How To Sell A House With Fire Damage

How To Sell A House With Fire Damage
How To Sell A House With Fire Damage? Selling a fire damaged house can be a worse case scenario for home owners.

According to the National Fire Protection Association, from 2011 to 2015, there were 358,500 home fires in the U.S., which resulted in $6.7 billion in damage. And the record-setting California wildfires of late 2017 are bound to add to that statistic, resulting in tens of thousands of fire-damaged homes and billions of dollars in insurance claims.

  • U.S. fire departments responded to an estimated average of 355,400 home structure fires per year during 2012-2016.  These fires caused an annual average of:
    • 2,560 civilian fire deaths
    • 11,670 civilian fire injuries
    • $6.5 billion in direct property damage.
  • Four of every five (80%) fire deaths and three of every four fire injuries (74%) were caused by home fires.
  • On average, seven people died in U.S. home fires per day.
  • Cooking equipment was the leading cause of home structure fires and home fire injuries and the second leading cause of home fire deaths. Smoking materials were the leading cause of civilian home fire deaths over the period, although this was not true every year.

 

Leading causes of home structure fires

How to sell a house with fire damage

You have a few options here. First of all you can hire a contractor to perform all the repairs and ensure all the required permits are issued and the work done correctly. This may be a long drawn out process. The effort may be in your best interest. Typically the Certificate of Occupancy is revoked.  A certificate of occupancy is a document issued by a local government agency or building department certifying a building’s compliance with applicable building codes and other laws, and indicating it to be in a condition suitable for occupancy.

When to sell a fire-damaged house as is

If your are not up the the lengthy process of rebuilding your house, then another option is to sell it as-is to an investor. Typical investors are “We Buy Houses” investors. They pay cash for your property and can close quickly. The benefit here is you can close quickly, and on a time line set by you the owner. Thusly minimizing your holding costs. Typical holding cost would be taxes, any penalties levied by the city, safety barricades, HOA fines etc.

 

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