Dealing with a water damaged house
If you recently experienced flooding in the Houston or surrounding areas, one option you have is to sell the property to an investor. By doing so, you will not have to deal with the costly repairs and time associated with fixing the house.
In times like these when disasters strike, there are plenty of great stories of people helping each other out. Unfortunately, there are also stories of people taking advantage of the situation. The remainder of the article will give you tips for selling a flooded home to an investor and avoid being scammed.
To begin with, here’s what you should know how legitimate investors look for in houses. This will give you a good understanding of how investors operate.
Investors will first look at the house to determine what your property could be worth in a fixed up condition. They do this by analyzing the other houses which have sold in your area. These houses must have the same characteristics (size, number of beds/baths, etc) to be considered. What will make a flooded house unique is the risk of the house being flooded again. Houses outside of the flood areas will be more valuable than houses in the flood areas. Even if your house did not flood, but if most of your neighbors did, the value will likely decrease. The flood perception will stick to the neighborhood.
The next factor considered is the repairs needed to make the house in a condition to generate the most value for the house. Both structural and cosmetic items will be reviewed to determine the scope of work required. With flood homes, the risk of mold is much stronger due to the water getting into houses.
TIPS for selling a flood house
Here are some other helpful tips when selling a flooded home to an investor:
- Make sure they are a local investor who knows the market
- Ensure they are professional with business cards and a website
- Get their referrals from title companies they have worked with in the past
In the end, the goal is to have all parties benefit from the sale. You can sell a flood house without all of the hassles associated with it. Water damaged homes can be tricky because there is risk for more flooding. The investor will assess the property and determine if the risk of the project will be something they can take on.
For any more information on this or any other questions you may have when selling to investors, please fill out the form below or call us at (713) 321-2888.