While selling a fire-damaged house can be difficult, there are things you can do to simplify the process and increase your chances of getting a good price.
Here are seven tips for selling a fire-damaged house as quickly and easily as possible.
Tip #1 – Make the Outside Sparkle
If you want to sell your fire-damaged property quickly, you should strive to make it sparkle on the outside first. Real estate experts might advise you to do the opposite and begin your renovations on the interior of the property.
But one of the best ways to build interest in a house is to make the outside look amazing. People familiar with the area will be excited about the transformation in the property. You may find that many begin stopping by to ask questions about whether the property is for sale.
If you get lucky, some of those prospective buyers may be so “bedazzled” by the nice, welcoming appearance of the previously fire-damaged property that they make an offer before the interior repairs are even complete!
Tip #2 – Hold an Open House
Another way to find buyers for a fire-damaged house is to host an open house for the public. When you host an open house, you literally open the doors of your renovated property for a few hours on a given day to anyone interested in buying a home.
If you have a real estate agent, it is a good idea to have him or her present to discuss all the specs of the property, as well as any financial issues such as price, market value, down payment, and any other legal elements of purchasing the property.
On the other hand, if you are handling the sale alone you will need to be able to provide all of this information.
You can market an open house by advertising in the newspaper, on the radio and by putting up signs with arrows and balloons directing people to your property by the neighborhood entrance and throughout the neighborhood.
Tip #3 – Consider Holding a Broker Open House
Another type of open house that you may want to consider holding is a broker open house.
This type of open house is real estate experts, such as real estate investors, realtors, mortgage brokers and real estate attorneys.
For a broker open house, you or your real estate agent invites the other real estate experts to preview the property. An investor may be interested in buying it himself or an agent or broker or attorney may have a client looking for a similar property and they can then give your information to the client.
For a successful event, it is best to serve lunch or refreshments for your guests. Before arranging a broker open house, check with your city clerk’s office to see if the community has what are called broker open days. For example, your community may have Tuesday and Thursday designated as broker open days. Scheduling and advertising your broker open on either of those two days gives you a better chance of having more real estate experts attend.
Tip #4 – Hire a Real Estate Agent
If you have a do-it-yourself spirit and good sales skills, you may want to try to sell you property by yourself.
Going this route eliminates you having to pay a sales commission to a real estate agent – so you get more money on the sale of your house. However, as tempting as that may sound, you would be missing out on an important benefit that only a real estate agent can provide …
That benefit is listing your property on the Multiple Listing System (MLS).
The MLS is a computerized database that alerts real estate agents in your city that your property is available for sale. Statistically, this increases your chances of selling your fire-damaged house quickly.
Remember, the longer a property sits unsold, the more difficult it may become to sell it at your asking price. Allowing your real estate agent to sell your property is a logical option. After all, it is a real estate agent’s job to sell properties!
Tip #5 – Use Yard Signs & Fliers
Yard signs and fliers allow you to advertise your property 24 hours a day, seven days a week, while you are sleeping, eating, and working out and doing countless other activities.
Your yard signs and fliers should have your telephone number printed in large, bold type on bright-colored backgrounds such as yellow, red, blue, and green. The signs should be easy to read from the street when they are posted on the front lawn of fire-damaged house you are selling.
Your fliers should include a picture of the property, as well as a list of amenities and your contact information.
Make sure you do not cram too much information onto the fliers because that can make them difficult to read. Give these fliers to everyone you know and meet. Post them on bulletin boards everywhere, including at your church, the grocery store, and your community center.
Tip #6 – Don’t Forget Word of Mouth
Word of mouth advertising is one of the most powerful sales techniques. By networking in the community and giving out your fliers, you can meet new people every day who could ultimately buy your house.
At the same time, ask your friends, family members, and colleagues to help you spread the word about your property that is for sale.
You could even offer them a referral bonus of $25 to $100 if they refer someone who purchases your fire-damaged house.
Tip #7 – Include a Bonus
A great way to speed up a property sale is to include something extra, such as new appliances. Buyers love bonuses!
Another bonus you could offer is to pay a percentage of the buyer’s closing costs, based on the maximum closing cost requirement allowed by the lender which is 6% seller’s concessions.
Since you will be competing with other property owners, any perk that you can offer will entice buyers to purchase your property, as well as make them feel like they are getting a special deal.
However, you must disclose any perks you use on the purchase agreement.
Want to Skip a Long, Stress-Filled Sales Process?
You can sell your fire-damaged house immediately to We Buy Fire Damaged Houses. We specialize in buying fire-damaged houses and provide a great price. Plus, we pay in all cash so you get your money fast.
To learn more – and to potentially receive a free, no obligation quote on your fire-damaged house – simply fill out the short form below.