Even when we strive to take the best care of our homes, they can experience damage. Maybe you went through a natural disaster and now face fire or flood damage. Or perhaps there are structural concerns due to a compromised foundation, termite damage, or a failing roof. When faced with enormous repair costs, along with the time and stress involved with making extensive repairs to your home, it is understandable that you may wish to sell your damaged house in Detroit instead.
But how do you even begin to sell a house that has extensive damage without making repairs? Most Realtors wouldn’t touch a property in that condition, or would at least require the homeowner to complete the repairs before listing it. But if you don’t have the money or the time to make repairs, or you suddenly discover your homeowners insurance doesn’t cover flood damage or fire damage caused by wildfires, what do you do? According to a 2021 consumer survey conducted by the Center for Insurance Policy and Research, 56% of the homeowners surveyed across the U.S. believed their homeowners policies covered flood damage, even though most standard policies don’t cover floods, and as few as 4% of homeowners actually have flood insurance.
Thankfully, if you need to sell a damaged house in Detroit, whether it’s damaged by flood, fire, or foundation or roof failure, there’s still hope! Below we’ll cover some of the best ways to sell your damaged home, along with some key factors to consider.
Be Transparent About the Property’s Condition
It may be tempting to brush a few problems under the rug when you hope to sell a damaged house. After all, the repair funds will need to come from somewhere, and may be subtracted from your final offer. But honesty is paramount when you’re selling a damaged house. It will help build trust, streamline the process, and keep you out of potential legal hot water in the future.
Market As-Is Potential
There are cash home buyers in Detroit who will buy homes as is. They can invest in restoring or rebuilding a damaged property and don’t mind the challenge. If you want to try to tackle the sale yourself, consider marketing the as-is potential of your house. You can sweeten the proverbial pot by letting potential buyers know that you want a simple and speedy sale. However, these transactions involve a fair amount of paperwork, so you may be better off teaming up with someone more experienced.
Find an Investor
Going this route will save you significant time and possibly even alleviate unnecessary stress. Investors, particularly those familiar with the local real estate market, are usually willing to get you a cash offer as quickly as possible. But that’s not the only benefit of finding an investor you can trust. Many investors will buy your Detroit property as is, so you don’t have to worry about paying for additional repairs or doing extensive cleaning.
On top of that, partnering with an investor could help you save some serious cash. Traditional real estate transactions involve hefty closing costs and agent fees. The latter typically runs around 5% to 6% of the total sale. Working with a Detroit cash home buyer means you can avoid those fees, which puts more money in your pocket!
Wise Property Buyers in Detroit Buy Homes & Properties As Is
For Cash—Even With Extensive Damage!
Would you like to learn more about selling your damaged Detroit house for cash? Contact Wise Property Buyers today to get your fair-market cash offer! Our cash home buyers purchase properties as is, and our team will walk you through the entire process and handle all the details.