If you own a home with extensive water damage and have no interest in making repairs and continuing to live in the home yourself, then selling this home is generally the best option. But selling a home with mold, wet drywall, and an array of other water damage issues is no easy feat! Here are some tips to help guide you.
Get an inspection and fully disclose everything that's wrong.
In most areas, real estate laws require that you disclose anything serious that's wrong with a property. In the case of extensive water damage, the best way to get an accurate summary of what's wrong is to contact a home inspector and have them walk through the home. Have them prepare you a detailed list of the problems, going room by room. Be ready and willing to provide this information to any potential buyers or their agents. People who are interested in buying badly damaged homes want to know that they're getting a good deal, and they'll be more likely to buy if they know you're not hiding anything.
Get some estimates for repairing the major damage.
You don't have to get estimates for little things like replacing a cabinet in the bathroom or putting a new door on the closet. But do contact some contractors in your area and get quotes for the major work, like mold remediation and drywall replacement. Have these quotes on hand to show potential buyers so they have more of an idea of the amount they'll have to put into repairs and remodeling. Talk to a company like Spotless Carpet Cleaners & Janitorial Services Inc about getting an estimate.
Know the value of your land.
If the home is really in terrible condition, you may end up having to sell to a buyer who plans on just knocking the home down and rebuilding on the land. Have your land appraised to know what it's worth on its own. This way, if the home does not sell within a few months, you have an idea of a fair asking price for buyers who have demolition plans.
Consider selling at auction.
If you just want to get rid of the home quickly and are confident you won't get much for it anyways, you may want to consider selling it at auction. This way, you can avoid the lengthy listing and waiting process and perhaps avoid paying a few months' worth of property taxes and insurance premiums. Talk to realtors in your area; some are sure to be experienced with selling homes at auction and can help you set up this arrangement.
