Selling a Fire Damaged House in Vancouver WA
Every 24 seconds, a fire department responds to a fire somewhere in the United States. Although fires have decreased significantly since the 1970’s, the National Fire Protection Association (NFPA) reports that 356,500 home structure fires occurred in 2020, with an estimate of over $8.4 billion in property damage*. If you or someone you love has been a victim of a fire that caused major damage to your property moving on may be an important next step in your healing process, but selling a house in Vancouver WA with fire damage may seem like too big of a challenge after dealing with such a traumatic event.
How To Sell a Fire Damaged House?
When a house fire causes only minimal damage that is mainly cosmetic, a realtor may tell you to slap some paint on the damage and call it good. But before you do that, consider the legal repercussions. Potential buyers will need to be told about any fire, smoke, and flooding damage that occurred in your home, and a specialized inspection might be requested to ensure that the damage was properly taken care of and is move-in ready.
For other homeowners, selling a house with a traditional agent “as-is” might not be possible due to the extent of the damage caused by the fire. Fire, smoke, and water can take a toll on the structural integrity of your home, and the safety of the property must be considered when deciding how to deal with repairs before the property is put up for sale. If the cost of the repairs is too much for your situation, a direct cash home buyer like PNW Invest might be the right option for you.
Restore Or Sell As-Is?
When selling a fire damaged home or property, Vancouver WA homeowners have two options: restoring the property to its previous condition to sell with a local real estate agent or selling their home “as-is” to a cash buyer. While selling your house for the most money possible with an experienced agent may sound like the ideal, the reality is that you’ll have to wait months for a contractor with experience in the restoration of fire damaged homes to start on the repairs.
Once the restoration is complete, you may have to wait even longer for the city to find time to inspect the property for code violations. If they find any, that’s more time waiting for your contractor to do what’s necessary to bring the house up to code before the city finally gives your property the okay.
Between repairs, inspections, and your local area’s licensing and code requirements, you could find yourself spending a lot more money and time on a fire damaged house without much of a return from the final sale. Even if your policy covers the repairs for all of the damage, your insurance company still may decide they don’t have to cover the costs of any alternative housing as you wait for the repairs to be completed and your home to be able to be lived in.
For many homeowners, the amount of money they’re forced to spend out-of-pocket just isn’t viable. If this sounds familiar, a fast and straightforward solution for selling your fire damaged home might be the best option for you.
Tips For Selling a House with Fire Damage in Vancouver WA
- Explore Your Selling Options
Did you recently suffer a fire and now you want to know your options for selling a fire damaged home or property? Whether you’re thinking about skipping the hassle and stress by selling your property as-is to a direct home buyer, or you have the money and time to restore your home to sell it with a traditional real estate agent after the repairs are complete but you’re not sure you want to wait that long, learn about the pros and cons of your selling options below.
- Clean & Restore The Home
If your house suffered major damage after a fire, spending the time and money to restore it can seem like a challenge that you don’t have the energy to face after everything you’ve been through. But when you consider the potential financial benefits of restoring a fire damaged property to make it ready to sell, for some homeowners the final sales price can be worth the effort. When you clean a property and do the necessary repairs to restore it after severe fire and water damage, you can maximize the house’s market value and sell it for the most money possible in your area. By putting a property on the market that is “move-in ready”, you drastically increase the number of potential buyers as well as increasing the chance of a bidding war that could drive up the final sale price of your home. With the right agent at your side, you will have the contacts to reach other agents before your house is even on the MLS. This can reduce the time your property is on the market and give your home a better chance at selling fast.
But the difficulties of trying to restore a damaged house to make it market ready is a steep hill for many homeowners. Because you must disclose to all potential buyers that the house went through a fire, this information could affect the speed and price of your sale. Many buyers are leery when they hear “fire damage” and might pass on even looking at the house, even though you’ve spent a lot of time and money to have it restored. The property could sit on the market for a while, and the holding costs come out of your pocket during this waiting period. If the market shifts and house prices drop, there’s a good chance that all the money you invested will go out the window, leaving you with more debt than you would have had if you had worked with a real estate investor and direct home buyer that specializes in damaged properties.
- Repairing A Fire Damaged Home
Homeowners that do complete all of the expensive repairs and upgrades needed for the safety of the next occupant might also be making their Vancouver WA property less attractive to investors. Direct home buyers and real estate investors are looking to purchase properties at a discount so they can restore the homes themselves and sell them for a profit at a later date. Most investors need to know the work was done right the first time and is up to code. They have their own list of professional cleaners and experienced contractors they work with that they know have years of experience dealing with smoke, water, and fire damaged homes. Plus, because of their connections, they don’t have to wait for months for repairs like a regular homeowner would. Companies with experience in major restorations like PNW Invest can get the repairs done quickly and to their specifications before turning the house over to sell at a profit at a later date.
- Disclosing Fire Damage To Potential Buyers
When you sell to a cash home buyer with experience in fire damaged homes, you won’t need the funds to pay out-of-pocket for repairs of any water, smoke, and fire damage. There are even real estate investors who are specifically interested in buying fire-damaged houses in Vancouver WA. They have the knowledge and experience to deal with whatever damage they might find during the restoration process, and they are happy to work with you to close as quickly as you need so you can move on with your life. With a direct home buyer, you won’t need to deal with traditional bank financing or a mortgage lender for your damaged Vancouver WA area property. Because direct home buyers use their own cash to purchase investment properties, they can close as quickly as you need.
However, it’s important to consider the drawbacks of selling your house directly to a cash home buyer as-is. When dealing with an investor or direct buyer, you may not receive the full market value for your property as you would if you had restored it and sold it through a traditional agent. Selling a fire-damaged house to a smaller pool of potential buyers can limit your ability to negotiate the selling price, potentially resulting in a lower return on your investment compared to if you had invested time and money into restoring the property before selling it.
In the end, it’s only you that can decide which option is right for you. Would you rather leave the stress and hassle to a professional like PNW Invest, or do you have the time, money, and energy to complete all the necessary repairs to make your house safe for a potential buyer at a later date?
Can You Sell a House with Fire Damage As-Is?
Yes, you can! With a direct cash home buyer you will:
- Never have to spend any money for inspections and repairs.
- Save yourself hours of time and stress by selling directly to PNW Invest. We’ll handle it for you!
- You won’t be on the hook when the house is sold to a traditional buyer. Once you sell the property to us, it’s our problem to deal with.
The Quickest Way to Sell a House After a Fire
Selling Your House to A Cash Home Buyer
Rather not worry about the hassle of restoring a property that was damaged in a fire? Prefer for someone else to deal with the stress of managing contractors day in and day out while you are trying to put the pieces of your life back together? Then you’ll want to consider selling your house to a trusted and reliable direct home buyer. You might not get full retail value for your property in Washington but you also won’t have to deal with a single repair.
Working with a Real Estate Agent
Selling your Vancouver WA home for the most money possible in the current market isn’t impossible if you’re willing to pay for repairs and upgrades to bring your house up to code. If you have the time to wait for contractors and repairs to complete the necessary work, make sure that you’ll get the money you put into the house back at the final sale. Your agent’s commission, closing costs, inspections, and anything the buyer requests be changed before close will come directly out of your pocket.
Selling Your Fire Damaged House For Sale By Owner
Prefer to save a bit of money on commissions and sell your house yourself (FSBO)? Vancouver WA has strict rules about fire disclosure when you are selling a house or rental property. You (and your pocketbook) will be on the line to make sure that you meet those legal requirements, as well as ensuring all of the paperwork is done properly before closing. If any of these steps are missed, you could be liable.
Sell Your Fire Damaged House Today!
After a home fire, one of the most important actions to take is assessing the damage to the property as soon as safely possible. You’ll need to consider any structural damage that might have been caused by not only the fire, but also smoke and water. When you start a claim with your insurance company, they’ll send out a professional insurance adjuster to have the property inspected. Your insurance adjuster will assess the extent of the damage and decide what insurance will – and won’t – cover.
It’s at this point in the process that Vancouver WA area homeowners that have suffered such a traumatic event can be doubly stunned when they discover their insurance won’t cover all of the costs of repairing their home. For those homeowners with less than stellar policies, they might not be able to afford (or don’t want to pay out-of-pocket) the cost of a professional cleanup and repair. If this sounds familiar, selling your fire damaged home directly to a direct cash home buyer or real estate investor like PNW Invest might be the best option for you.
Contact a real professional – PNW Invest | 360-441-6296