How to Sell Your House Fast After a Fire in Cleveland, Ohio
Fires always occur when you least expect them to. When they happen, they can cause extensive damage and thousands of dollars in repairs. Unfortunately, homeowners insurance companies do not always cover the cost of repairs, leaving you with no choice but to either assume repair costs or sell the house.
If you try to sell your damaged house, you’ll quickly discover that no one will buy the house as-is. If they do want to buy the house, they will either try to negotiate a lower price or buy it on the condition that you make home repairs. So, the question is whether you can sell your damaged house as-is and how to do it without spending a lot of money on repairs.
Why It’s Hard to Sell Your House After a Fire
When your house sustains damage after a fire, its value plummets. Even if you make the necessary repairs, the property suffers from a stigma from both real estate agents and buyers.
There are several reasons for this.
- Some damage has gone unnoticed.
- It’s hard to get rid of the smoky smell.
- The fire may have resulted in a fatality.
- The cost of fixing the damage is greater than the property’s value.
- The fire was caused by arson or vandalism.
However, fire damage is not like water or wind damage. Other than the smoke, the damage is typically isolated to the areas burned by the fire. Everything else remains intact. But the damage is already done. As a result, selling your house on the market can be almost impossible.
The Cost of a House Fire
When a house fire occurs, the question in everybody’s mind is how the fire started - or, better yet, WHO started the fire. If the fire happened as a result of negligence or reckless carelessness, the insurance company may deny your property damage claim.
If so, it can cost thousands of dollars to restore your home. The average cost of home restoration after a fire is $5,000 to $8,000. But it doesn’t end there, you’ll pay for a fire in other ways.
- Home insurance rates may increase.
- Your home warranty may be voided.
- If you sell your house, you’ll spend money on repairs.
- There may be legal penalties if you violated a law.
- There may be a lawsuit if someone was injured.
How Can I Sell My Damaged House After a Fire?
If you can’t sell your house the traditional way, you can always explore alternatives. The best option for selling your house after a fire is to sell your house as-is for cash to a company that buys houses in Cleveland, Ohio.
An experienced professional home buyer can look at the property, assess its current market value, and make a cash offer. The process is simple. Call the buyer and schedule a property walkthrough. If the buyer likes what they see, they will make a fast cash offer - usually within a day or two. If you accept the offer, schedule a close date and pick up your check.
Do I Have to Make Home Repairs to Sell My House for Cash?
No. You do not have to make home repairs. Why? Because someone who pays cash for your house is willing to buy it as-is in its current condition - even with the fire damage. Plus, it doesn’t matter how the first started or who started it. The buyer is interested in buying your house - that’s it.
- No repairs or restoration
- No upgrades
- No inspections
- No appraisals.
The only exception would be if there was a pending legal investigation into the cause of the fire. However, even after the investigation was over, the buyer could still legally buy your house as-is for cash.
How Much Is My Damaged House Worth?
It depends. If you sell your house as-is without making repairs, the market value of the house will likely go down. How Much? On average, a home’s value decreases by ten percent after a fire. However, the extent of the fire and the condition of the house before the fire often determine how much value the property loses.
For this reason, it is important to work with a reputable, honest company that buys houses in Cleveland, OH. An experienced buyer will make a fair cash offer on your house without trying to lowball you or take advantage of your situation. Plus, a professional buyer is already pre-qualifed. So, once they moved forward with the deal, it’s a safe bet that it will happen.
Sell Your Damaged House Fast to Home Buyers Ohio
If your property was damaged by a fire and you need to sell your house fast, contact Home Buyers Ohio. We buy houses as-is. No repairs or inspections are necessary. Call 440-490-4600 to get a fast cash offer.