Recovering from a Home Disaster
Fire, flooding, hurricanes, and other disasters can leave your home and your life in shambles. Recovering from these events is a long and often painful process, and each homeowner will deal with the situation differently. It depends on the damage to the home, the degree of trauma sustained by you and your family, and what works best for you in the end.
Immediately after a home disaster, there are many things to take care of. These include:
- Making sure everyone is safe and sound
- Receiving treatment for injuries
- Making insurance claims for damaged property
- Filing with FEMA for post-disaster assistance
- Beginning cleanup and reconstruction
After a widespread disaster, insurance companies will be very busy. It’s important to file a claim with them as soon as you are able, particularly if you plan to repair your home (though it can also be important if you don’t).
Sell or Repair?
Once it’s safe to go back to the disaster area, some people will do their best to clean up and repair or rebuild their homes. Others prefer to move on, either because the disaster was too traumatic or just because it would be simpler to walk away from the home and move elsewhere. A home disaster may be seen as a starting point for a new life where the pain of the event is left behind.
Selling the Home
When selling a home post-disaster, there are a few items to consider. You may have already made an insurance claim on the home before deciding to sell, and assigning the claim to the buyer might complicate the process.
Fortunately, these claims can be transferred without a hitch, but only as long as the purchase agreement is worded correctly. Otherwise, those funds may be forfeited, especially if repairs haven’t yet been made.
One more point: if you still owe on the mortgage, insurance funds will be released to both you and your lender jointly. This means you’ll have to contact your lender to release those funds to you. This could get in the way of a sale if it’s not handled properly.
A stress-free way to sell your home after a disaster is through a home investor. My Fast Home Buyers can come take a look at the property and give you a no-obligation cash offer. Simply give us a call and we’ll schedule a visit.