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Foundation Damage and Home Loans
If you are planning on purchasing a home, you should have the foundation inspected by a certified professional or an engineer. If foundation repair is needed you may have a tough time getting a mortgage or home loan on the property. When foundation repair is needed, typical lending institutions will not provide financing for a home that has structural damage. The reasoning for this is very straightforward in the eyes of the lender in Texas; they want to ensure that the house they are providing a loan on is free of any major damage and is in overall good condition. The quality of a home’s foundation has a large impact on the overall value of the entire home.
How Do You Identify A Deteriorating Foundation
So how do you know if a home foundation has been impacted by deterioration or damage? The best way and most certain way is to have the foundation inspected by a professional. In Texas, most homes will need foundation repair at some point. If you are purchasing a home, most lending institutions in Texas require a structural inspection of the home foundation. The company that performs the inspection will tell you if the foundation is cracking, sinking or is damaged. The cost to repair the foundation may be minimal or it might be substantial, there is no real way to know unless you consult with an expert.
What If There Is An Issue
If you find that the structure you intend to purchase has an issue and will need to be repaired, inform your real estate agent immediately. They will handle dealing with the sales agent on your behalf. It is best to not deal directly with the sellers yourself. Most of the time the sellers of the home with have the work completed prior to the sale to satisfy the lender or mortgage broker. In some instances that seller may reduce the overall cost of the property and allow you to have the repair made after you have closed on the home. Your realtor can assist in your negotiations with the mortgage company. They have experience dealing with home loan companies, foundation damage and the requirements in Texas.