While unfortunate but true, many homeowners are affected by fire and water damage every day. This can leave them scrambling and looking for answers, and wondering if they can sell their home or if they’ll have to repair it. A house with fire or water damage can be sold, but it’s important to consider whether or not this makes the most financial sense.

Questions that should be asked are:

  • How much fire or water damage is there?
  • Will insurance cover it?
  • Can the damage be repaired with little cost?
  • Should you have the house repaired?
  • Would it make more sense to sell the house as-is?

Assessing the Damage

In the wake of a fire or flood, it’s essential to have your house thoroughly inspected by professionals. Not only will this make sure that the structure is entirely sound before you enter, but it will provide you with an idea of where to start with your repairs. During the inspection, everything from the doors to the roof to the electrical circuits are tested for quality. Once you have this information, you’ll be able to think about whether or not it makes sense to repair your house before selling, or whether you should sell it to an as-is home buyer.


Consider the Cost to Repair

Home restoration companies such as Rainbow International Restoration and Woodard can make the process of repairing your damaged home easier but are often costly. If at all possible, doing the repairs yourself can save you a lot of money. Small repairs such as repainting and doing minor cleanups will be inexpensive and will add value back into your home. If the damage done to your home is more significant, it might not make sense to repair it. You’ll be able to make a more informed decision after consulting your insurance company and seeing if your home is covered.


Consult Your Insurance Company

After dealing with the unwanted stress of fire or water damage in your home, talking to your insurance company might seem like it’ll make things even more stressful. The truth is that this process can be lengthy and involves a lot of back-and-forth phone calls. You’ll have to file a claim, and then submit information such as:

  • When the fire happened;
  • What sort of damage there is;
  • Where the damage is located;
  • Who was involved and if anyone was injured;
  • A brief description of what was damaged;
  • The police report.

After submitting all of this, your claim will go into investigation which can take weeks sometimes months. It’s common for the insurance company to close the case prematurely as well, leaving you to wonder, “where’s the rest of the insurance payout?” If you aren’t happy with the amount that they’re offering, you can open the case back up, but this will draw the process out even more. If this sounds like something that you’d like to avoid, there are other options available to you during this time. It can be worth exploring consulting a St. Louis as-is home buyer who specializes in purchasing less-than-perfect homes for all-cash.


Cash Value Insurance Payout

Another option that homeowners have if their house is effected by fire or water damage is to choose not to fix their home’s damage. There are two payout options after submitting a fire or water damage claim to your insurance company. The first option for using an insurance payout is to fix your home’s fire or water damage, and prove that the damage was fixed. You’ll pay the amount necessary to the contractors who are fixing your house. The second option is to get a cash value payout from your insurance company after submitting your claim. This payout will be determined by your home’s depreciation value, and can be used to purchase a new home. This can be a good choice because there is potential to maximize your profit. After receiving your cash payout, you don’t have to use the money to repair your home. You could skip the time-consuming repairs, pocket the payout money and sell your house to an as-is home buyer. These buyers will pay all-cash for your home, often in as little as one day, and can help you skip the headache of rehabbing your house and losing out to repair costs that might not add much to your home’s value in the long run.

Consider Selling As-is

I know what you’re thinking, “who would possibly want to buy my fire/water damaged home?” St. Louis as-is home buyers are dedicated to purchasing homes that are considered hard to get rid of and have the resources to offer you an all-cash competitive offer for them. A St. Louis favorite, Evervest Home Buyers has bought more than 700 homes in the community. We are committed to making the process of selling your home hassle-free and will work around your busy schedule.


As St. Louis natives, we pride ourselves on helping local homeowners sell their homes during difficult times and helping them bounce back from these stressful situations. We will offer you an all-cash offer for your home in as little as a week and make every effort to provide you with the absolute most for your home. If you’re interested in scheduling a consultation, feel free to call us at 314-730-0366 or Contact Us!