Don’t Attempt to Sell a Burned House Without Reading This Page First … It Could Save You Thousands of Dollars!
Are you the owner of a fire-damaged house who is looking to sell it?
Want to save that 7% commission that real estate agents typically charge?
Well, it is possible to sell your fire-damaged home on your own (in other words, For Sale By Owner) – provided you know a few simple basics.
For example, you will want to know how to price it correctly and also how to ensure that enough people know it is for sale. You will also need to know what paperwork is required and how to negotiate with potential buyers.
In this article, we are going to take a look at some of the more important things you’ll need to know to sell a fire-damaged home on your own.
What to do First
First things first, if you have a house that has been damaged in a fire you will need to contact your insurance company and then proceed through the repair process to get it ready to sell.
Before starting repairs, have an inspector come in and assess the damage. Then get quotes from contractors to determine if it is worth fixing up the home and trying to sell it for a profit.
Historically, fire-damaged houses are hard to sell so you don’t want to make expensive repairs only to then try to sell the home and not be able to get your money back.
If You do Decide to Sell a Fire-Damaged House By Yourself Patience is Key …
Without patience you are likely to accept a price that is less than you want or you may decide to give up entirely and take your house off the market.
Understand that selling a fire-damaged house takes time – particularly when you are going the For Sale By Owner (FSBO) route.
When you go into the process understanding this fact, you are more likely to make good fundamental decisions and avoid cutting corners because you are in a rush. Cutting corners leads to mistakes and mistakes end up costing you money.
5 Tips to Get Your Fire-Damaged Home Ready to Sell
Build Curb Appeal
The outside of your home is the first thing people see, so make it as attractive as possible. Prune bushes, get rid of weeds and mow the lawn.
Remove photographs and personal artifacts from inside your house. You want buyers to be able to imagine themselves in your home not be stuck picturing you and your family.
Nothing can be a bigger turn-off to potential buyers than a dirty home. On the other hand, a clean home can be even more enticing – so dust, mop, wipe and vacuum.
Get rid of items you don’t use and make sure all rooms are open and inviting. Also, be sure to straighten up the garage so potential buyers see it as more than just a place to park their cars.
Of course, repairing fire damage is key. You will also need to ensure all smoke damage has been addressed and removed. This is important because smoke damage can be hazardous to occupants’ health. In addition to making fire damage repairs, you may also want to assess other areas of the home. Where needed, replace cracked flooring and counter tiles. Patch holes. Repair leaky faucets. Paint scratched walls. Replace burned out lights and ensure the home is bright and inviting.
FSBO Frequently Asked Questions
How many homes are successfully sold by their owners?
According to the latest statistics, only 9% of home sales are FSBOs.
If I’m going FSBO do I need to put my home on the Internet?
Statistics show that over 90% of home buyers today use the Internet during their home search – so yes it would be wise to put your home online.
Is there any information on how much FSBOs sell for compared to homes sold by real estate agents?
Yes, the median price for FSBOs is $208,700 compared to $235,000 for real estate agent sold homes. The difference in numbers is often attributed to the type of buyer FSBOs attract.
How much time does the typical FSBO home take to sell?
The latest statistics say that the average days to sale for a FSBO house are 88. Realtor sold homes average 69 days to sale. Please keep in mind that these figures are for traditional homes. Fire-damaged houses typically take longer to sell because many prospective buyers won’t even considering buying a house that has been burned in a fire even if the repairs have been immaculate.
What causes the most stress for FSBOs?
Studies show that legal and financing concerns are the biggest stressors for FSBOs.
Will I need to hire a lawyer?
Depending on your knowledge, it can be wise to hire a lawyer for paperwork and negotiation.
What do I need to know about completing the paperwork involved in a deal?
There is a lot to learn in this area. For example, you may need errors and omissions insurance and a seller’s disclosure form. You may also need to understand different types of contracts and how to conduct financing approval screenings. You may have to conduct extensive online searches or purchase a book or other product to gain this information.
Another Option to FSBO
If you decide that trying to sell a fire-damaged house on your own will require too much work and involve too much legal uncertainty, there is another option.
You can sell the house to We Buy Fire Damaged Houses. We buy numerous fire-damaged houses each year and always pay a great price for them.
Selling to us will enable you to skip the stress and frustration that comes with trying to sell a fire-damaged house on your own. It will also allow you to get paid much faster so that you can then use that money to buy a new house or build your savings.
To learn much more about We Buy Fire Damaged Houses and to see if we might be interested in buying your fire-damaged house, please fill out the short form below.