Selling a flooded home: Follow 7 steps

What is the devaluation of the flood?

Experts believe that flooding events can damage the value of your property. For flooded homes, even if they have been renovated, the Kinne’s value has been reduced by 20% to 30%.

The level of property depreciation may depend on the severity of water damage, overall impact, the type of repair required, the location of the house, and the potential for future flooding.

Should I try to fix the loss, or should I sell the home?

If you decide to sell a home damaged by floods, you do have a choice. You can do the necessary repairs to cash investors to sell the damaged but habitable home “as is” or, if it is an unoccupied home, sell the home where the home is located.

When determining whether to perform repairs before sale, consider the following:

If you can afford the repair

Flood remediation and repairs may be covered by flood insurance, or you may be eligible for a Federal Emergency Management Agency (FEMA) grant or a family repair loan from the Small Business Administration (SBA). If not, and you have financial means, it may be worth remediating, cleaning and repairing your home.

Due to the safety risks of cleaning staff and future residents, it is best to leave it to licensed professionals. If you choose to clean and repair your home, see the Repair section below.

If repairs exceed your financial capacity

If your home is too expensive, you can choose to sell it as it is, or live safely. For example, a damaged structure can take years to pose a safety risk. According to Rubino, if no remedy for water damage is performed within 24 to 48 hours, it must be assumed that it has mold damage and therefore cannot be inhabited.

If your home is absolutely uninhabitable

If the flood loss makes your home completely unsuitable for anyone, you can still sell the home as is to investors who can do repairs, otherwise you may be able to sell the property where the home is located.

But if your home is uninhabitable and cannot be repaired, it is just a matter of time for the government to condemn, seize and demolish. In this case, the government can repay you the value of the land, reducing the cost of demolishing the structure.

Is it difficult to sell a house damaged by floods?

How difficult it will be to sell a flooded home depends on the extent of damage, future flood risk and your willingness to negotiate. The first step is to contact an experienced local real estate agent who has experience selling damaged homes. Having an expert in your corner will make the process of selling a home much easier.

How to sell a flooded home

It is not easy to sell floods. Buyers are worried about damage, mold and the chances of IT flooding again. Plus, higher insurance costs can scare people. But that’s not all bad news. With some honest communication, proper repairs, and a proven agent around you, you can still find the right buyer.