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What Are My Options After My Home Has Been Damaged in a Disaster?

August 21, 2018

quick saleIf you’ve experienced the unfortunate displeasure of a natural disaster, such as a hurricane, then you know the damage it can cause. For many homeowners, that damage extends to their home and therefore, their mortgage. Many of them don’t know what to do with their home after it’s been damaged by a natural disaster.

If you’re one of those people, then there are a few options when it comes to what to do with your house.

Ask FEMA for help

The Federal Emergency Management Agency, better known as FEMA, provides aid and relief to individuals and areas affected by natural disasters. What most homeowners don’t know is that almost any type of home loan mortgage can qualify for financial relief from FEMA. The other option is to ask your lender if they provide any financial relief in the wake of a natural disaster.

Try to put it on the market

This really isn’t much of an option for a few reasons. The first reason is that your house is most likely in a poor state that wouldn’t attract any buyers, no matter what the market looks like. The other reason is that the area in which you live won’t be attractive to potential buyers after a natural disaster. While you can try selling a home after a natural disaster via conventional methods, you most likely won’t have any success.

Cash out on real estate

When getting any type of financial relief isn’t in the picture and there’s no way that you can put in on the market, it’s time to consider short sale solutions. A real estate investor will make you an offer on your property, regardless of its condition or state. That means selling a home as is and not having to put any money into it just to break even. Moreover, the average home took four weeks to sell after being listed in 2016. An investor will typically make you a quick sale offer on the spot and will close within a few days thereafter, giving you the capital you need, when you need it.

While you don’t have very many options, the best option tends to be selling to an investor. You can avoid foreclosure or serious debt after a natural disaster by opting for a quick sale. Reach out to investors in your area if your home has been afflicted by a disaster.

Are you interested in a quick sale for your home or property? Give us a call today