Sell a fire damaged house as-is, without repairs

Insurance, your mortgage and selling after a fire

Safety comes first. The U.S. Fire Administration's guide for fire survivors says not to enter a damaged home unless the fire department says it is safe. It also says to contact your insurance company right away, report the fire to your mortgage company, and save receipts for any money you spend.

If you have a mortgage, the insurance money may not come to you alone. Florida's Homeowner Claims Bill of Rights says your mortgage company may be listed as a co-payee on the settlement check. The Texas Department of Insurance says the payment may be sent to your mortgage company, and that the mortgage company must contact you within 10 days to release money for repairs.

Insurers also have deadlines. In Florida, the Bill of Rights says the insurer must acknowledge your claim within 7 days and should pay, partly pay, or deny it within 60 days in most cases. In Texas, the Department of Insurance says the company has 15 business days to confirm it got your claim.

If you have questions about your claim, these state offices take calls from homeowners:

• Florida Department of Financial Services: 1-877-693-5236
• Texas Department of Insurance: 800-252-3439

If you plan to sell while a claim is open, ask your insurer and your lender how a sale affects the claim and any money already paid, before you sign anything. The answer depends on your policy, your mortgage and the sale contract. Whatever you agree on about the claim should be written into the contract. If a lot of money is at stake, talk to a local attorney.

Do you have to disclose fire damage when you sell?

In general, sellers are expected to tell buyers about known problems that affect a home's value, and fire damage is a major one. The exact rules and forms are different in each state, so check your state's rules or ask a local real estate attorney.

When you sell to us, we look at the house the way it is. Tell us what you know: when the fire happened, which rooms were hit, and whether a claim is open. That helps us give you a clear number faster.

Repair and sell, or sell as-is?

Here is an honest look at your three main paths.

Option	What you do	Timing	Costs to you	Often a fit when
Repair and list with an agent	Hire contractors, pull permits, rebuild, then list and show the house	Longest: the rebuild plus time on the market	Repairs not covered by insurance, agent commissions, closing costs	Insurance covers most repairs and you have time and energy to manage them
List it as-is with an agent	Market the damaged house to the public	Depends on finding a buyer who can close	Agent commissions, closing costs, possible repair requests	Damage is light and the area is in demand
Sell to BigBuck Offers	Tell us about the house, get a cash offer, pick a closing date	As little as 7 days, or the date you choose	No fees and no agent commissions	You want a set date and don't want to manage repairs

To be fair about it: if the damage is light and you have the time and money to fix it, repairing and listing with an agent will usually put more money in your pocket. A cash sale usually nets less than a retail listing when a house is in good shape and there's no rush.

A cash sale tends to make more sense when the damage is heavy, the insurance money won't cover a rebuild, you live out of town, or you simply don't want to spend months on contractors. Keep in mind that buyers who need a loan can have trouble financing a house that isn't livable.

What affects a cash offer on a fire damaged house?

We can't promise a price before we know the house, but these are the things that move the number:

• How far the damage goes. Smoke and soot in a few rooms is very different from damage to the roof, framing or wiring.
• What the house would be worth repaired, based on recent sales of similar homes nearby.
• The cost to repair or rebuild, including cleanup, debris removal and permits.
• Size, lot and location of the property.
• What's owed against it, such as the mortgage, liens or unpaid property taxes. If taxes are part of the picture, read about selling a house when you're behind on property taxes.
• Where the insurance claim stands, and how the claim will be handled in the sale.

Photos help a lot. You don't need to clean anything out first.

If the fire happened in a house you inherited, our page on selling an inherited house covers that side. If you've fallen behind on the mortgage since the fire, see your options to stop foreclosure.

How selling to us works

1. Tell us about the house. Use the form on this page or call 1-844-348-9268.
2. Get a cash offer, usually the same day we have the property details.
3. Pick your closing date, as soon as 7 days or on the date that works for you.

We buy as-is. No repairs, no cleaning, no fees and no agent commissions.

FAQ

Who buys fire damaged houses?

Cash home buyers and real estate investors buy fire damaged houses, and so do some buyers who plan to rebuild and live there. Buyers who need a mortgage may have a harder time if the house isn't livable.

Can I sell a fire damaged house in Florida?

Yes. We buy fire damaged houses as-is in Tampa Bay, Sarasota, Bradenton, Port Charlotte, Orlando, Lakeland and Jacksonville. For insurance claim questions, the Florida Department of Financial Services helpline is 1-877-693-5236.

Should I fix the house first or sell it as-is?

If the damage is light and insurance covers the repairs, fixing it and listing it usually brings more money. If the damage is heavy or you don't have the time or funds, selling as-is can make more sense.

Do I have to finish my insurance claim before I sell?

Talk to your insurer and your lender before you sign a contract, because the sale and the claim affect each other. Put whatever you agree on about the claim in writing in the sale contract.

How fast can you buy a house with fire damage?

We can close in as little as 7 days, or on the date you pick. We also buy in Killeen and Bell County and Birmingham.

This page is general information, not legal or tax advice.