Sell A House As-is After Insurance Pay-out
By Hadar 26th Oct, 2020
Have you decided to sell your house as-is after the insurance pay-out for the damages caused by the earthquake in Christchurch? If yes, are you looking to sell it out instead of getting into hassles of heavy restructuring and renovation?
There are different situations with people in Christchurch who are planning to sell their house as-is after the earthquake that has damaged their house completely or partially. This article gives a quick glimpse over various situations and how can one sell their damaged house as-is after insurance payout. Whether you are about to receive your insurance pay-out for your damaged house due to earthquake or are just about to receive, you should consider taking each step with care.
Let’s delve deep into it.
Selling your own house can be overwhelming and it can be even harder when there are memories associated with it. But in any case, you need to take the decision. However, you cannot just take the decision and sell it the next day. There are various points to consider on whether or not you have received your insurance pay-out.
There is no problem in any of the case but you need to think in terms of process. Doing it haphazardly can unnecessarily waste your time and effort without getting anything substantial in your hands.
Assessing the loss to your Insurance Company and EQC (Earthquake Commission)
If you have been putting your money in home insurance for years, the first thing, after such catastrophic event takes place with your house, you should contact your home insurance company and submit a claim with the New Zealand Earthquake Commission (EQC). This lets them assess the situation of losses closely and in time. Though they are aware about the unfortunate event but visiting the damaged house lets them assess the amount of loss incurred by the homeowner.
Repairing damages of any kind or tempering with damaged parts can somewhat interfere with the assessing the actual value of loss and consequently with your insurance pay-out. Hence you should not do it, before your insurer arrives at the place to assess.
Would you like to sell your damaged house as-is?
Next step to consider is, whether you want to continue living there or sell your damaged house as-is. Earthquake might have left the house inhabitable or some parts of the house might have got damaged making it completely unusable.
Your planning must be to repair the house after getting the insurance pay-out, if you are planning to live in the same house. If not, you might be considering to sell the house as-is.
Coming back to insurance, once you are done with the process of informing your insurer about the loss and arranging for their visit, you would want to wait for the insurance company to confirm the disbursal of your insurance claim.
Nevertheless, you can start with the process of selling your house, if you have planned so. And there can be various reasons for selling your house. You might be looking for a bigger house or a compact one prior to the event and now the house is already damaged. There is no use of repairing it as you already were planning for the new one to have soon. Other reasons can be relocating, buying the house in some other locality in Christchurch, developing a completely different space as your home and many more to mention.
How to sell your house as-is?
Now when you are considering selling it, there can be two ways to do that, you can either do some basic repairs or other way can be, not repairing it at all.
If you are considering selling, you should go with only those repairs that can make it convenient for the buyer to visit and assess the property in order to buy. There are companies like www.webuyproperty.com that are willing to buy your damaged house as-is. However it is for your convenience too to visit the property with safety. Selling it would require you as well to make certain visits with prospective buyers. So you would want to spend only that much that makes it easier to get in and have the look all-over conveniently.
Spending beyond that doesn’t make any sense for you as a seller, as it not just eats up your time and cost on repairs, but the buyer would like to make the changes to the damaged part of the property as per his preferences. You spending on that part might make it go as complete waste. Eliminating unnecessary repairs lets you save on your amount you have received as an insurance pay-out.
Selling house as-is before or after insurance pay-out
Next important thing to consider is when you should actually sell your house and transfer it in the buyer’s name- before getting insurance pay-outs or after it is completely processed into your account.
In case you start with the process of visiting the property with prospective buyers, you might consider doing it before you actually receive claims, and there are possibilities that you get somebody to buy it immediately but you should not sell before you actually receive your home insurance pay-outs.
Transferring your property in buyer’s name can take away your rights to get your insurance pay-outs and can make unnecessary lag in receiving it.
You could search for the buyer and do with other formalities if any except for signing the property documents.
After you receive the insurance pay-out, you can start with the transfer formalities as well. Taking each step considerately, can save your time and eliminate you putting unnecessary efforts. Instead of looking for individual property buyers you can consider contacting company like …. This will help you to take learned decisions as well as you get the credibility factor, which is generally missing with individual buyers.
If you are looking for a property buying company, you can get in touch with us at www.WeBuyProperty.nz
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