Nobody expects or predicts a fire to damage their home. One day everything is fine and dandy, and then the next day you’re standing in front of a house that smells like smoke, has water damage from the fire department, or worse. It’s scary, overwhelming, and you probably have a million questions running through your mind.
The biggest question is probably this: “Can I sell my fire-damaged house”? The answer is yes, absolutely several options, and you don’t have to fix everything before you can move on with your life.
Let’s go over what you can do, step by step, so you can make the best decision for your situation.
Your House Is Still Worth Something
Before you get discouraged, the first thing you should know is that your house isn’t worthless just because it has fire damage. Sure, it is worth less than it was before the fire, but people do buy fire-damaged houses all the time. There are even buyers out there who are looking specifically for houses like yours because they see the potential.
Here is another way to think about it: your house still sits on the same piece of property it always did, in the same location. If you were in a good neighborhood before the fire, you’re still in a good neighborhood. Even the bones of your house might still be solid, even if the surface got damaged.
The important thing to remember is to be honest about what happened and find the right buyer who understands what they’ve signed up for.
You Have to Tell the Truth (And That’s Good)
Legally, in North Carolina, you have to tell potential buyers about the fire damage. You won’t be able to hide it or pretend it just didn’t happen. This might sound scary, but it is a good thing. It’s called a property disclosure, and North Carolina does legally require the seller to submit a property disclosure before a purchase contract is signed.
When you’re upfront about the damage, you will attract buyers who know what they’re looking at. These aren’t people who will panic when they find out about the fire later- they already know, and they’re still interested. And don’t worry about sharing every little detail perfectly, instead just be honest about what you know.
Figure Out What You’re Dealing With
Before you can even think about selling your house, you need to determine how bad the damage actually is. Sometimes what looks terrible on the surface isn’t as bad after a more detailed look. Other times, damage that doesn’t look too bad, actually is worse than what you see on the surface.
Instead of you doing all the guesswork, you’ll want to get a professional to look at your house. It’s worth the money to hire someone to tell you about any issues you may not see, like damage to the structure of your house, issues with electrical wiring, or problems that could be dangerous.
This thorough assessment helps in two ways. First, it gives you real information to share with buyers from professionals. Second, it allows you to decide what to do next. For example, maybe the damage isn’t as expensive to fix as you thought it would be. Or it’s worse than it looks, which helps you understand that selling as-is would probably be the best option.
Don’t Forget About Insurance
If you haven’t already gotten to it yet, make sure you file an insurance claim right away. Even if you plan to sell the house as-is, insurance money can help you make up for some of your losses.
But here’s something important you’ll want to think about: insurance claims can take a long time. We’re talking months, sometimes longer. While you’re waiting, you’re running the risk of your house getting worse, especially if there’s water damage that could lead to mold.
You don’t necessarily have to wait for insurance to settle before you sell. In most cases, you can still get insurance money even after you sell, depending on your specific policy. This is something you’ll want to ask your insurance company about.
Your Three Main Options
When selling a re-damaged house, you have about three choices to choose from:
Fix it up first, then sell it. This could get you more money, but it means spending time and money upfront. You will be in charge of dealing with contractors, permits, inspections, and all the stress that comes with a big renovation project. If the damage is minor and you have the money and energy for all of this, it might make sense.
Sell it exactly as it is. This is usually the fastest and easiest option. You don’t need to spend any money on repairs, you don’t deal with contractors, and you can move on quickly. The buyer would take care of everything. Although you’ll get less money than if you fixed it up, you also avoid all the hassle and risk.
Tear it down and rebuild. This option only makes sense if the damage is so bad that fixing it would cost more than building new. This is usually the most expensive and time-consuming option. There is also an emotional element to demolishing your house and starting new. So you’ll want to be mentally prepared for that too.
For most people who are dealing with fire damage, selling as-is makes the most sense. It’s fast, it’s simple, and it lets you move forward with your life without more stress.
How Much Is Your House Worth Now?
When it comes to pricing your fire-damaged house, you’ve got your work cut out. Fortunately, there is a simple way to think about it, starting with what your house would be worth if it didn’t have fire damage. Then subtract the cost of fixing all the damage.
For basic fire damage repairs, you can expect the costs to be around $5 to $7 per square foot, but this can vary greatly depending on how bad the damage is. Smoke damage might cost less to fix, while major structural damage could cost much more.
Your location still matters a lot. A fire-damaged house in a good location is still worth more than the same house in a less desirable location. People will pay more for prime locations, good school districts, or certain counties, even when there’s work to be done.
Don’t try to figure this out all on your own. Professional assessments and quotes from contractors can give you real numbers to work with.
Two Ways to Sell: Traditional or Cash
When it comes to selling your house, you have two paths to choose from:
The traditional way means listing with a local NC real estate agent, putting it on the market, and waiting for buyers to come along. This might get you a higher price, but it takes longer, and there is no guarantee that it will sell. Many regular buyers can’t get loans for fire-damaged houses, which limits your options and the pool of buyers. Don’t forget that when you do end up selling, you’ll pay 5.5-6% in realtor commissions.
Selling for cash means finding a buyer who can purchase your house quickly without the need for bank financing. These buyers understand fire damage and can close fast, usually within only a few weeks. You will typically get less money than the traditional route, but the trade-off is that you’ll get certainty and speed. You won’t owe any real estate commissions if you go with this option.
For many people dealing with fire damage, the peace of mind of a quick, guaranteed sale is worth so much more than the extra money they might get from a traditional sale that could take months and might fall apart.
Making It Happen
If selling as-is is for you, here is what the process usually looks like:
Start by getting the professional damage assessment mentioned earlier. This will give you solid information to work with and share with potential buyers.
If you’re still considering the traditional route, you’ll need to find a real estate agent who has experience with damaged properties. Not every agent knows how to market a fire-damaged house effectively.
If you’re considering a cash sale, you’ll want to start by researching companies in your area that buy houses as-is. You’ll need to look for companies with good reviews and years of experience. Here at ILM Home Offer, we have several years of experience and positive client reviews. We’d be happy to make you a cash offer for your home.
When comparing offers, don’t just look at the dollar amount. Think about timing, certainty, and any conditions. Sometimes, a lower offer that you know will close is better than a higher offer that might fall apart.
You Don’t Have to Do This Alone
Dealing with a fire-damaged house is overwhelming enough without trying to navigate the selling process by yourself. Ultimately, if you choose to fix it up or sell it as-is, the good news is that there are people who can help.
If the whole situation feels overwhelming, remember that we buy houses in Wilmington, NC, and we understand exactly what you’re going through right now. We’ve helped many homeowners in your shoes find a path forward that works for their specific needs.
The Bottom Line
To review – yes, you can sell a fire-damaged house in North Carolina. You have several options, but the best choice all depends on your specific situation, timeline, and what matters most to you right now.
If you need to move on quickly and don’t want to deal with managing repairs, selling as-is to a cash buyer might be your best bet. Companies that specialize in buying damaged houses completely understand what to look at and can make fair offers quickly.
On the flip side, if you have the time and money to invest in repairs, fixing it up first might get you more money in the end. Just remember, renovations always take longer and cost more than you budgeted for.
The most important thing is to make a decision and move forward with your life. Fire damage can get worse over time, especially if there are moisture issues that aren’t resolved. The sooner you take action, the better off you will be.
Every situation looks different, and what works for your neighbor next door might not work for you. That’s why it’s worth exploring all your options before making any decisions.
If you need to sell your house fast in Leland or anywhere else in the area, cash home buyers in Southport and surrounding communities can provide quick solutions when you need them most.
Don’t let the house fire define your future. You have options, you have help available, and you can move forward from this difficult situation. Just take one step at a time, get the info you need, and make the choice that feels right for you and your family.
Contact us today if you want to learn more about how you can sell as-is with no repairs needed to us. We can make you a fair offer quickly and help you understand all your options with no pressure and no obligation.
You can learn more about our easy home buying process at ILM Home Offer, where we specialize in helping people in tough situations. We’re here to help you find the solutions that work best for you and your family.