Representing a homeowner with a water-damaged home in need of a bail-out? Help them navigate troubled waters with these real estate tips for selling a house with water damage fast.
Real Estate Tips for Selling a House with Water Damage
When it comes to selling a home with water damage, there are generally two options:
Minimize & Repair Underlying Damage.
When possible, repair is best to protect the value of the home. The first step to repair is minimizing damage and cleaning/removing affected items per the homeowner’s insurance company stipulations. Drying everything as fast as possible is key to preventing mold proliferation, which begins as soon as 48-hours after water damage.
Though drywall, particle board, and carpet are not salvageable, wood and plaster are if quickly dried. Carefully repairing any underlying damage is key, as signs of the after-effects of water damage scares off most buyers, who assume the worst scenario is lying behind water stains.
Always disclose repaired damages and hire a home inspector (or two) – not only to provide buyers peace-of-mind, but to ensure the highest price possible for the home and protect sellers from potential legal issues down the road. It will also put sellers in the driver’s seat when/if negotiating for further repairs.
Sell the Home Fast – As Is.
For those without insurance or the funds to make repairs, it’s possible to sell a water damaged home ‘as is.’ Removing all water-damaged material, leaving behind only structure that is salvageable, is more work. But it could allow potential buyers to truly see what’s under the surface of home repair needs, safeguarding the value of what remains.
Water damage is quite common in ‘as is’ properties. Some companies and even individual investors specialize in restoring water damage homes. Prepare buyers for a huge hit on home value, however.
Flood of home sales issues? Properties Online has the real estate tips you need to ensure safe harbor.