Wolff helps homeowners make difficult decisions after flood
Sellers should consult a professional prior to determining whether or not to take an investor’s buyout on their home.
As Houston recovers from Hurricane Harvey, people continue to come together to help those in need. Across many neighborhoods, homeowners who were affected by flooding are receiving investment offers for their homes at incredibly low valuations. The team at Beth Wolff Realtors Real Living wants people to understand that flooded homes are marketable.
Ed Wolff, president of Beth Wolff Realtors, has a diverse background in dealing with the issues that can occur after flooding. He has worked through the decision making process of determining next steps for his family after several flood events and is knowledgeable in remediation, disaster relief assistance and deciding to remodel or sell. Wolff ’s involvement on Houston Mayor Sylvester Turner’s Flood Permitting Committee gives him a unique outlook on the city requirements, which homeowners face if they choose to renovate post-flood.
“There are several key pieces of information that are necessary in order to make an informed decision of how to move forward. To fully assess the next steps, one should acquire a final settlement figure from insurance (and/or FEMA for disaster assistance), a contractor’s cost estimate for damages, and a knowledgeable Realtor to provide an analysis using the current marketing conditions for the home,” Wolff said.
Other factors to consider are the number of times the property has flooded, the need to elevate the home, and the total outstanding financial obligations of the homeowner.
“Every family’s situation is unique. The team at Beth Wolff Realtors guides families through each situation to decide to sell or remodel. If one chooses to sell the flooded house, it is possible to sell it remediated. Buyers may purchase the property at a discount and remodel to their specifications,” Wolff said.
The public and prospective buyers may have a hard time envisioning how a flooded home could work.
Floor plans and photos of the home prior to the damage can be used within the marketing strategy so that buyers can visualize how to make the home their own.
“In proceeding with selling a flooded home, a comprehensive pricing analysis must be completed after an agent has previewed the residence. Regardless of the decision of the homeowner, their Realtor can and should be utilized as a resource. Beth Wolff Realtors has dedicated training to assist in the steps necessary to move forward,” Wolff said.