Fire and flood-damaged homes can be a hard sell especially if you are selling it via traditional methods. In fact, it would be much easier for a house to be sold if it’s completely destroyed than partially damaged as insurance companies will at least partially compensate you based on the value of the property. On the other hand, insurance policies can be very tricky when it comes to dealing with water-damaged properties.
Consider this: If a home in good condition will take months before it can be sold, how much more for a property that is ruined by fire and flood?
Fortunately, there is a faster route of selling your home and that is through a short sale route. And we will talk more about this topic in today’s entry.
What You Need To Know About Short Sale
A short sale is an unconventional way of selling a house or any other real estate property for less than the outstanding mortgage.
The way this process works usually begins with the investment company sending you an authorization form to you (homeowner). Once you’ve filled out all the details we need and signed the form we will talk to the bank to request for a short sale package and inform them that an investment company is interested in purchasing your property and proceed with the negotiations. And after all the terms have been agreed by both parties, then the investment company will then prepare a cash offer.
To say the least, the short sale route is becoming a popular option for most homeowners from different walks of life because it’s the fastest and safest route to make a sale.
Fortunately, Many Investment Companies Are Willing These Types Of Houses
When a property is destroyed by flood or fire, it’s only natural for homeowners to sell the house to get rid of the situation immediately. Thankfully, many investment companies are more than willing to purchase these properties at a fair price. Moreover, some of these companies specialize in cash offer transactions and provide homeowners fast solutions to amend their situations.
This will be a huge benefit on your part since:
- You won’t have to deal with third party (realtors, agents) representation.
- You won’t have to do any repairs just to restore the house to its previous state and spend a lot of money (which you likely don’t have) in the process.
- You can use the money you get from the sale to find a new house and start all over again.
Overall, the short sale route is the most practical solution you can take in selling your fire and flood-damaged house. Not only will you receive the payment in days after closing but you also save yourself from the hassles usually involved in the conventional selling process. River Raisin Properties can help you sell your house fast in Michigan. Check out their site for more info about their services.