Sirens are blaring and the firetrucks are racing to save your burning home. When the fire has been put out and you inspect the damage, you feel down and disheartened because it’s extensive.
Fire damaged property has structure damage, which can be readily seen upon regular inspection. Depending on the extent of damage, you will be spending an estimate of $6000 for a good restoration. That’s a fair amount if your insurance company will cover. That’s very unfortunate if they will not.
In this article, let’s explore what your options are if you have a fire damaged property and you cannot afford the restoration.
Can I sell it?
This is, perhaps, the first question that comes to mind. Can you get back some cash from a fire damaged property? The short answer is yes. The long discussion will be to answer the how.
How can you sell a fire damaged house? The fastest and easiest would be to contact companies that buy houses fast in Oklahoma without any questions asked. That also means no commission charges and fees.
The longer and more traditional means would be to find a realtor who is experienced in selling rehab properties. Your realtor will market your property as having fire damage so the buyer will need either cash or a rehabilitation loan to buy the property.
Selling the property “as is”, meaning you didn’t do any repairs, will mean that the buyer will discount heavily. On top of that, your realtor will still charge the usual fees and commissions so take a look at the final number before you hand over the keys to the house.
What is the market for fire damaged homes?
The state of the market for fire damaged homes will depend your location. For instance, if the value of properties in the location are likely to increase in the coming years, then buying that fire damaged home is a good investment. Otherwise, it’s all lemons.
Investors looking for fire damaged homes are particularly attracted to fixer-uppers because they are undervalued (read super cheap). They will basically do a flip and fix investment, which means that they will spend money to fix the home and then sell it for a higher amount (depending on market value) later on. Flip and fix investments have huge ROIs.
Fire damage doesn’t automatically mean a death sentence to the property and your investment. You can still get sell it for cash or restore it and make it a home again. It’s your choice.
Do You Need To Sell Your House in Oklahoma?
You’ve tried to sell your house but are running into roadblocks. You probably even tried calling a real estate agent. Sometimes selling a house the traditional way with a real estate agent is simply not the best for everyone. As you know, there can be lots of pitfalls when selling a house the agent route, including: having to clean up and repair the property so it shows well, (open houses in Oklahoma City is not always fun) finding an agent who you trust and who can deliver on their promise (selling your house quickly), signing a contract that binds you to an agent for a certain term, the piles of paperwork you have to sign, shuffling paperwork back and forth from buyer –> to agent –> to you… and back.
The biggest issue with trying to sell with a real estate agent or selling it yourself is often times retail buyers will tie up a home for weeks and pull out on the deal at the last second… or have their bank loan fall through.
It can all add stress, months to the process, and in the end after paying the agent fees, you may or may not be ahead of the game because homes for sale in Oklahoma City can get very competitive.
We work differently. We will provide you a fair all-cash offer on your house within 24 hours of submitting the short property info form below and can close when you want to close. If the house is in terrible shape and you don’t want to (or can’t) fix it up… NO problem, we’ll deal with it for you. If you need to get something done quickly, we can close in as little as 7 days because we buy houses in Oklahoma City with cash and don’t have to rely on traditional bank financing. (Go here to learn about our process <<)
No matter the condition of your house – your situation – or timeframe…
Our goal is to help make your life easier and to get out from under that property that’s
stressing you out… while still paying a fast, fair, and honest price for your house.
Or Give Us A Call Now At: 405-806-0005
We help property owners just like you, in all kinds of situations. From divorce, foreclosure, death of a family member, burdensome rental property, and all kinds of other situations. We buy houses in Oklahoma City and surrounding areas. Sometimes, those who own property simply have lives that are too busy to take the time to do all of things that typically need to be done to prepare a house to sell on the market… if that describes you, just let us know about the property you’d like to be rid of and sell your house fast in Oklahoma City for cash.
If you prefer to talk to someone in our office before submitting your property information just give us a call today at 405-806-0005
We buy houses in Oklahoma City and all surrounding areas in OK. If you need to sell your house fast in OK, connect with us… we’d love to make you a fair no-obligation no-hassle offer. Take it or leave it. You’ve got nothing to lose 🙂