How to Sell a Fire-Damaged House Tennessee
How Serious a Situation House Fires Really Are:
The reality of a house fire situation could be more common than most would think. The National Fire Protection Association reports that a fire occurs every 89 seconds.
In 2020, fire losses totaled $12.1 billion collectively across the United States. Wildfires are what usually get all the press; however, less than 1% of house fires can be attributed to them. Cooking mishaps, electrical, and other household mishaps comprise the vast majority of all fires.
With a brick wood-burning fireplace common to many Tennessee homes, the risk is always there, especially as climate change rises temperatures and adds to drier conditions.
For most in Tennessee, the time immediately after a house fire is devastating. Emotionally, the decision of how to begin with the actual physical aspects of damage could be huge.
At the same time, however, there really has to be an extremely definitive course of action in the wake of such a disaster to make sure further damages are not incurred and just get the ball rolling toward moving forward, potentially by seeking a quick fair cash offer in the booming real estate market.
Immediate Steps to Take After a House Fire:
- First and foremost, you will need the necessary permission from the Fire Department before you can enter back into your residence after they have put out the fire. Of course, the exact cause of action for this need is safety reasons. Never know what kind of damages a tragically bad fire can cause, unknown hidden damages could exist that may turn out to be dangerous for you. This is particularly true if your house had a brick wood burning fireplace, which can smolder and stay hot for hours after the fire seems to have gone out.
- Once it is safe for you to do so, re-enter the premises and take out important papers and other very valuable assets. Protect your property from the weather and from people as quickly as possible, a second priority. This could be as simple as tarping roof and wall openings, or as extensive as boarding up windows and doors. The latter is on par with calling your utilities supplier and having services shut off to your home, if the conditions dictate that these actions will prevent further loss.
- Your next call should be to your homeowner's insurance company. The sooner you begin the claim process, the quicker you will know your options and thus start planning your next moves. Your insurance company may also have leads on temporary housing while your home is inspected and assessed. In the meantime, you will want to start looking into whether it's possible to get a fair cash offer from real estate agents or investors so that you can sell your house fast.
Deciding Between Repairing or Selling:
One of the major critical decisions likely to confront you is to either repair fire damage or place your home on sale "as is." This consideration, no doubt, will depend on several factors like actual damage, your financial situation, and how much time you have toward the repair of your home.
Probably, sometimes the best decision would be to sell for a good cash offer instead of wasting time on repairs in the booming real estate market.
Repairing Your House from Fire Damage:
Fire restorations can be very expensive and time-consuming; however, in the end, the means one has may be worth it. The average restoration cost runs from $2,867 to $33,966 against fire and smoke damage.
The national average is $17,598. Of course, what your final estimate will depend upon is how bad your damage is and what kind of repairs you need. Additional inspections will be required if your home features a brick wood-burning fireplace.
If you plan to restore your house, be sure to hire a licensed home inspector for damage assessment. A home inspection differs from the intent of the adjuster's work; hence, it is pretty important to get first-hand information about the damages.
Depending on the extent of the fire damage, you may bring in a structural, electrical, mechanical-HVAC, or plumbing inspector. As this occurs, keep in mind the real estate market and how a quick sell house fast option might compare to the repair costs.
From here, your restoration contractor will pen a plan at the end of the inspection. It is supposed to include scope of work, timeline, and cost. Just be aware that sometimes issues can come to light during the actual restoration process; this is where you'd want to budget for 'what-ifs.' Additional work might come from structural issues with your brick wood-burning fireplace as an example.
Also, as part of the many other critical processes involved in actual restoration that should be dealt with in advance, property protection, water removal from firefighting efforts, and cleaning soot, smoke, and other residues must be taken into consideration.
There are some occasions where rebuilding or retrofitting may even appear to be necessary for parts of the structure to get the home back in the state it was in before the fire. If you are fortunate or in a position to restore the home, then do not forget to mention to the buyers that there was damage from a fire.
Discuss with the buyers the need to restore damages caused by the fire, and they will appreciate and feel confident if you tell them that all necessary repair work had been done. Or, if you don't want to go through all this hassle, you can simply opt to accept a reasonable cash offer from someone buying a damaged house in this real estate boom.
Selling Your Fire-Damaged House As-Is:
If your damage is so extensive and you don't have the time, capital, or stamina to pursue some of those repairs, it's probably best to sell the fire-damaged house as-is. It may sound a bit difficult, but it is not actually impossible to sell a house in such a state, especially if you are open to receiving a fair cash offer. Here are some things you need to consider when selling a fire-damaged house in Tennessee:
● Smaller Pool of Purchasers: Handling a fire is sometimes such a hassle in terms of finding a buyer who will take your damaged house, damaged by fire, off your hands. This might be the case in situations wherein there is a pressing need to sell quickly. The best option in this kind of scenario will be real estate investors and cash buyers who deal in distressed property like yours and who will offer you a fair cash deal for a quick sale.
● Lower Selling Price: Most likely, a buyer would have to be interested in spending some money on the home after the inspection report. They might not offer what it is probably worth, so be prepared to negotiate and for selling below what you may have hoped for, unless you get a fair cash deal from real estate agents or buyers looking to buy damaged houses in a booming real estate market.
● Financing Issues: Much of the typical buyer is financed with cash from a mortgage, the availability of which may prove to be a challenge in the case of a fire-damaged house. In such a case, this would more likely appeal to cash buyers ready to present a good cash offer. Many of these buyers could understand the property with a brick wood-burning fireplace or some other features that may have been damaged by the fire.
Selling a house damaged by fire is not exactly easy, but it can provide an individual with a way to get the property off the market fast with the least complications. Real estate investors are always on the lookout for houses to buy at the best possible price to renovate and resell or lease. Often, they can offer a good cash deal that can make sales easy if the real estate market happens to be vibrant.
Tips to Sell a Fire-Damaged House:
Whether you are looking to renovate a property or sell a damaged house, here are some tips to help you get through either process:
1. Full Disclosure: Since you're selling a fire-damaged house anyway, it's very important that you give details of the damage to interested buyers. Openness about the extent of the damage and the consequent repairs will always help in building trust between you and the buyers. It also keeps you clear of any future problems.
Being upfront about the damage can also help you secure a fair cash offer from serious buyers, especially if you're dealing with real estate agents in the booming real estate market. They understand the risks and rewards of a property with potential issues caused by a brick wood burning fireplace or other fire-related damage.
2. Keep every record: If you finally have the property repaired, be sure to capture that moment by taking pictures and saving the receipts that will document all the work done. This will help in fixing your selling price and negotiation process with the buyers more so with those interested in a fair cash offer in the booming real estate market.
3. Patience: It takes time to sell a fire-damaged house, more so to find the right type of buyer. Much forbearance shall be needed to answer too many queries and go through various inspections and too many negotiations. Under these circumstances, patience and perseverance become much-needed virtues, and these really pay off in due course.
While technically all this can be bypassed by wanting a fair cash offer from real estate agents or buyers seeking to buy a damaged house. This is especially so if you had targeted a particular market, like those wanting a property with a brick wood burning fireplace in the first place.
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Conclusion:
Whether your Tennessee home was damaged by fire, there would be no doubting that the choice of what's best to do with it strictly remains your own. With resources and time on your side, doing repair damage and getting your home back in good order is the long way to maximize return value. However, if time is somewhat new to you, and you're really prepared to get out quick, selling as-is can be much more in your interests to sell to a real estate investor or cash buyer who can give you a fair cash offer in a booming real estate market.
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Fire damage to a home indeed can be a true hassle, something we are attuned to at Fast Offer Price. We buy houses in every condition, even fire-damaged, and know exactly how to guide you through a nice, smooth, fast process moving on in life. If you are tired and ready to sell, fill in our form today and let us walk you through the steps ahead. We might be able to give you a competitive cash offer which will meet your needs. Whether you're trying to sell house fast or buy house fast, our team is here to help you navigate the complex world of real estate. And if you've been hit by rising temperatures from climate change, resulting in fire damage, we get that too. Just be sure to understand caveat emptor—buyer beware—as real estate agents and buyers alike will be looking closely at all aspects of the sale, from the structural integrity to the condition of your brick wood-burning fireplace.
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