a basement to check for signs of dampness in the basement.
On another note, in my office the Broker of Record requires a Seller Property Information Statement to be completed accurately and turned in with most listings. On this form under the sub heading Improvements and Structural, question 7 asks,” Are you aware of any moisture and/ or water problems?” Because agents have been sued along with the Sellers in some instances for not disclosing certain problems, some agents will think twice before selling a home unless the Seller has completed a disclosure form. I am definitely one of these agents. I have noticed in these situations that the courts have increasingly sided with the Buyers. This form has saved me from harm and hours in court in the past. Even though you can not rely on Seller disclosures, at least I have done my job as an agent having shown I attempted to discover the facts regarding my listings.
There has to be due diligence. It’s the best way to a smooth transaction avoiding suffering and lawsuits. Therefore should you decide to list as is without fixing the problem, the above issues can arise and in my opinion will be a definite encumbrance when selling.
A wet basement sends red flags to any potential Buyers.
How will it affect your market value? Although there is no question in my mind your marketability will be adversely affected should you decide to sell your property as is, myself or no one else can reliably assess the amount the market value of your property will be discounted without the answer to one question. How much will it cost to fix the problem? The good news is the majority of wet basements can be fixed. Because yours is a recurring problem, a problem you have attempted to solve before, and from what you have told me a possible problem involving the city, I would recommend you consider having an engineer give you an opinion in writing. If you have the cost of repair in writing from an accredited source then you have eliminated the scary unknown. The best way in my opinion to make your home saleable without encumbrance would be to fix the problem and be able to prove to the Buyer that the problem has been solved. Selling as is with an engineers report can be accomplished as well, although you are limiting your Buyers to the ones that are prepared to take the problem on.
I hope this helps in your decision process.


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