Take The Heat Off Of Selling A House With Fire Damage In Phoenix, AZ
According to data published by the National Fire Protection Association, over 350,000 home fires occurred in the United States between 2011-2015 alone, resulting in over $6.5 billion in damage.
House fires can be a traumatic event. If you’ve suffered through the loss of sentimental heirlooms, burned up family photos, or worse, you may feel like simply packing up what is salvageable and putting the house on the market so you can get a fresh start.
But is it possible to sell a house with fire damage? What do you need to know before you make the move to put your damaged house on the market?
This guide will help Phoenix area residents navigate these difficult choices and help you better understand a few aspects that you will want to consider before making a move.
To Sell or To Fix your Phoenix Home?
Before making this decision you’ll want to contact your homeowner’s insurance company to better understand what benefits you may be entitled to and the ways in which they may be able to help assist you with both repair and replacement costs as well as temporary lodging.
If there is any ongoing damage from water, you’ll also want to reach out to a restoration or plumbing company to prevent any further damage.
While it may be easier to sell the home “as-is”, there are cases when it may be better to clean up the place and assess what you may be able to salvage and repair. Although repairing the damage will give the house better curb appeal and make it more “move-in ready”, it is not without its own challenges such as:
- Dealing with homeowner’s insurance
- Getting water damaged fix from attempts to put out the fire
- Living through the repairs
- Dealing with contractors
- Managing the restorations
Even though this part of the process can be a hassle, it will drastically improve the value of the home and your ability to sell. The group of buyers willing to look at a home with fire damage is smaller, but that doesn’t mean that there aren’t companies like We Buy Phoenix Houses Fast that can still make sure your home sells quickly.
Simple Changes Can Make A Big Difference
Although some repairs are extensive and costly, others are quite affordable and can make a real impact on the home’s value and ability to sell. There are many repairs that, when done correctly, are relatively inexpensive and will greatly increase the value of the house.
Some examples include:
- Clean-up of debris and other objects
- Improving curb appeal
There are times, however, when it is best to sell the house “as-is”.
Selling Your Fire-Damaged Home
Buyers of fire-damaged homes often expect a big discount. Yet there are a number of instances when investing in repairs might not yield a return that makes it worthwhile, necessitating the sale of the home even at a “loss”.
- The fire was minor and did not involve a bathroom or kitchen.
- Because of the mortgage or financial position, you cannot afford to rehab the house.
- Being able to offset the loss in the sale of the house with the addition of fire insurance. If you have fire insurance, and you have an investor willing to buy your house, the insurance payout can help make up for the loss in house value.
Honesty Is The Best Policy
Regardless of whether or not you decide to rehab or sell “as is”, never try to deceive or “hide” damage from a potential buyer. Even if the fire occurred a long time ago, it is important to get police reports, paperwork from the fire station, and other important documents that will allow your agent to inform potential buyers about the fire. Many states have disclosure laws that require a seller to be upfront with information such as fire damage.
Finding A Suitable Buyer
If you opt to not restore the property to its former glory, due to time constraints, finances, stress or other reasons you’ll need to find a buyer. However, selling a home with smoke and fire damage can be a challenge.
How We Can Help You
The traditional real estate market isn’t generally a good fit, with bank financing virtually impossible for buyers to get for a home that is in damaged condition from a fire. Luckily, the alternative “cash for homes” market is a perfect fit for this type of scenario. At We Buy Phoenix Houses Fast, our team has helped countless Phoenix, AZ area residents by purchasing their homes fast, for cash, in any condition.