For most people, buying a home is the biggest purchase they will make in their entire lives. So when something catastrophic happens that damages your home, it can be extremely stressful. Not to mention, depending on the extent of the damage, you could be stuck paying a mortgage on a home that you can’t even live in. In that case, it’s like that you need to sell the house as soon as possible. The question is, who is going to want an unlivable house?
Luckily, you do have options when it comes to selling houses with damage. Let’s check what your next move should be if you’re selling a damaged house in Illinois.
Required Disclosures In Illinois
In the state of Illinois, when you sell your home you are required to disclose any issues with the house to your potential buyers. That means any damaging events like flooding must be reported. The disclosure form will go through structures and components of the home and any known defects must be reported.
Types of Damages
Damages to your home could range from something small to the entire house being burnt down. Whether your house is simply a bit older and needs basic repairs or you experienced a catastrophic event that has made your home unlivable which dictates what your next steps should be.
These types of major damages are very likely to completely destroy your home. When you’ve experienced major damage to your home, you will likely have to sell it as-is to an investor.
- Roofing damage
- HVAC system issues
- Electrical outlets
Smaller damaged components of your house can make selling your home more difficult. However, you have more options with these types of issues. You could style sell your home as-is at a lower price so that buyers can make the necessary repairs, or you could go ahead and handle the repairs yourself in hopes of getting a higher price for your home.
How To Sell Your Damaged Home
You have three options when it comes to selling a home that is damaged, and which option you choose will depend on the extent of damage, your ultimate goals, and what the market currently looks like.
Make the Repairs Yourself
Your first option is to go ahead and fix the issues yourself. This makes the most sense when you’re looking at minor issues such as broken windows or old appliances that don’t work. While these repairs are relatively easy, many buyers will be put off by the thought of having to immediately put in work to get their new home livable.
If you want to attract buyers that are looking to move into the home immediately, do the repairs yourself before listing your house on the market. Typically, the money you put into repairing the issues will be reimbursed by a higher selling price.
Sell As A Fixer Upper
If you don’t have the time or money to make the repairs or if the extent of the damage is beyond fixing, you can list your home as-is. When selling a home as-is, the buyer understands that what you see is what you get. The seller won’t be making any repairs before the sale of the home.
In order to sell the home as-is, you will have to price at a lower point to make the deal attractive to buyers. Depending on the market, it might be difficult to sell your home to traditional buyers this way. You’ll need to market the home to buyers interested in fixer-uppers by accentuating the best features of the home.
Find Direct Buyers
When your home has been extremely damaged or you’ve been unable to find a buyer interested in purchasing your home as-is, you might feel at your wit’s end. Luckily, there is still an option out there for you! There are many companies that buy damaged, old, or ugly homes as-is for cash, sometimes even site unseen.
This is definitely the best option for you if you’re looking to get the house off your hands as soon as possible. If the thought of sinking money into repairs or marketing your home isn’t appealing, consider finding a company that will buy your home from you.
Property Pals Will Buy You Damaged Illinois Home
Property Pals USA will give you a no-obligation fair cash offer within 24 hours when you are ready to sell a damaged home in Illinois so that you can get a fair cash payout for your home as soon as possible. With over 40 years of experience in the Chicago area, we are the right choice to help you out of a tricky situation.
Whether you’re looking at major damage due to fire or flooding or you don’t want to handle re-roofing your home, we don’t care! We have faced tons of damaged homes before from catastrophic events to mold issues. There is no damage too big for us to handle.
Skip the pesky inspections and the costly commissions and closing fees by working with Property Pals USA. We are here to help you, so leave the stress and mess to us!