Most people would say that selling a house with fire damage in Wilson County is an impossible task. However, things are not exactly like that. Although this can be challenging in a way, if you follow some tips, you’ll be surprised by the outcome.
First steps along the way
In the process of getting your damaged property ready for sale, there are several steps you should take.
⦁ Call a professional inspector who can define how severe the damage is. Whenever you’re about to sell a piece of land or a house, you need to determine its value. This isn’t an easy task even when your home has no damage at all. Clearly, in the case when it has, the inspector can play an important part.
⦁ Get in touch with your insurance company. No matter whether you are planning to deal with repairing the damages or you will try to sell the house as-is, do not give up on claiming the reimbursement.
Tips for selling a house with fire damage in Wilson County
As you can guess, fire damage is something that most buyers would consider a huge drawback. And, even though you can expect that some of them will be turned off by that fact, there’re still some tricks that you can employ to handle the situation and sell your house.
- The restoring option
If you have already found yourself a new place to live, and want to sell the old house as soon as possible, putting some effort into preparing it for sale will help a lot. By this, we mean restoring the house to its original condition.
In this case, hiring professionals experienced with fire damages will be a smart decision. Depending on the level of damage, the restoration may cost you from $2000 to over $30,000. In most cases, the insurance policy will cover the expenses. But even if they don’t, restoring is still the most effective way to make your house more appealing to potential buyers. Remember, the sooner you manage to sell it, the sooner you will be able to move into your new home.
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Fast house selling is possible in one more way. This is something that does not include traditional mortgages, lenders, and appraisals. Here, we are talking about offering owner-financing to the buyer. With it, the seller does not get the whole sum at once but partly, on a monthly basis. This kind of selling agreement increases your chances of selling a house with fire damage in Wilson County since it is financially pretty enticing to the buyers. Especially for those who are not able to get a traditional mortgage.
- Selling as-is
However, if you find the restoring process too expensive to handle and you want to avoid owner-financing, another great option is to sell the house as-is. And that isn’t really as bad as it sounds.
The price of fire-damaged properties is naturally lower than the price of regular ones. That attracts buyers and makes them take such houses into consideration. In many cases, people are willing to accept the offer and are ready to deal with the repairs themselves if that means that the price will be a real bargain. And usually, the whole situation happens to be profitable for both the seller and the buyer.
What’s more, if you manage to sell your fire-damaged house as-is, you won’t have to waste your money on the old house repairs. Instead, you’ll invest in your new home. And, if you want a safe and fast move, Best Long Distance Movers is where you’ll find the most skillful movers in the state.
- Selling the house for cash
To the owners ready to give up the equity they invested in building the house, selling it for cash is the fastest and the best option. This way, there will be no monthly payments or mortgage formalities since you’ll get all the money at once. It may not be the best possible financial deal when you see the whole picture, but at least you won’t have to spend money on the repairs.
Moreover, this is also a pretty good solution if you want to sell your house while buying another one. When you sell the house for cash, you’ll have some ready money for the new investment.
- Hiring a real-estate agent
We need to admit that dealing with all the selling-house paperwork can really be daunting. For that reason, hiring a real estate agent in the selling process is considered understandable. However, since you’ll need some extra money to pay for the agent’s service, this option pays off only if your house is not in such a bad condition. Otherwise, you’ll lose more than you’ll get.
- Selling the land only
Let’s say you have considered all the above options, and none of them seems profitable. In all cases, you’ll actually have to try too hard in order to sell the house that has no worth at all.
The rule says that once the house is fire damaged, that lowers its value to half of its actual price, even after the repairs. That brings us to the conclusion that repair investment in such a case is worthless. The final solution would be to demolish the house and sell the land only. That is if the house has no sentimental value, of course. This sounds a bit rough, but sometimes that’s the only way. So, do you still think selling a house with fire damage in Wilson County is a mission impossible? Think well, and find your perfect solution.