Did you know that in 2018 there were over 375,000 house fires causing $8 million dollars in damage! If you were one of the unlucky Savannah residents who now have to deal with a fire-damaged house, you may be wondering what are your options, and can you sell a property with fire damage?
Your 2 Options When You Have Fire Damaged Property
- Repair the property
- Sell the house as-is
So you now are dealing with a house that has suffered fire damage in Savannah, it might feel as though you’re stuck without any options. However, there are steps you can take if you want to sell your house instead of repairing it. You can list the property on the MLS with a real estate agent, or you can sell your house fast directly to real estate investors. Let’s dig deeper into how to sell a house with fire damage in Savannah.
Inform Your Insurance Company of the Fire
Once your family is safe, the first thing you should do is contact your insurance company and let them know your house has been damaged by a fire. If you have fire insurance, you’re in a very good position to get reimbursed for the damage. If you don’t, it might be trickier. Every insurance company handles these house fires differently, so get in contact with them ASAP to fully understand what you are entitled to.
Have The Fire-Damaged Property Inspected
Your insurance company will send an inspector to look at the property before any repairs or payouts are made. Once the insurance company completes its evaluation, they will let you know how much money you should expect to receive. Once you have that figure, you can make the decision to repair the property, or sell it and move to a new house.
If you find yourself in need of more information about insurance, you can contact the Georgia Department of Insurance and Fire Safety. They can provide you with more information along with point you in the director of a public adjuster licensed that can provide you guidance.
Collect Any Un-Damaged Items
Odds are the Savannah fire department was called to your house fire, so before you enter your home, they will need to give you permission. Once you are able to enter the property, make sure to get any valuables and be sure to get any important documents you may have such as birth certificates, financial records, and insurance paperwork. You’ll have time to come back and deal with the rest. Don’t try to overwhelm yourself the first time you enter your property, just get the important stuff on the first trip.
One of the unfortunate side effects of dealing with a house fire is dealing with the cleanup. There may be water damage, broken windows/doors that need to be boarded, and holes in the roof that need to be covered. You want to try and prevent any further damage to the property either from bad weather or any potential thieves.
List a Fire-Damaged House with a Realtor or Sell to an Investor
When a house has fire damage in Savannah and you decide to sell it, you can either sell the property with a real estate agent on the MLS, or you can sell it directly to an investor like Cash Homes Savannah.
Selling a Fire-Damaged Property with a Realtor
One option is to use your insurance money to repair any fire damage and list the property with a real estate agent on the MLS.
This option can be a tricky one. Even if you get the house in pristine shape, you’ll have to disclose that there was fire damage to any potential buyer and this can cause many buyers to run away. Even with best efforts, they could still wonder about the condition of the house and whether or not there’s a problem waiting for them down the road.
It’s also important to remember repairs can be extremely expensive and will be a VERY lengthy process. You’ll have to make the decision if it’s worth it to keep a fire-damaged home for months waiting for repairs with the hope that you’ll be able to recoup your costs at the end of the sale.
According to Home Advisor, the average repair cost for a fire-damaged home comes out to around $18,000. That cost varies substantially based on many factors, including water cleanup, chemicals, soot/smoke removal, and restoration. It’s not uncommon to see repair prices reach as high as $100,000 for extensive damage, that can be more money than the house was worth before it caught fire!
Sell Your Fire-Damaged Property to an Investor
The other option that exists for homeowners who want to sell their fire-damaged house is to sell their house directly to a real estate investor. If you don’t want to put in the time, money, and effort needed to make it market-ready, you can sell the house as-is directly to a real estate investor like Cash Homes Savannah.
The process of selling to an investor is fast and easy. Give us a call and we will schedule a time to meet with you and evaluate the property. Then we will make you a fair cash offer without any need to make repairs because we buy houses in ANY condition. You can sell your house fast to us, sometimes as quickly as 10 days. Then you get cash in your pocket, don’t have to worry about renovating the fire-damaged house, and get to move on with your life.