It’s every homeowner’s worst nightmare – a fire turning your family’s home into a blackened husk. After the smoke clears, and you gathered yourself and your loved ones, you’re left with a huge issue – what to do with the damaged property.
Unfortunately, this is a reality for many homeowners each year. According to the National Fire Protection Association, from 2011 to 2015, there were 358,500 home fires in the U.S., which resulted in $6.7 billion in damage. And the record-setting California wildfires of late 2017 are bound to add to that statistic, resulting in tens of thousands of fire-damaged homes and billions of dollars in insurance claims.
But what to do if you find yourself in this situation. In reality, there are only two options, repair it or sell it as it. If the idea of a large home repair is more than you can handle, or
How to sell a house with fire damage
Of course, there are steps that need you’d need to take when selling a fire damaged home that are not necessary in a traditional sale. You never want to try to cover up fire damage, no matter how long ago it occurred. Before putting a fire-damaged home on the market, make copies of all documents pertaining to the fire, including insurance claims, police reports, and any repairs you have made. You want your agent to be able to tell prospective buyers about all the circumstances surrounding a fire.
Janine Acquafredda, associate broker with House-N-Key Realty in New York, says the type of fire may influence a buyer’s decision.
“For example, if it was an electrical issue and it hasn’t been resolved, that’s a much different concern than someone who fell asleep with a cigarette burning,” she explains. “What you don’t want to do is lie, cover up, or misrepresent that there was fire damage, why it occurred, and how it was remedied.”
Also, when you sell a home, each state has a property disclosure statement on which you must detail any damage, and steps you’ve taken to repair it. In Connecticut, there is the standard “Residential Property Condition Report” that specifically asks about fire damage to the house.
Selling Your House After A Fire
As sad as it can feel, you may decide that selling your house after a fire has to happen. Selling a house in “as is” condition could be exactly what you need. Depending on where you live, and the demand for houses in your area, there’s a chance you could go this route. A professional home buyer can come up with an offer on your house, taking into account the repairs that will ultimately be needed. Consider what the home buyer advised, and decide if this is your direction of choice. There are several benefits of selling a fire damaged house as is.
- Less upfront money out of pocket by avoiding costly repairs
- No headaches, trying to navigate resettling your life at the same time as major home repairs
- Saves time by not having to demolish the fire damaged property
- Piece of mind knowing that you are not liable when selling it
By avoiding daunting repairs, you save tons of money with this selling strategy. Fires can do more underlying damage than you expect. Smoke can damage the walls and negatively affect the paint. Wooden beams can dry out and become weak. As home buyers repair a fire damaged house, they can uncover more unexpected items to fix. Selling as-is gets you out of all of this, and you can focus on moving forward.
Working With A Cash Home Buyer
When selling your fire damaged house for sale by owner, you will likely be selling to a cash home buyer. These property buyers are known to purchase houses that are in distress. Many of them plan to fully repair the house or develop on the property.
The quickest way sell a house after a fire
Cash home buyers tout that they can close quickly. What do they mean? Typically, an experienced home buyer that is paying cash can close between 10 to 20 days. Working with cash home buyers is arguably the quickest way to sell a fire damaged home. These buyers are used to unique and difficult home improvement projects. They have most likely needed to repair fire damaged houses before. How can they move so fast?
- Buy houses for cash – no need for or waiting for financing
- Quick analysis of what repairs are needed
- Don’t need multiple walkthroughs
At this point, you might be exhausted from the entire experience of dealing with your fire damaged home. A quick house sale could be your ticket out. Of course, make sure that you connect with a credit cash home buyer that can perform what they say. Sometimes these home buyers take on too many projects at once, and some get lost in the weeds. Selling a fire damaged house can be quicker than you expect when working with the right person. Bristol Home Buyers has experience with buying homes in all conditions, and can be your ticket out of the stress of a fire damaged home. Call us today, or fill out the form below so we can get in touch with you. We are here to come up with a solution for any of your real estate situations in Connecticut, including fire damaged houses.