3 Steps for Selling a Fire Damaged Home
Selling a fire damaged property is absolutely possible, and is often a good choice for those who wish to move on from the traumatic experience. In just three steps, you’ll be on your way to a fresh start:
1. Contact Your Insurance Company
The first thing you need to do is find out if your homeowner’s insurance will cover at least some of the needed repairs and restoration. In addition to damage from the actual fire, there can be significant damage from smoke and soot, as well as water damage caused by putting the fire out — all of which should be addressed as soon as possible. If not taken care of right away, these issues can make matters worse over time, causing even more problems. Don’t wait to file a claim! Your insurance agent may also be able to help you find a temporary place to stay, and even assist you with food and clothing in the meantime. This will help alleviate some stress while trying to sell your home and figure out your next steps.
2. Decide If You Wish to Make Repairs
If damage is non-structural, contained. or minimal, and you can afford the time and money needed to make repairs, you may want to fix up your house before it hits the market. This will help you achieve the best sale price possible. For example, a little cleaning up, a fresh coat of paint, and new curtains can be well worth the return on investment. If repairs are structural or extensive, though, you’ll have to weigh the cost of hiring contractors. It’s important, at the very least, to make sure the cause of the fire has been addressed, so you should get an inspection to determine the fire’s source and resolve the problem so it won’t happen again. This is especially important to prove and disclose to potential buyers — which brings us to Step 3.
3. Find a Buyer
Finding a buyer willing to take on a fire damaged property may sound like a difficult task, but fear not! Luckily, there are plenty of buyers out there who are looking for a fixer-upper. However, it’s super important you disclose to buyers that the property has had fire damage. In order to do this properly, you need to be sure to make and keep copies of all documents along the way, from your insurance claims and police reports to inspection results and repair estimates and receipts. Keep in mind that while fixer-upper projects are fairly popular these days, you will still likely need to be patient as finding the right buyer for a fire damaged property could take some time. Also, repairs made or not, you should expect the fire and fixes to factor into the price you receive. Realistically you will have to accept less if you’re selling your home on the traditional retail market. You do have another option, however. If you don’t have the funds to sink into repairs or you prefer the sale to happen quickly, you can sell your home as-is to a real estate investor.
The Fastest, Easiest Way to Sell Fire Damaged Property
Let’s face it: selling your home can be difficult and emotional in normal circumstances — much less coming off of a traumatic experience like a house fire and having to deal with the damage it left behind. A reputable real estate investor like Renewed Homes can take fire damaged property off your hands for a fair, market-value price paid in cash, and can do so in a matter of days. No need to stress about the sale, make repairs, test your patience, or accept a low ball price. If you want to sell a house with fire damage, reach out to our team today. We purchase homes in any condition, and can help you put the fire in the past so you can look forward to a future making new memories in a new home. Contact us online to learn more or call 269-362-0931 today!
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