Watching a fire truck pull up to your house to put out a fire can certainly be a traumatic experience. And if the fire results in significant property damage, loss of personal effects, or loss of life, it can be even more traumatic.
Plus, bad house fires often result in a property being uninhabitable, and if this is the situation you find yourself in now, you’ve probably thought about what you can do to sell a house fast in Owasso that has been damaged in a fire. Well, once your home has been damaged by a fire, you have two options for selling:
- Restore your home so it’s market-ready and sell with help from a realtor.
- Sell it as is to a trusted cash home buyer in Owasso.
In this article, we weigh the pros and cons associated with each selling method, and once you know them all you can confidently decide which selling method is best for you. So if you’ve recently wondered “how can I sell my house fast in Owasso following a fire,” then keep reading!
Do You Have To Disclose That Your Home Has Been Damaged By A Fire?
Unfortunately, yes. Consumer protection laws have gotten stringent over the years, which means a seller must sign disclosure forms before selling a fire-damaged property. These disclosure forms might or might not have specific questions about fire damage. Even if fire damage isn’t mentioned explicitly, you must disclose the damage your property has in these forms.
Hiding fire damage is unethical, illegal, and unsafe. It doesn’t matter whether the damage is minor or severe; you must disclose it to the buyer before signing the sale agreement.
Option 1: Selling Your Fire-Damaged Home As Is
It’s challenging and expensive to repair a home that’s been gutted by a fire. During such an event, the flames cause significant damage, and so does smoke, soot, and the water that’s used to put out the fire. Plus, your insurance might not cover the total cost of repairs, in which case you’d have to pay whatever they don’t cover out of pocket
Homeowners facing such a situation often choose to sell as is to professional real estate investors. These home buyers don’t care all that much about fire damage, as they’ll make these repairs and sell the home for a profit. If you choose this selling method, you can get fair cash for your property and sell quickly.
Pros:
- Selling as is means you won’t have to pay tens of thousands of dollars on repairs.
- Enjoy a quick sale since you don’t have to wait for the buyer’s mortgage to be approved.
- Avoid commissions and closing costs.
Cons:
- The sale price will be based on your home’s current value, meaning you’ll be selling it at a low price if it was mostly destroyed by the fire.
Option 2: Repair, Restore & Sell The Property
You could also fix your property up on your own before selling it. If you choose this method, you can expect to deal with:
- Home insurance companies
- Home inspectors
- Local building authorities
- Mortgage lenders
- Restoration contractors
- Real estate agents
The first step is to inform the insurance company that your home has suffered fire damage. The insurance company will send a claims adjuster to assess the damage. Depending on your coverage and the nature of the damage, the company might pay the total restoration costs or just part of it.
Pros:
- You can sell your home for top dollar if you repair it and make it attractive before listing.
Cons:
- Time-Consuming: It’ll take several months to execute a home restoration properly. Expect to spend around 6 to 12 months on the project.
- Expensive: It can cost anywhere from $3,000 to $30,000 to restore a fire-damaged home. And make sure you work with trusted contractors and inspectors so no damage is missed.
- Cumbersome: To sell a fire-damaged home, you’ll have to clear the sale with the local fire department, local building authorities, involved insurance companies, and the buyer’s mortgage lender.
So Which Is The Better Option?
Well, you have to make that call. If you have the budget and you aren’t planning to sell your house fast, consider restoring it before listing it on the market. On the other hand, if you’re looking to make a quick sale or you don’t have a big budget for repairs, choose a cash home sale.
Connect with Oklahoma Cash Home Buyer to get a FREE, no-obligation cash offer. If you accept our offer, we can close in under 30 days.