How to Sell a Flood Damaged House?
Approximately 15 million homes in the United States are at risk of flooding. Coastal homes are particularly vulnerable to flooding caused by high tides and hurricanes.
However, it’s not just coastal homes that may flood. Inland properties also experience flooding, and the damage can be devastating. If you have a home affected by flooding at any time for any cause, you may wonder if selling is possible.
While it may be challenging, anything is possible when you know what to do.
Take Steps to Reduce the Damage
The initial 48 hours after your house has been flooded are critical. It’s this period that makes a massive difference in severe and minor water damage.
Before considering how to sell, you need to take steps to reduce the water damage. Along with taking steps to mediate the damage, you need to do a few other things right away.
These steps include:
- Make a list of everything that’s damaged
- Get photographic evidence of the damage
- Get in touch with your insurance company
- Wear protective gear when in the water-damaged property
- Remove anything holding water in the house
- Use a humidifier
- Remove and consider replacing the drywall
- Work quickly to prevent mold
Figure Out if You Want to Sell as-Is or Make Repairs
If you handle the flood problem as quickly as possible, you may only have minor repairs to make. However, it may seem like there are more extensive repairs you need to invest in some situations.
Because of this, you must decide if you will sell as-is (probably to a cash buyer) or if you will make repairs. There are benefits and drawbacks of both options.
Repairing a Flooded Home
If you have the time and resources to repair damaged parts of the home before the sale, you can get more money for the property. However, this process requires you to find and hire contractors and find somewhere to stay while they make repairs. These steps can be costly.
You also must put effort into ensuring your buyers feel confident and comfortable purchasing a flood-damaged and repaired home. To make your buyers comfortable, inspections will be needed, and you will have to repair even small issues that have occurred.
In some cases, taking these steps is worth the investment.
Selling a Flooded Home As-Is
If you don’t have the time, money, or desire to make the needed repairs, it may be possible to sell the flooded house as-is. Just remember, you won’t be able to get as much for it.
Usually, you will have to find an investor or cash buyer willing to give you the cash sale offer. By doing this, you can get out of your house quickly and find somewhere else to live.
The best part about this option is that you don’t have to do anything. You can save the money you would have put into repairs and inspections and use it to pay for somewhere new to live. For many people, selling to an investor or cash buyer is one of the best options for flooded homes.
Always Disclose Water Damage to Buyers
Regardless of what you decide to do or how you decide to sell, don’t attempt to hide the water damage that has occurred.
It doesn’t matter if you are selling the home to an investor or buyer. Hiding the damage is a bad idea. It is against the law. When you sell a home, the law requires you to disclose any water damage that has occurred.
Remember, water can introduce all types of harmful substances and materials in your home, causing mold growth down the road.
If you hide or fail to disclose the water damage that has occurred, you may find that the buyer or investor takes you to court when they find out. Take time to let buyers know about the damage that occurred and how extensive it was.
Taking the Right Steps to Sell a Flood-Damaged House
As you can see, selling a flood-damaged house is something that takes time and effort. It also requires you to consider how you want to proceed with the sale. Be sure to keep the information here in mind, which will help ensure you get the desired results.
If you have money to make the needed repairs, you will get more money when you sell; however, this requires an investment. If you just want to get the property off your hands, then selling to an investor or cash buyer is your best option.
With this selling method, you don’t have to worry about investing time or money into the house – you just sell and move on.
It’s up to you, but make sure you let a potential buyer know about the flood and water damage to avoid issues down the road.