Losing your home in a fire is a traumatic situation for any home owner. Such situations can leave people in emotional and financial drainage. As the amount of loss is high and the scope of improvement is naught. The amount of tangible destruction that these items cause to the property is devastating. In such instances people often tend to ask a question, how do I sell my house fast with fire damage? First off, ask a question to yourself do you want to repair and sell your house? Or sell it directly to cash buying company?
Fire damage can be a serious thing to tackle as nobody is prepared for the later consequences of the loss. The destruction caused can be to such extent that homeowners prefer selling fire damaged property rather than spending dollars in repairing. First off, get a home inspection done to get the actual worth of your property post the accident. Once you know the value and the percentage of damage you can calculate the amount required for improvements. As you have chosen selling as your option you can list your property by yourself which will evidently cost a lot. Else, you could sell your house as is to cash buying company and save yourself thousands of dollars and time.
How to Sell Your Fire Damaged House Fast?
Selling a house with fire damage could be difficult but companies that buy houses in any condition makes everything easy. These companies do not ask you for any legal documents for closing the deal. Although, it is advised to keep a copy of your insurance, claims, police reports and repairs that you made. Selling house as is slashes many hassles of paperwork and saves you a lot of time and money inclusively. We buy houses companies like ‘Elite Properties’ buy your house for cash in any condition. As stated above choosing such companies will save your time as they close the deal within 3 days. Choose for yourself if you want to spend money on repairs and rehabilitation of your property or gain a cash offer by selling your house with fire damage. Selling your house in as is condition will additionally provide you with the Fair Market Value of your house.
If you are thinking to sell a fire damaged house, you need to do home improvements and home repair to make it ready for sale. Scroll down below to follow the things need to be done –
Get To the Cleaning and Improvements
Repairing your home promises you a better sale but it also comes with a price. Relying on the ratio of the damage repairs can be relatively expensive or even unaffordable. If your home has gone through structural damage, you’ll be bleeding thousands of dollars from pocket. Whereas internal damages can be less expensive. If the majority of damages are claimed you’ll probably only need a little amount to cure the burnt damage.
Fire causes extreme damages to the property, some damages leave the house in an uninhabitable condition. Although, it can be worked out if you have time and dollars to spend. A fire hit house can set you back by 4,000 to 40,000 dollars minimum. The costs vary with the amount of damage caused, in most cases you might need to reconstruct the entire home which is double the retail value of the property. Additional costs will play a massive role in repairing the roof and ceiling if it had caught fire.
Furthermore, repairing requires a lot of your time which goes into the monitoring of the improvements. It takes a toll on your head if you hire contractors to do the needful and creates unwanted hassles. Here the best option to save yourself from the situation is to sell your house as is.
Isolate Damaged Items and Coordinate with Insurance Companies
An insurance claim can cover repair costs or can provide you with the payment for your new home. Although, they have certain restrictions and factors to be assessed upon, which doesn’t aid in anything but energy consumption and stress. As per the policies, some insurance companies might ask you to do a proper documentation of the damage caused. You are expected to click pictures and write descriptions in detail for the inventory. Some mandatory things required to put in the list are -
- Model number
- Serial number
- Purchasing date of the item
- The amount
- A short description of the item
Fire damage claims are the top priority for insurance companies. The company sends an inspector to inspect the damages within a few days so the claims are processed as soon as possible. It is advised to organize the documents promptly to avoid chaos. If you are providing the given details then it becomes easy for the company to document it and claim for the rest.
There are three mandatory steps to claim an insurance –
- Reporting of the incidence
- The company sends an insurer to evaluate the loss and how much you will be paid
- Post the above step the company sends the check through the mail or transfers the amount directly to your bank account
With the ever increasing fire damage property cases it becomes crucial for you to thorough the fire insurance claiming / filing process. In situations where you need to empty the property quickly, you’d leave your vital items in the home. Here, you can urge the insurer to provide you with the advance amount from the insurance to cure the loss.
Find a Temporary Livable Place
As your home is not in a habitable condition you would want to move out until the damages are cured. Such situations are really excruciating as you are already paying for repairs and rent just adds on the expense.
Selling Your House with Fire Damage
A cash home buying company might be your single source of receiving profit and getting rid of fire damaged property with no improvements done. You do not require a realtor to sell your home for cash you can do it yourself and get provided with a no obligation cash offer.
Although, if you choose the traditional way of the home selling process it is suggested to be prepared for a time and money consuming course. If you are stuck with any other real estate related crisis, Elite Properties New York will be at your rescue. Call us on the number given here 718-977-5462 to learn ‘How do I sell my house fast with fire damage’.