Every 24 seconds, a fire department responds to a fire somewhere in the United States. Although fires have decreased significantly since the 1970’s, the National Fire Protection Association (NFPA) reports that 356,500 home structure fires occurred in 2020, with an estimate of over $8.4 billion in property damage*. If you or someone you love has been a victim of a fire that caused major damage to your property moving on may be an important next step in your healing process, but selling a house in St. Louis with fire damage may seem like too big of a challenge after dealing with such a traumatic event.
How To Sell a Fire Damaged House?
When a house fire causes only minimal damage that is mainly cosmetic, a realtor may advise you to simply apply a fresh coat of paint to the affected areas and consider the issue resolved. However, before taking this step, it’s crucial to weigh the potential legal consequences. Disclosing any fire, smoke, or flooding damage to potential buyers is a legal requirement. Moreover, buyers may request a specialized inspection to verify that the damage has been appropriately addressed and that the property is indeed ready for occupancy.
On the other hand, for homeowners facing extensive fire damage, selling the house “as-is” through a traditional agent may not be a feasible option. The structural integrity and safety of the property are paramount considerations when determining the necessary repairs before listing the property for sale. If the cost of repairs proves prohibitive in your circumstances, opting for a direct cash home buyer such as STL Pro Homebuyers could present a viable solution.
Restore Or Sell As-Is?
When dealing with a fire damaged property in St. Louis, homeowners are faced with two choices: restoring the property to its original state for sale with a local real estate agent or opting to sell the home “as-is” to a cash buyer. While the idea of selling through an agent for the highest possible price may seem appealing, the reality is that the restoration process can be time-consuming. It involves waiting for a qualified contractor to commence repairs on the fire damaged home.
Furthermore, post-restoration, there can be additional delays as the city schedules inspections to check for any code violations. Addressing these violations may result in more waiting time for the contractor to make the necessary adjustments to bring the property up to code before receiving approval from the city.
With the expenses related to repairs, inspections, and compliance with local licensing and code regulations, homeowners may find themselves investing significant time and money into a fire damaged property with minimal returns on the eventual sale. Even if insurance covers the repair costs, there is the possibility that alternative housing expenses during the repair period may not be included in the coverage.
Many homeowners may deem the out-of-pocket expenses unsustainable. If this situation resonates with you, a quick and uncomplicated option of selling your fire damaged home may be the most suitable course of action.
Get an offer today, sell in a matter of days.
Tips For Selling a House with Fire Damage in St. Louis
Explore Your Selling Options
Have you recently experienced a fire and are now considering your options for selling a fire-damaged property in St. Louis? Whether you are contemplating selling your property as-is to a direct home buyer to avoid the hassle and stress, or if you have the resources to restore your home and sell it through a traditional real estate agent post-repairs but are hesitant about the waiting period, explore the advantages and disadvantages of each selling option outlined below.
Clean & Restore The Home
If your property in St. Louis has been significantly damaged by a fire, the prospect of investing time and money into its restoration may feel overwhelming in light of recent events. However, the potential financial rewards of refurbishing a fire-damaged property to prepare it for sale can make the endeavor worthwhile. Through thorough cleaning and essential repairs following extensive fire and water damage, you can enhance the market value of your home and attract higher offers in your local real estate market. Presenting a property that is move-in ready not only expands the pool of potential buyers but also boosts the likelihood of a competitive bidding scenario that could elevate the final selling price. Teaming up with the right real estate agent provides you with access to a network of contacts, allowing you to connect with other agents even before listing your property on the MLS. This proactive approach can decrease the time your home spends on the market and increase its chances of a swift sale.
But the difficulties of trying to restore a damaged house to make it market ready is a steep hill for many homeowners. Because you must disclose to all potential buyers that the house went through a fire, this information could affect the speed and price of your sale. Many buyers are leery when they hear “fire damage” and might pass on even looking at the house, even though you’ve spent a lot of time and money to have it restored. The property could sit on the market for a while, and the holding costs come out of your pocket during this waiting period. If the market shifts and house prices drop, there’s a good chance that all the money you invested will go out the window, leaving you with more debt than you would have had if you had worked with a real estate investor and direct home buyer that specializes in damaged properties.
Repairing A Fire Damaged Home
Homeowners in St. Louis who complete all necessary repairs and upgrades to ensure the safety of the next occupant may inadvertently reduce the attractiveness of their property to investors. Direct home buyers and real estate investors seek properties at a discount to renovate and sell for profit. These investors prefer to oversee the restoration process themselves to ensure the work meets their standards and complies with building codes. They typically have a network of skilled professionals, including cleaners and contractors experienced in handling smoke, water, and fire damage. Due to these established connections, investors can expedite the repair process, unlike traditional homeowners who may face extended wait times. Companies like STL Pro Homebuyers, specializing in extensive property restorations, excel in promptly completing repairs to the required specifications, enabling a profitable resale in the future.
Disclosing Fire Damage To Potential Buyers
When you sell to a cash home buyer with experience in fire damaged homes, you won’t need the funds to pay out-of-pocket for repairs of any water, smoke, and fire damage. There are even real estate investors who are specifically interested in buying fire-damaged houses in St. Louis. They have the knowledge and experience to deal with whatever damage they might find during the restoration process, and they are happy to work with you to close as quickly as you need so you can move on with your life. With a direct home buyer, you won’t need to deal with traditional bank financing or a mortgage lender for your damaged St. Louis area property. Because direct home buyers use their own cash to purchase investment properties, they can close as quickly as you need.
But there are also cons when it comes to selling a house directly to a cash home buyer as-is. With an investor or direct buyer, you’re not going to get the full market value for your house like you would if you restored it and sold it through a traditional agent. The pool of potential buyers who purchase fire damaged houses is small, leaving less room to negotiate the selling price. This could cause you to lose out on a potentially larger return on the sale of your property at a later date if you had spent the time and money to restore it.
In the end, it’s only you that can decide which option is right for you. Would you rather leave the stress and hassle to a professional like STL Pro Homebuyers, or do you have the time, money, and energy to complete all the necessary repairs to make your house safe for a potential buyer at a later date?
Can You Sell a House with Fire Damage As-Is?
Indeed, you can! When working with a direct cash home buyer like STL Pro Homebuyers, you will:
- Avoid the need to invest in inspections and repairs.
- Save valuable time and eliminate the stress by selling directly to STL Pro Homebuyers. We’ll take care of everything for you!
- Relax knowing that you won’t be responsible once the property is sold to a traditional buyer. Once the sale is made to us, it becomes our responsibility to manage.
The Quickest Way to Sell a House After a Fire
Selling Your House to A Cash Home Buyer
Rather not worry about the hassle of restoring a property that was damaged in a fire? Prefer for someone else to deal with the stress of managing contractors day in and day out while you are trying to put the pieces of your life back together? Then you’ll want to consider selling your house to a trusted and reliable direct home buyer. You might not get full retail value for your property in MO but you also won’t have to deal with a single repair.
Working with a Real Estate Agent
Selling your St. Louis home for the most money possible in the current market isn’t impossible if you’re willing to pay for repairs and upgrades to bring your house up to code. If you have the time to wait for contractors and repairs to complete the necessary work, make sure that you’ll get the money you put into the house back at the final sale. Your agent’s commission, closing costs, inspections, and anything the buyer requests be changed before close will come directly out of your pocket.
Selling Your Fire Damaged House For Sale By Owner
Prefer to save a bit of money on commissions and sell your house yourself (FSBO)? St. Louis has strict rules about fire disclosure when you are selling a house or rental property. You (and your pocketbook) will be on the line to make sure that you meet those legal requirements, as well as ensuring all of the paperwork is done properly before closing. If any of these steps are missed, you could be liable.
Sell Your Fire Damaged House Today!
Following a home fire, a crucial step is promptly assessing the property damage. It is essential to evaluate any structural harm resulting from the fire, smoke, and water. Once you initiate a claim with your insurance company, a qualified insurance adjuster will conduct an inspection of the property. The adjuster will determine the coverage provided by insurance for the damages.
At this juncture, residents in the St. Louis area who have experienced a distressing incident may find themselves shocked to learn that their insurance coverage does not fully extend to the expenses of restoring their residence. Individuals with inadequate insurance policies may struggle to finance a professional restoration. In such cases, selling your property that has been damaged by fire directly to a cash home buyer or real estate investor such as STL Pro Homebuyers could present the most viable solution for you.
Contact a real professional–STL Pro Homebuyers | (636) 400-6060