According to a recent National Fire Protection Association report, over 350,000 home fires occurred in the U.S. between 2011 to 2015. These statistics are a clear depiction of the immense losses that home fires cause to homeowners today.
Selling a fire damaged house is not always easy. A significant number of people, including realtors, are afraid of the hassles associated with selling fire damaged properties. However, with the right help, homeowners can still get the best cash offers for their property.
We are a property management service that helps connect clients to lucrative prospective clients. We have the experience and technical knowledge required to get reasonable offers in the Idaho real estate market. In short, we buy houses in Idaho.
Can I Sell My Fire Damaged House in Idaho?
Yes, you can sell your fire damaged house in Idaho. However, before selling property in such a condition, you should consider a few key factors. For instance, selling a fire damaged property is a challenge because the hassles of owning such property demotivate many clients.
You need to consult with a professional real estate agent before making the sale. A realtor provides helpful advice on the valuation or maintenance procedures required for the property. Another alternative is performing restoration or repair procedures on the property first.
Consider getting help from legitimate home buying companies. These are platforms that handle the entire property sale process for their clients.
Should I Try to Sell My Fire Damaged House?
Yes, you should try to sell your fire damaged house for various reasons. Selling your fire damaged property helps release you from the burden of having to pay for maintenance procedures. It will also free you from obligations such as paying mortgages.
Trying to sell property also helps you determine the best solution for your damaged property. If the offers from clients are below your valuation, you can consider other alternatives such as restorations.
It also stops you from leaving your property unused and having to pay taxes. You can sell the property “as is” if the insurance policy is not reasonable.
How to Sell a Fire Damaged House in Idaho
Listing Property ‘As is’
Selling a property “as is” means you sell the property in its current condition. It’s a viable option because you won’t have to spend lots of time and money repairing the property. Furthermore, you can keep the insurance claim fees and combine them with the sales returns to get a better property.
Remember that selling a property “as is” works best if the structural damage only affects a small area, such as the kitchen or garage.
You can also sell the property in this state if you’ve little or no equity in the home. Only do this if the restoration company costs would compromise your ability to handle obligations such as mortgage payments.
Anyone buying the property in such a state (as is) is likely to ask about:
- The location of the fire.
- When the fire last occurred.
- If the fire caused any structural damage.
- If the house has insurance coverage.
Make Minor House Repairs
If you want to get a better price for your property and make it look good in the eyes of a client, consider performing a basic repair process. You have the option of using your funds or seeking the assistance of an insurance company. You can get more insight on suitable options for prevention from the fire department.
A few common repairs to consider if you want to sell a house fast include:
- Caulking windows and doors.
- Putting weather stripping around a door frame to prevent water damage.
- Unclogging a showerhead.
- Cleaning smoke damage.
- Repainting the interior and exterior.
- Cleaning gutters.
Consider Major House Repairs
If the fire damage is significant, you might have to perform several house repairs. The repair costs may come with a reimbursement from your insurance company. Try to find out whether the coverage can help fix your fire damaged home. It’s your best option, especially as selling property with such damage is likely to compromise the possible value returns you can get.
There are various major house procedures to consider for a house with fire damage:
- Foundation repair.
- Roof repair.
- Repair or install new pipes for water damage.
- Heating/HVAC repair.
- Mold removal.
Most potential house buyers often have insight into the market value. If you need insight, get advice from professional realtors. Your asking price should be appropriate to increase the likelihood of you getting reasonable offers fast.
A few suggestions to help you price your fire damaged house appropriately include:
- Consult with a realtor – this approach is ideal if you’re a novice at buying property and need proven advice.
- Research on local property prices – you’ll find various listings that include the average costs of fire damaged properties. Use a few property examples to gauge the correct estimates for your property.
Highlight Positives/Key Features of the Property
Outline the positive features as part of the property portfolio and ensure the information is accurate. Precise details on the extent of damage make a good impression on your clients. A few other benefits of highlighting the critical features of such property include:
- Helps attract clients – outlining the positive sections of your property will help draw the attention of prospective buyers from fire-based damage.
- Improves your insight on the property – listing the positive features of your property makes you more informed about its features, functions, and various other crucial aspects.
Learn About the Idaho Real Estate Market
Real estate markets vary through all states in the country. Idaho ranks high among some of the most lucrative real estate markets, with Boise and Coeur D’Alene being top locations for most home buyers.
Learning about the Idaho market will guarantee the following benefits:
- You will know more about choosing the right property pricing strategies.
- The knowledge will make you better at choosing cash home buying companies.
- You will become better at giving recommendations to your clients.
- The hassle involved in dealing with clients.
Sell to a Cash Home Buyer
The main benefit of selling a fire damaged house to a cash home buyer is that it saves money and is highly convenient. Usually, a home sale in Idaho involves several processing fees, documenting processing resources, credit checks, and various other procedures. Cash sales help reduce the closing costs for all the parties involved. Cash home buyers in Boise may be what you’re looking for.
Selling a fire damaged house to real estate investors also gives the seller a negotiating advantage. The main reason is that cash home buyers have access to better equity and funding. You might need an adjuster and realtor to help you through this process.
The possible steps involved to conduct this process securely include:
- Sign the contract.
- Evaluate the proof of funds or the obligation contract offer.
- Invest in a title and escrow company for the property. Or you can invest in a legal firm.
- Go through the home inspection.
- Review and sign closing costs.
Selling a Fire Damaged House in Idaho at a Glance
Overall, selling a fire damaged home involves a few different things you would expect with the original property. You can sell the property “as is” or perform a restoration process using an insurance agent. Price your property appropriately and taking a cash offer are the most convenient options. Contact us to get new tips in selling your house and learn more about the real estate market in Idaho.