Are you looking to sell a fire-damaged house in the city of Memphis? This guide will provide you all the information you need to know about selling a fire-damaged house and how to find the perfect buyer to get the best cash deal for your home.
Did you face one of the most terrifying times of your life when your home was on fire and you lost some prized possessions? This unfortunate event may leave your home nearly uninhabitable. As such, you are likely interested in moving elsewhere and attempting to sell your Memphis property in the meantime.
Can you sell a fire-damaged house in Memphis? The answer is yes! With this guide, you’ll learn how to sell a fire-damaged house in Memphis and how to complete any major repairs before the house sale. Lastly, you will read all about selling a fire-damaged house to a cash home buyer or an investor.
Fire Damaged House Overview
Fire damaged properties may need to undergo minor or major repairs. A professional will need to assess the degree of damage and examine the property while paying attention to every aspect of the fire-damaged house.
Before any repairs can be made, however, you will need to contact your home insurance representative. Your homeowner’s insurance company will provide you with an insurance agent who will begin documenting the fire event and move forward with the insurance claim process. You will need to have a copy of the fire report from your local fire department.
Then restoration companies can begin working with your insurance company to perform fire damage house repairs and smoke damage restoration.
Should You Sell a Fire Damaged House?
If you own a fire-damaged house in Memphis, Tennessee, you’ll find that you have three options:
- Repair and restore your home to live at this property for years to come
- Repair and restore your house and sell it with the help of a real estate agent
- Sell a fire-damaged house in Memphis as-is with no repair work
If you’re worried that there will be no home buyers for a fire-damaged house, you’ll find out that you may be wrong. There are certain benefits for homebuyers who choose to purchase a fire-damaged home including:
- Very affordable price
- Minimal restoration costs for a buyer if the home had some repairs
- The ability to make your own desired design and layout choices
As such, it may be beneficial for you to sell a fire-damaged house in Memphis. There should be some home buyers interested in your property despite the need for restoration. You can either sell your home as-is or sell it after repairing the fire-damaged room(s).
Should You Repair a Fire Damaged House?
If your home needs major repairs after being in a fire, it may be necessary for you to make some restoration projects before selling your house. However, what if it only needs a minor repair? Should you repair a fire-damaged house in such a case? That will be up to you and how much money you’re willing to put into repair work. What kind of repair work will be necessary?
Once you have an expert assess the degree of damage and state of your house, you’ll need to have unsafe areas blocked off to reduce the possibility of greater damage from the environment or weather. Then water will need to be removed from wet areas and the house will need to be dried.
Soot and smoke residue will need to be removed and your property will need to be cleaned before restoration can occur. Only then can the restoration from fire damage occur. You may need to have your living room floors repaired or your kitchen walls restored. The type of repair work will depend on where the damage is.
Sell a Fire Damaged House As-Is or Repair
Do you want to repair your fire-damaged house or sell it as-is? There are several reasons to sell a fire-damaged house as-is. For instance, a fire-damaged home can have toxic materials that could lead to health problems, so you would want to sell the home instead of repairing and residing in the home for the future.
Furthermore, restoring a home can take months. It could be more beneficial to sell the fire-damaged home as-is instead of living in a construction zone or living in a hotel room for a long time. Once your home is sold, you can purchase a new residence and go on with your life in a much shorter time frame.
Minor and Major Repairs
As a homeowner who has experienced fire damage, you can choose to either perform minor or major repairs on your home before selling a fire-damaged house in Memphis. First, speak with your insurance agent to get in touch with a restoration company. The water that was used to put out the fire can create more damage to your residence.
A restoration company can remove extra water and dry your house as well as clean up soot and ash. Fixing any water damage needs to occur as soon as possible, so work with your insurance company to find a restoration company immediately.
Minor or major repairs will depend on the amount of damage. If it’s not too much damage, you can repair it yourself or with family and friends. If your house wasn’t structurally damaged, the repairs may cost only a few thousand dollars.
If the damage is more severe, your insurance company should cover much of the costs and, if all goes well, your out-of-pocket costs should be minimal. Whichever choice you make in terms of making minor or major repairs, restoring your home to its previous glory will make it easier to sell and give you a larger price for it in the end.
When to Sell a Fire Damaged House
If you’re wondering when to sell a fire-damaged residence, you’ll find there is no perfect season or time to sell a fire-damaged house in Memphis. Most people and families looking to buy homes are not looking at those with fire damage.
However, the perfect time could be after you restore and repair much of the damage if you would like to receive a higher price for the home and have more buyers. Doing so means you can sell it more quickly.
Selling a Fire Damaged House As-Is
However, if you are not going to perform any repairs and wish to sell a fire-damaged house as-is, you will need to find a professional cash home buyer able to pay in cash. People who buy houses in any condition are known as cash home buyers. Cash home buyers in Memphis can give you a good deal. Such people are often real estate investors who have the resources to buy a property quickly.
Selling to a Cash Home Buyer
If you want to sell to a cash home buyer, you’ll find that there are cash home buying companies that can restore fire-damaged properties. However, you’ll need to do some research to ensure a scammer is not trying to swindle you. Look online for positive and detailed reviews. In addition, check with the Better Business Bureau when choosing a cash home buying company. ‘
Selling to an Investor
If you want to sell your home quickly and easily for a decent price, you’ll need to find a real estate investor to purchase your fire-damaged residence. Investors are often looking for homes that are cheap fixer-uppers that they will restore and then sell for a higher price.
You may get a lower price with an investor than a standard home buyer, but if the damage is moderate or extensive, this is still likely your best bet for a fair price. The benefit of selling to an investor includes skipping closing costs and any money spent on real estate agents.
If you faced the tragedy of a house fire, this guide should have provided you with steps toward making minor or major repairs and choosing to sell your home to either a cash home buying company or a real estate investor.