Selling Your Storm Damaged Home
Ready to sell your storm damaged home? Are you done with it? You are not alone. Every time a storm comes through Pensacola or Pensacola Beach, individuals, families and investors are faced with the challenge of selling houses that are in less than ideal conditions.
A storm, such as a hurricane, can be a catastrophic event in life depending on the severity of the damage. Dealing with finding a new place to live, insurance companies, and the decision of what to do with the house can cause stress and confusion.
If you are considering selling your home that has storm damage, it is best to go over all your options. We buy and sell storm damaged houses in Pensacola, Pensacola Beach, Milton, Pace, and Gulf Breeze.
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The following paragraphs offer some tips on selling your house with storm damage in Pensacola, FL:
ASSESSING THE DAMAGE
Storms and the damages they bring can come in many shapes and sizes. The severity of the damage will determine whether the house/condo can be saved and repaired or will need to be torn down. If the storm caused major damage to the property, often the home will not be salvageable. However, this is not always the case. If the storm was minor and only caused slight damage, the home can certainly be rehabbed and made new again. It is important to look around the whole house to see what will need to be fixed and to what extent the storm hit. This assessment will allow you to come up with a fair price for the property and give the insurance agency an idea of how much value was lost due to the storm.
This assessment should be as detailed as possible, organizing damage and condition by:
Once you have determined the damage, you will want to grade the condition based on three levels:
Accurate assessment and diagnosis of the condition may require hiring a local contractor and/or home inspector to provide you with a detailed prognosis.
We can buy your house as-is. Get your fair cash offer here!
REPAIRING THE HOME
Should you repair or sell, the decision rests with you, the homeowner. If you have sentimental value of the home, it can play a large factor in your choice. Repairing a storm damaged home comes with many challenges, costs, and can be of high risk. Follow your emotions but also make a logically,responsible financial decision. If you choose to repair the property, the home will take time and moneyto fix depending on extent of repairs needed. It may be worth the wait if the home is especially important to you and the storm was minor.
Repairing the home will allow you to sell the home for top dollar and possibly turn a profit on the costs of repairs. The After-Repair Value of the home will determine whether the repairs will be profitable if you do choose to sell the home once complete. It will be beneficial to consult with a Realtor to go over how much the home will be worth once it’s been fixed up!
ASSESS THE CURRENT REAL ESTATE MARKET
With your Real Estate Professional, assess the local real estate market. Although markets tend to follow a cyclical nature, every zip code and neighborhood has its own unique characteristics, trendsand market demands.
1. Is it a Buyer’s or Seller’s Market?
What is a “buyer’s” or “seller’s” market? This will help you better position your house for an expeditious sale, and one that nets you the most money at closing.
2. How is the Current Competition?
Knowing what you are up against can help you better position your own house to look more attractive than the competition when it comes time to list.
3. Review Area “Comps” with Your Realtor
Homes listed or sold on the market that are similar to yours are known as “comps” or “comparables”. When listing a home (especially one in poor condition) it is imperative that you first know what the home is worth.
List it too high and you will be sitting on the property forever, wasting time, energy and resources marketing an “overpriced” property that turns people off. Alternatively, list the property too low and people may be wary of a “too good to be true” deal, or you may lose out on potential ROI at closing.
SHOULD YOU SELL AS IS?
Your million-dollar question virtually every seller of a house, in less than perfect condition, struggles with. The answer depends on several variables unique to your house as well as the local market.
Reasons You May Want to Consider Selling “As Is”
1. You Can’t Afford Costly Repairs
You may find that your current financial state simply doesn’t afford you the opportunity to make needed repairs. In such cases, listing “as is” may be the only option.
2. You Wish to Avoid the Stress of a Traditional Home sale
Selling “as is” typically attracts investors and cash buyers who are eager to close fast in a “no-nonsense” manner, helping you get a fair market price for your house and allowing you to move on with your life.
3. Financial Distress
It happens to the best of us, often without notice. Looming medical bills, accidents, layoffs, and more can all put homeowners in crisis mode. Selling “as is” may offer hope and relief in the way of fast cash transactions that will not take months to get approved by the bank.
4. Job Transfers or Family Emergencies
Sometimes life throws us a curveball. When time is of the essence, due to a job transfer, family emergency or other major life events, selling your house “as is” can put cash in your hand quickly, giving you the opportunity to move quickly when necessary.