Want to sell a fire-damaged house?
A fire can be a life-changing incident. Homes that are damaged by fire marginally or structurally not only disrupt the residents' lives but also have a long-term impact on the home value. Sometimes, the damage is covered by insurance and is minimal, whereas, at other times, the homeowner may be unable to claim damages that are simply too devastating. Aim High Properties shares how fires impact homes and their value and how homeowners can sell their fire-damaged homes for cash and literally move on.
a. Surface damage: A fire that erupts quickly may cause little damage with only visible surface damage. Soot on walls, floors, or other fixtures and fittings are the likely consequences of such fires. This damage can usually be reversed by fire damage restoration companies and the cost can be claimed if there is existing fire insurance.
It makes sense to invest in restoration and repair of the house if the damage is superficial. Once the home is repaired, an appraiser can come in and value it. Generally, the repair helps maintain the overall sale price of the house.
b. Structural damage: This damage occurs with intense and long-lasting fires that destroy a house’s structural integrity by damaging support beams and other structural components.
Repairing and restoring this extensive damage may be out of a home seller's budget. Therefore, it would make sense to sell the house as-is. The market price of the house, however, will be lower depending on the extent of the fire damage.
Wildfire damage to home value
In the case of wildfires, local property values are affected in an almost uniformly negative way. Whether the house is burnt or not, the deal would plummet just by the house being in the area of a wildfire.
A recent study published in the Journal of Forest Economics indicated that property values in a community located two miles from a wildfire burn zone dropped by as much as 15% following the fire. Additionally, nearby house prices fell 10% after the first wildfire and then fell again by almost 23% after a second fire in the area.
Unfortunately, no one wants to live in an area struck by a disaster, and therefore, the prices for properties that remain untouched by fire still drop.
Two ways to sell a fire-damaged house
a. Hire a listing agent
Selling a house is a tedious affair and selling a fire-damaged home is even more stressful. Hiring a realtor can alleviate a great deal of this stress. From marketing the fire-damaged house to handling negotiations and helping close the deal, a realtor can smoothen the selling process.
b. Sell to cash home buyers
Selling to a cash buyer is one of the swiftest ways to sell a house. Not only do they offer cash to buy the property, but they are also willing to take care of all repairs. This means the home seller doesn't need to repair the house to host a staging to buyers. The cash buyer usually finds information about the place from other resources, visits the property, and makes a fair cash offer within 24 hours. With full cash payment, no repair stresses, and swift closing, home sellers, can dispose of their fire-damaged houses and move into new places quickly.
They need to ensure that the buyer is reliable and has a strong history of purchases.
Why Aim High Properties, LLC?
With its extensive knowledge of the business, the network of resources, and years of expertise, Aim High Properties has been helping homeowners with various speedy real estate problems. Why should home sellers choose Aim High Properties?
- A one-on-one relationship with customers to handle their unique situations
- Ability to directly purchase homes and make cash offers
- Offers an extremely fast, and hassle-free transaction
- Purchases property as well as sells homes directly to buyers
Besides these advantages for home sellers, Aim High Properties offers wholesale property deals and investing opportunities for private money lenders. It also partners with agents to discover the best property deals in the area.
