After the horrible storms and the tornado that ran through Pulaski County, you might be wondering if you can sell your storm-damaged house.
The simple answer is, of course you can. But selling it is not so simple.
We’ll show you some important issues you need to be aware of, and the selling options that are available to you.
With this guide, you can navigate this stressful and confusing situation to a happy conclusion.
So let’s get started exploring the challenges of selling a house with storm damage in Little Rock.
Selling a Storm Damaged Home is Difficult
The severe weather that roared through Pulaski County caused widespread damage. And if your home was badly damaged, you’re now faced with a very difficult decision: Should you keep or sell your tornado-damaged Little Rock home?
The process of selling a storm-damaged property involves several challenges:
- Assessing all the damage: After tornadoes touched down in Little Rock, many residents had to evacuate their homes due to safety concerns. After such an event, it’s overwhelming trying to determine just how much needs repairing or replacing. And is it safe to move back in?
- Finding a buyer: When it comes to homes damaged by severe weather, there are few potential buyers. They fear future issues related to structural integrity and other hidden damages that will incur additional expenses.
- Pricing adjustments: because of these issues, sellers often have no choice but to significantly reduce their asking price.
Trying to sell a storm-damaged home can be very stressful. But with the right information, resources, and patience, it is possible.
Understanding Your Storm Damage Selling Options
Let’s look at both traditional and non-traditional methods of selling your house.
- Finding a Realtor to Sell a Tornado Damaged House
A realtor can help you through this process, but they are not trained in handling this level of damage. This is not simply adding some curb appeal.
So you will still need to get the house back to a fully restored and safe state. Only then will the realtor put your home on the market. This is not the solution most residents are looking for.
- Finding a Cash Buyer or the Selling Storm Damaged House As-Is
An alternative approach is selling without a realtor. This means seeking out cash buyers who specialize in purchasing storm-damaged properties quickly without requiring repairs beforehand. Cash Buyers are used to looking at houses in as-is condition, so tornado damage won’t deter them.
Cash Sale Benefits:
- No need for costly repairs before selling.
- Avoid lengthy negotiations with potential buyers.
- Sell your home faster compared to traditional methods.
- No commissions or fees associated with real estate agents.
If you like this option, reach out to our team at Gary Buys Houses for a Free, no obligation offer on your storm-damaged house.
3. Selling the House Yourself Post Repairs
You can go this route. It’s not easy. It will require you to manage the insurance claims process, oversee repairs, and then list your property for sale. It takes a long time, and you will be responsible for overseeing the process.
Let’s take a closer look at the traditional process of preparing a storm-damaged home for sale.
Prepare Your Home for Selling a House with Storm Damage
To find a typical buyer yourself, you will have to first complete the necessary large-scale repairs and renovations. A typical buyer will not even consider your house while under repair.
Health Risks During a Damaged House Clean-out
Yes, you must first clean up the property before you begin assessment and repairs. And the clean-up comes with risks.
According to HUD, there are many potential dangers hiding in the debris. Like asbestos, lead dust, mold, and others. This site will provide you with a comprehensive list.
Making Storm Repairs
If you choose to repair your storm-damaged home before selling it, you will need a comprehensive assessment of all damages caused by the storm. This of course involves the insurance claims process, which can be difficult. At times, homeowner mistakes result in denied claims.
As this usually includes structural and other serious damage that requires major reconstruction, you will need:
- Professional contractors who have experience in major building projects.
- Working with the local government building department to make sure permits are in order, and the rebuilding will follow safe industry standards.
- Working with an architect who can provide plans that certify everything will be repaired properly and safely.
If going this route, here are some important points you need to consider:
Negotiating Repairs and Price Adjustments
- Estimate repair costs: Get estimates from reputable contractors for all necessary work. These estimates will help you assess your financial responsibilities.
- Have a contingency plan: Whenever large-scale work is done, there will be setbacks. Weather, delay in getting materials, etc. will cause a delay in the work getting done.
- Also allow at least an additional 20% to the overall cost, as there are always hidden costs in any large construction project.
- Safety first: As the house may not be safe, make sure to warn anyone who needs to enter the property. And signs should be posted as well.
If your house has foundation issues and you need to sell it quickly, read here.
A Better Solution to Selling Storm Damaged Homes in Little Rock
If overseeing all the necessary repairs and renovations is overwhelming, consider selling your tornado damages house as-is.
This option will require you to discount the price. But it will also be the quickest and least stressful approach:
- Find a Cash Buyer: Look for buyers who can purchase the property as-is. Find a Little Rock company like Gary that can pay cash. This will allow for a quick sale that won’t require you to make any repairs or insurance claims.
- Be Prepared to Negotiate: Understand that selling a home as-is may require some flexibility on price – potential buyers will need to offer less than “retail” based on the extent of damage and cost of repairs. Remember, they have to pay for the repairs.
- Safety First: As the house may not be safe, make sure to inform everyone before they enter the property.
By being open-minded about pricing and negotiations, you’ll increase your chances of finding a quick cash buyer for your tornado-damaged home in the Little Rock area.
Selling a Damaged Home: Know Your Liability
Mandatory Disclosure of Storm Damage
In most states, including Arkansas, sellers are required to disclose any known defects or damages to their property before closing on a sale. These are sometimes relaxed during emergency declarations, so check with an attorney.
This includes disclosing water intrusion, even if there isn’t any structural damage to the house.
To protect yourself against any legal liability, you must provide a complete disclosure statement to any potential buyer.
FAQ’s
Can I sell a storm damaged house “as is”?
Yes, you can sell a storm-damaged house “as is”. However, you must disclose the damage to potential buyers. Selling a storm-damaged house “as is” may reduce the amount of money you can sell it for, and it may also limit the pool of potential buyers. It’s best to sell to a cash buyer who plans to fix it.
Should I repair my storm damaged house before selling it?
It depends on the extent of the damage and the market conditions and your budget. In some cases, making repairs can increase the value of your house and make it more attractive to potential buyers. In other cases, making repairs may not be cost-effective. Consult with a reputable company who buys homes to fix them that has experience buying storm-damaged properties. They will help you to determine what repairs, if any, are necessary and what repairs would be beneficial to make before listing your house or selling it in it’s current condition.
Final Thoughts on Selling Your Storm Damaged Home in the Little Rock Area
Repair and sell or sell as-is for quick cash. Both choices come with their own set of advantages and challenges, so it’s crucial to weigh your options carefully before making a decision.
Whether you’re in Lonoke County, West Little Rock, North Little Rock, or anywhere in the greater Pulaski County, severe weather is something we have to live with.
But the damage to our homes, whether from an ef3 tornado or simple wind gusts, can be more manageable when working with a reputable, local company that buys houses with damage.
And Gary Buys Houses is here to help you with this difficult decision.
Our team of experienced professionals will provide you with the best solutions for selling your property fast and hassle-free.
Reach out for a free, no-obligation cash offer today!
