We have said this in another area of the site, we will make you an offer for homes that other people won’t touch. We have actually had clients that have walked away with insurance money and what we were willing to put down and did very well for themselves after their home suffered some type of accident. With a lot of the homeowners that we have a chance to come into contact with we explain to them a couple of things when it comes to damaged homes. Here are a couple of the tips that we tend to give to people who have a damaged home!
The Longer You Wait The Lower The Offer
There are exceptions to this rule of course. For the most part, though people don’t get too lucky as to have the price per square foot in their area double after just a couple of months of owning a damaged home. What usually happens is that as the home continues to deteriorate the costs of tearing it down or repairing it can grow. Investors are usually going to want to low ball homeowners that find themselves in this situation. We recommend that you act quickly and chose wisely!
How To Determine A Good Offer
Some people are going to think that we are going to be shooting ourselves in the foot here shortly. We promised tips though, and that is what we are going to deliver. Plus, we feel very confident about the way that we set our price tags on different homes and things of that nature. With that said, you have to be realistic about the extent of the damage. If the house is going to need to be torn down it is not an asset it is a liability. People are only going to want the land. From there you can determine what a good asking price could be!
How Damaged Does The Home Have To Be To Qualify As “Damaged”
Each situation is unique. We may come across a damaged home that is in a nice area and that we like. That could potentially get us more excited to place an offer for that home than a fully functional home that is sitting in a spot that we don’t particularly like. So, just because your home is damaged does not mean it still can’t offer some good points. It would be good to know a few!
Process Of Buying Damaged Homes
Again, just because the home is damaged does not mean that the process of us making an offer will be slower. At some point, we may want to have a structural expert come in and have a look at the place. For the most part, though, even those types of things we don’t anticipate should sort of derail the process. When we get a call and people explain to us that we are going to be walking into a damaged home we pretty much know what that is going to entail. We can also buy rental property.