A natural disaster has struck, your home is damaged, and your family feels shaken. It feels like a gut punch. It’s hard even to know what to do from here, but the only way through it is forward. What now? Formulating a plan and executing it will get you to the other side.
The extent of the damage will likely be a major determining factor in what you decide to do with the home. Some disasters require some minor repairs, while others render the need for an entire teardown. Depending on your life circumstances, you may or may not want to deal with that.
So, where does that leave you? Are you ready to sell a home that a natural disaster has damaged? You’ve got options. You can find someone who will buy houses in any condition. You might even receive a cash offer on your house faster than you can imagine.
Before you decide what to do, start by gathering all the information you can, which you’ll use to build an accurate assessment of your situation. You’ll then decide what you have the physical and emotional capacity to take on, and then you will enlist the help of professionals. While it may feel daunting, moving forward one step at a time will put this all behind you. Here’s how you’ll get there:
Step 1: Assess the Extent of the Damage
Knowing exactly what you are up against is the first step and perhaps the hardest to stomach. It might feel like ripping off a band aid, but knowing what you are dealing with will be the foundation of the rest of your decisions. Depending on the extent of the damage, it’s often wise to bring in a professional contractor or structural engineer for a professional assessment.
Step 2: Work with Your Insurance Company
Another necessary step is to gather information from your insurance company. Find out what they will cover, understand your deductible, learn about the timeline, and find out what resources they will offer you. Your insurance agent works for you, so continue to reach out to them until you have all the answers you need.
Step 3: Determine What Repairs You Can Handle
Once you know the extent of the damage and what insurance can do for you, it is time to make a plan. Tackling repairs and making the home livable will allow you to make more money when you sell. If your goal is to try to recoup some of the losses you’ve endured, fixing the home and then selling makes sense.
If you don’t have the time or energy to deal with repairs, you can connect with a reputable real estate investor. It is hard to find a traditional buyer for damaged homes because banks don’t typically finance as-is sales. An investor will pay for your home in cash, expedite the sale of your home, and then handle the clean-up and renovations. While you won’t necessarily get top dollar from your property, you may still be able to walk away with money in your pocket. Read more about finding a legitimate real estate investor here.
Step 4: Be Realistic About your Circumstances
Natural disasters feel unfair to those who have to clean up the aftermath. The emotional effects of the situation can leave you feeling overwhelmed. Allowing yourself to detach from the emotional side of the experience will help you feel more in control as you make decisions. Focus on the facts and gather as much data as you can.
Lay out the information you have: the extent of the damage, the role of insurance, an accurate assessment of your property value, and your ability or desire to handle the work associated with bringing your home back to its former glory. Look at it through a realistic lens, and you’ll start formulating an idea of the best path forward for you and your family.
Step 5: Work with A Good Real Estate Professional
After everything you have been through, you deserve to be taken care of, and a great real estate professional will do just that. Partnering with an expert to walk you through the process will take some of the burden off your shoulders. Their expertise will be invaluable as they guide you through your options and advise you on your choices.
Whether you work with a traditional real estate agent or opt to sell to a real estate investor, choose to work with someone who understands the trauma of what you have been through and can handle the logistics of the sale of your home.
Step 6: Honestly Disclose Your Home’s Issues
A final note about navigating the sale of a damaged home: depending on how you sell your home, you may be required to complete a real estate disclosure on your property. This disclosure ultimately provides you protection in the future. Buyers cannot bring legal action against you for anything you disclose. When it comes time to complete your disclosure, be completely forthcoming about everything you know.
If you sell to an investor, this may not be required. Investors often purchase properties in as-is conditions and will waive the need for a disclosure. Speak with your real estate professional and ensure you understand how this will apply to your unique situation.
Moving on after a natural disaster can feel impossible, but brighter days are ahead. Enlist the help of family, friends, and experienced professionals to help you along the way. You may be surprised by how eager people are to support you.