What happens when fire damages your house? Homeowners are often at a loss of what to do when fire strikes. Imagine your beautiful, cozy home going up in smoke, literally. Well, the results are never impressive, especially now that the fire damage depreciates your home’s value.
What Does it Mean to Sell As-Is?
When you are selling your home as is, it means that the buyer gets the home in its current condition, that you will not make any repairs or give credits to finance any repairs. Essentially, you are telling the prospective buyer that what you see is what you get. Your problems now become those of the buyer. Even if the buyer discovers additional defects, they cannot sue you.
Often, the question is whether homeowners can actually sell a fire-damaged house as is. The answer to that is indeed, there are buyers ready to purchase the house under that condition. Investors who specialize in buying fire-damaged houses relieve homeowners of the financial burden of repairing their houses
Be Advised By a Real Estate Agent
If your house is victim to fire damage, you might want to sell it as soon as possible. Before you do that, make sure you contact a real estate agent who will help you set a realistic price. This is important because you don’t want to have an overpriced, fire-damaged house that takes forever to get off the market. A comparative market analysis can also be undertaken by the real estate agent to identify the price of similar properties in your area and help you get a fair price.
Conduct a Home Inspection
When selling as is, you need to know your home’s exact condition. This helps you understand the value of the property. In most cases, sellers have the home inspection done for a small fee. A professional home inspection yields a full disclosure report which shows that the seller has nothing to hide.
Some investors looking to buy fire-damaged houses send their agents to conduct the inspection for free. Some of the areas of concern include mold, foundation damage, electrical damage, plumbing issues and smoke and soot damage. On their websites, these investors guide homeowners looking to sell their fire-damaged houses. For instance, if a homeowner looking to sell their home at webuyfiredamagedhouses.com/, they can get a free evaluation and a cash offer suitable for their house. Such activities can help homeowners save money they would have used to conduct home inspection.
Your potential buyers need to know what they are getting themselves into. This means that you disclose any serious damages through the full disclosure report. However, different states have different disclosure laws. It is best to check these laws before listing your property.
Inspection can unearth any serious damages.
Get Potential Repair Cost Estimates
What is the potential repair bill? Of course, you are not looking to actually repair the house but rather looking for information. The estimates will put you on the driver’s seat when it comes to negotiating the price for the house. For instance, you might discover that you might get a better price if you repair and sell. You might also decide to sell as is if the potential cost of repairs becomes too high.
Set Realistic Price
Investors and other buyers interested in your property might be attracted further by a fairly-priced house. On the other hand, overpriced properties scare buyers. Armed with the estimates and after being advised by a real estate agent, you can set a fair price for your fire-damaged house.
Advantages of Selling Your House As Is
No Repair Bills
Repairs for a fire-damaged house may be cost-prohibitive. Selling as is eliminates the need to conduct any repairs. The company or investor buying the property will shoulder that burden. The cash earned from this purchase can be used by the sellers for a future purchase.
You Can Leave Items Behind
There is no need for cleanup when selling your house as is. You can just pick whatever you need and leave unwanted stuff behind.
Cash at Hand
Most as is buyers pay in cash. This means you will be liquid immediately after the purchase.
If you don’t want your house to stay too long on the market, selling as is guarantees a quick sale. The process is faster. Homeowners with fire-damaged houses can still attract buyers for their property. By selling the house as is, sellers can have funds immediately through a fast and efficient process.