Selling a House with Flood Damage Might Be Easier than You Think!
Flood Factor estimates that there are 23.7 million homes at immediate risk of flooding in the U.S. As of 2021, hurricanes have caused $33 billion in damage to homes across the country. The risks extend inland as well. The rising water lines of local rivers and lakes pose a flood risk to 1 in 10 properties across the country. The burst of water pipes is another common cause of flooding.
As we enter hurricane season in full swing and the flood rates increase nationwide, let us explain the difficulties of selling the affected parcel and a simple solution to these issues.
In reality, selling a home that has undergone flood damage comes with some baggage.
This does not mean you won’t find a buyer, but more often than not, potential buyers have their concerns. To name a few, where the water source has penetrated, how much damage it caused, and if the penetration has been sealed.
Unfortunately, it can take thousands of dollars and hours to find the root causes of leaks, not to mention the full extent of the damage it has posed to the central systems of the property (i.e., failing electrical systems posing a security threat to the primary alarm system).
Typically, water leaks not caught within 24 hours can be detrimental to the property, making it one of the quickest rising issues when trying to sell a home. While a detailed inspection may sometimes reveal the causes of these issues, buyers may be heavily deterred from entering into a purchase agreement with the stain of water damage associated with the property. If the water damage is flood-based, this can raise questions about whether a home is healthy for its residents. A simple clean-up is not enough to eliminate mold and mildew in most situations. In many circumstances, you may (or may not) notice a spot where mold and mildew continue to grow after restoring your home after water damage.
As you can see, there are many costly complications when selling a home affected by water.
The solution, however- is easier than you think.
The best solution to sell a water-damaged house would be to find a company that buys houses as-is. Companies such as Abbott-price allow you to sell your property “off” the market, which means no extra costs to fix any damages or investigations necessary.
When looking for companies that buy off the market, you must consider these factors when choosing a company. Many cash buyers can be illegitimate, and it is essential to do your research before committing to an investment company.
Abbott-Price allows you to receive a cash offer on your home with zero risk or costs. Click here to receive your cash offer!