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How to Sell a House with Water Damage

I know one of my friends in Delhi (India) has a three-storied house with a basement. Last year he bought another independent villa in a neighbouring colony where he shifted with his family. Soon he planned to sell all three floors along with the basement. One fine day when the real estate agent visited the house to inspect at first before deciding to get it on the listed properties, he found the basement was in an utter mess with furniture floating and the floor got submerged into water. Then he informed my friend who rushed to the sport and immediately called a water treatment expert. Eventually, the expert cost him heavy and got it fixed. The problem is not yet over. A month passed, and again the water started pouring in from the side walls of the basement other than the previously fixed portions. Again, he called the expert and got it repaired by spending a good amount. Unbelievably, the problem kept on recurring every now and then, my friend got fed up and requested the agent to sell it on as it is basis. Now the problem is on another dimension where the price of the house almost got half the market value which cannot be accepted by the owner in any case. The house is still for sale and no buyer is interested to venture in it.

This is just one tragic case about the houses to be sold with troubling water bodies beneath the ground or overhead tanks, in most metropolitan cities across the world. Water knows its way and cannot be stopped forever. But its channels can be properly designed and organised well before it starts flowing from anywhere, whether kitchen, bathrooms, terrace or even rainwater from the ground. Other than that, fixing the pipes with efficient nobs and quality plumbing material can safeguard the house from irregular water flow.

Water damages both its exteriors as well as interiors more than the wind and other natural climates. Once an item gets exposed to water, it loses its very form and becomes shapeless. Unless some waterproof items, most of the items including wooden furniture and carpets, etc., all become scrap.

When the house suffers from a water leakage problem, the owner's bank account also starts leaking with the same flow. Insurance companies also will not be ready to consider, and if they insure despite such conditions, the premium will be exorbitant.

Under such circumstances, owners will have only twin options, either spend good money and repair those leaks permanently sso that the house can be sold at its desirable price or declare the issue openly with the realtor as well as prospective buyers and get compromised on the negotiated price.

Often, the first option seems better, but not that easy to implement, as we observed in the above case. If the owner is already troubled with other issues in life and unable to concentrate on the repairs of the house, then the second option is the only way out. Lingering on to it, may further damage the house and lose value day by day and bleak chances of recovery.

There can be another option which people are utilising these days more often. Let the repairs be undertaken by the buyer and the damages will be reimbursed by the owner eventually as negotiated. This sort of mutual agreement takes under the circumstances when the buyer is interested in other aspects and layout of the house and ready to take up the repair work.

One final word of caution is that such owners must look out for cash-ready parties to sell, instead of other options of buying through mortgage or loans from banks. because there are apprehensions about the house not getting enough mortgage value and the delay in disbursing the amount from the financial institutions. this will further damage the house and may escalate the repairing cost. Usually, cash-ready parties will be interested in striking the deal fast and undertake some remodelling as per their interests and tastes, secondly, they are not constrained by the banking terms and conditions.

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