A house fire can be a devastating event. Loss of life is obviously the most devastating, worst case scenario in such an event. Provided everyone gets out safely, it still can be an emotionally and physically draining event. Depending on the severity of the fire, irreplaceable family photos, heirlooms, and other prized possessions can be lost forever. You’ll also likely have to move out of the house either temporarily or permanently. Dealing with the insurance company, contractors, utility authorities, Homeowner’s Associations if applicable, etc., can all be very taxing.
You do have several options when dealing with a property that has been damaged by fire. You can restore the property to it’s original condition and either move back into it or sell it. Depending on the severity of the damage, you may or may not want to go down this route. Your other option is to sell the property just like it sits, fire damage and all. We will buy your Minneapolis fire damaged house.
Should you repair fire damage before you sell?
If you’re looking to sell your home after a fire, you basically have two options. The first is to sell the property as is and the second is to restore it to it’s pre fire condition.
Selling as is, of course, is quite often the fastest and most hassle free solution. If you take this course, you won’t have to deal with the process of hiring contractors, managing that contractor while they rebuild the house, and, if it’s your primary residence, living through the process either on or offsite. This entails a lot of work on your end and can be completely overwhelming to most homeowners not familiar with the process.
If you want or need to get top retail dollar for the property, then you should definitely repair it. Always talk to more than one contractor and get recommendations from your insurance company. They often have a list of contractors that have done a lot of work for their insureds and they know them to be reputable and reliable. Always ask to see a business license and proof of general liability and workers compensation insurance.
When to sell a fire-damaged house as is
There are a couple situations where selling as is can make sense. If the fire was minor and affected only a small portion of the home could be one. In this case, if the deductible is high and there’s not enough cash to make the repairs out of pocket it may make sense to sell as is.
The other is if you have really good insurance that would give you a substantial payout. Couple this with an investor, such as Trademark Properties, who will pay you cash for the property and buy it as is. The check from the sale and the check from the insurance company could then make you ‘whole’ and would effectively be the same as selling the house without fire damage at full market value.
How to sell a house with fire damage
There are two main ways you can sell your house that’s been damaged by fire. One is to list it with an agent on your local MLS. Be aware, however, unless you’ve completely repaired the damage it may be hard to find an agent who’s willing to take the listing and market the property. The reason for that is the agent understands that a fire damaged property is going to be hard to sell. Most buyers that come through the MLS are retail buyers that want a property that’s move in ready. Financing will also be an issue as most mortgage lenders won’t lend on a property damaged by fire. Be prepared to wait and wait for the home to sell if you choose this method.
A much faster and easier way to sell is to sell to a cash buyer like us at Trademark Properties make you a fair, all cash offer based on the condition of the property and close when you’re ready. You won’t have to worry about waiting for the right buyer.