As you might imagine, selling a fire damaged home will present unique challenges. House fires can be incredibly destructive, and the potential damage can run into thousands of dollars. While a good home insurance cover may take care of the damages, there will still be repairs that need to be carried out. In many instances, owners might consider selling off the property rather than going through getting it back in shape
To help you figure out how you can accomplish a successful sale with minimal frustration, here are a few useful pointers on how to sell a fire damage house after a fire in Denver, CO:
Settle All Insurance Matters
Before doing anything else, you will need to inform your home insurance provider of what has taken place. Homes with fire insurance will provide you with certain options since you will receive compensation for any damages incurred during the fire.
These companies will usually have to inspect the property before making any payments, so be prepared for this. Once you have a full picture of what to expect from the insurance company in terms of compensation, you can then make an informed decision regarding your house.
Have An Inspection Carried Out on The Property
Whether or not insurance companies will be involved, it is always a good idea to have a full home inspection carried out by a reputable inspector with experience dealing with fire-damaged properties. Aside from giving you a definite cause for your fire (in cases where it was not apparent), they will be able to identify the signs that point to future problems.
Inspectors will figure out any trouble spots that might not be visible to the untrained eye. The report they compile for you will detail all the problem areas that require attention, and this will play a vital role in your sale proceedings.
Do Not Hide The Damage
No matter how long ago the fire might have occurred, it is never advisable to try and cover up any fire damage when trying to sell a house. Whether you will be using an agent to facilitate your sale or handling things on your own, you will need to gather all relevant documents, including any insurance reports, inspector’s reports, police reports, and details regarding any repairs you might have undertaken after the fire.
With slight variations in their details from state to state, property disclosure statements are mandatory documents that detail any trouble areas in a home or property that’s up for sale. The purpose of this is to protect buyers from unknowingly buying damaged properties. You will need to fill this out, including all the details and aforementioned reports attached.
Selling On An As-Is Basis
Should you want the property sold quickly with as little fuss as possible, then selling it on an as-is basis will be the best course of action for you. Here, you will not have to go through the process of documentation, inspections, and disclosure that you are required to do when putting a fire-damaged house on the open market.
Here, a buyer will make you a cash offer, which you are free to accept or reject. They will have to carry out their own inspection of the property. It is an effective way to sell your house very quickly and without any fuss. Real estate investors and companies that buy houses for cash specialize in buying fire-damaged or otherwise run-down homes, which they renovate and sell-off. Do some research and find one in your state. They will make an appointment to come over and assess the property, after which they will make a tentative cash offer for your consideration.
When To Sell A Fire Damage House
The decision to sell a fire damaged house in its present condition should be a well-thought-out one. It might be that an owner has little equity in the home and poor insurance coverage, making the cost of repairs untenable when combined with mortgage payment obligations.
It might also make sense when the fire damage is limited to a relatively small home area aside from the bathrooms and kitchen. Whatever your motivation to sell a house with fire damage is, keeping these pointers in mind will help you make a healthy return without running the risk of any legal ramifications down the line.
With that said, if you are looking for a quick sale and avoid any legal ramifications down the line, companies like Sell My House Fast Denver will buy your property in spite of the fire damage.