Can I Sell My House That Has Fire Damage?
YES, you can sell your house that has fire damage.
But here's the thing: unlike water damage, which you can often fix up pretty easily, fire damage is a whole other beast. Most of the time, you're looking at gutting the entire inside of your house to get rid of all the fire damage.
That's gonna cost you a pretty penny and take forever, which is why a lot of people just decide to sell their homes as-is.
But selling a house that's been through a fire isn't as simple as it sounds.
Because of all the damage, it can be tough to find someone who's willing to take on such a big project. Plus, you'll probably have to sell your place at a big discount to get anyone interested.
In this post, I’m going to dive into the nitty-gritty of selling a fire-damaged home so you can figure out what's best for you.
Is It Possible To Sell My House If It Has Fire Damage?
Yes, it's totally possible (and legal) to sell your house after a fire.
But here's the catch: most buyers aren't exactly jumping at the chance to buy a fire-damaged home, so you'll probably have to knock down the price.
Also Read: How Natural Disasters Cause Distressed Properties
If you're thinking about selling, your best bets are to:
- Find an investor who specializes in fire-damaged homes
- Work with a real estate agent who knows their stuff
You could also chat with a property damage lawyer.
They can help you file an insurance claim and get the best deal possible. Once you've got that insurance money, you can use it to fix up your place or even buy a new home.
Just remember, finding a buyer for a fire-damaged home isn't gonna be a walk in the park, so you might need to be patient.
How Much Fire Damage Will Your Insurance Claim Cover?
Once you've called your insurance company, they'll send someone out to check out the damage.
How much cash you'll get depends on how bad the damage is and what kind of policy you've got.
If you've got a replacement cost policy, they'll pay to fix up or rebuild your home. But if you've got an actual cash value policy, you'll get the current value of your home, minus depreciation.
Just keep in mind that most insurance policies have a fire damage deductible that you'll need to cough up.
Should I Get My House Inspected After A Fire?
Absolutely. Even if the damage doesn't look too bad, it's crucial to get a pro to take a look.
Fire can cause all sorts of hidden problems like mold, cracks in the foundation, or water damage.
Once you know what you're dealing with, you can get some quotes for repairs and decide whether to fix it up or sell it as-is.
Also Read: Do Sellers Get A Copy Of Home Inspection?
Most experts say if repairs cost 1-2% of your home's value, go for it. Why? Because if you don't, it'll be even harder to sell your house.
How To Sell A Fire-Damaged House
Now, back to selling a fire damaged house. Let me explain your options in more detail:
Option #1: Fix The Fire-Damaged Home And Then Sell It
This route's gonna take time, money, and elbow grease.
If you're thinking about fixing it up first, you should:
- Get a pro inspector to check out the damage.
- Get quotes from contractors for the repairs.
- Find a real estate agent who knows their stuff.
- Price the house right.
This option could get you top dollar for your home. But you'll have to shell out to fix the fire damage first.
I've seen houses with fire damage that costs more than the house is worth - we're talking over $100,000. It can get crazy expensive and time-consuming to do it yourself.
Plus, you'll need to find a buyer who's cool with buying a fire-damaged home, because you've gotta be upfront about that.
How Long Does It Take To Repair Fire Damage?
It depends on how big your house is and how bad the fire was.
A small fire that only hit a few rooms might be fixed up in a few days. But if your whole house is toast, repairs could take weeks or even months.
If your house has been through a fire, you need to act fast. The sooner you start fixing it up, the sooner you can sell it.
Here's a bonus tip from an expert:
Don't forget to grab any personal stuff and valuables from the house before you start repairs. This'll help you avoid more damage and loss.
Option #2: Sell House As Is To Cash Home Buyers
This is the quick and easy way to unload your fire-damaged home.
You don't have to fix anything, and you don't have to wait for a buyer to get a loan approved. You can sell your home as-is to a cash buyer, and they'll handle the repairs.
All you need are:
- An investor who's interested in buying (like SellYourPropertyFast.com)
- Some pictures
- Your insurance info
You could also hit up a real estate agent who specializes in distressed property. They'll have a list of investors looking for fire-damaged homes.
Also Read: How Do I Sell My House Fast For Cash
The best part? You don't have to fix anything, and you can close the deal as fast as you want, or when their offer matches what you're hoping to get.
Wrapping Up
Selling a fire-damaged house isn't impossible, but it's gonna be tougher than selling a house that's in good shape.
The easiest way to sell your fire-damaged house is to sell as-is to a cash buyer. You don't have to fix anything, and you can close the deal quickly.
But if you want to get the most money possible for your home, you can fix the damage and then sell it. It's up to you!
FAQs
How can you calculate the fire-damaged house value?
Get a local realtor to help you out. They can figure out your home's market value based on its current condition and recent sales of similar properties in your area.
You'll probably need to know roughly how much repairs will cost.
What does the fire damage restoration cost mean?
It's how much you'll shell out to fix the damage. The cost varies depending on the size of your house and the company you choose. Big fires that wreck the roof are gonna cost you more to fix.
What are the factors for determining the restoration costs?
A few big things: water damage, soot removal, smoke cleanup, miscellaneous cleanup, and reconstruction. The size of your home is also a big factor in the cost.
What are the main reasons for house fires?
You know how houses are all lit up during Christmas and Thanksgiving? Well, turns out that's one of the main reasons houses catch fire. And here's another shocker - leaving your cooking unattended is also a big culprit!
Some other common reasons houses go up in flames include:
- Candles
- Gas
- Faulty wiring
- Space Heaters
- Smoking
- Decoration lights