What do Fisher, Arkansas, McDougal, Arkansas, Dalton, Arkansas, Little Rock, Arkansas, and about 10 other Arkansas towns have in common? According to Weather.gov, they all had a tornado or straight line winds in excess of 75 miles an hour so far in 2022. Winds above 50-60 miles an hour are classified as damaging winds and can wreak havoc on roofs, windows, garages, and more. With the number of high-wind or tornados already this year, in the past, or in the future. It is likely that numerous homes have or will experience storm damage.
After Storm Damage To Your Arkansas Home, Ask These Questions To Determine Your Best Option
Depending on where you reside in the Arkansas, weather can be dangerous and unpredictable. Homes may sustain damage from anything from hail damage, high winds, tornadoes and flooding. While weather damage could hinder the sale of your home, it doesn’t have to put a permanent stop to the process. It may be a great chance to do some repairs and make sure the house itself is in excellent condition to be put on the market. If you own the property, it may be an opportunity to sell for cash and recoup some money in the process. If your Rogers, Arkansas property has been damaged by a tornado, hail, or severe thunderstorm straight line wind, you need answers to these questions.
1. Is My Property Paid For Or Do I Have A Mortgage?
If you have a mortgage on your property and still owe money on the property, the good news is that you most likely have insurance that will cover the cost of repairs. Mortgage companies require good insurance to cover their potential loss if the property is damaged. Since in a real sense, the mortgage company owns the property and you are buying it slowly with your monthly payments, they want to cover that investment. You have likely been paying for the home insurance along with your monthly payment. Here’s more information from the Consumer Finance Protection Bureau on what to do after a weather disaster if you have a mortgage on your property.
2. Do I Own The Property And Have Sufficient Insurance Coverage
If you own your property (meaning you have no obligation to a mortgage company) and have good insurance on the property. You should file a claim as quickly as possible with your insurance. They will send out an inspector to survey the property damage and let you know how much they will cover for the repairs. If you have good insurance coverage and own the property, the insurance company should send you a check for the projected cost of restoring the home.
Once you have a check in hand, you have the option to repair the house yourself, DIY, and keep the money you save by not hiring someone to do the work. Unless Your policy’s fine print forbids it, you also have the option to NOT repair the property and keep the entire insurance payout. According to Claimsmate, a company who helps consumers understand insurance, “If you own your home outright, … you’re free to repair your home however you like. You can choose a cheaper contractor, for example, or repair your home on your own. You can even take the money and spend it on a vacation and avoid repairing your home.”
If you do not have insurance on the property, all is not necessarily lost. Little Rock Property Buyers can help if you have storm or tornado damage but did not have insurance on your property. We buy houses that are damaged. If there is major damage that is repairable or even just tree and landscape damage that you do not want to deal with, we can make you a cash offer today.
3. Is It More Cost-Effective For Me to Repair My Property Or Sell The Property As-Is?
If your property in Rogers has been damaged by a weather related incident, you may find that you can sell your property to a professional home buying company like Little Rock Property Buyers as-is with no clean-up or repairs needed AND keep your insurance check as well. You will need to have some idea of what the property is worth once repaired to fully and wisely investigate your options. You can read our article about determining property values here. We can tell you from experience that is your property in Rogers is older, outdated, already in disrepair, or not in general good shape, it is likely that a cash offer from Little Rock Property Buyers is the most cost-effective option for you. Remember that along with an all cash offer, there is absolutely no repairs or cleaning needed. There are no additional fees either. In many cases, if you accept the cash offer, we can close the deal in as little as a week. On top of the cash offer, you can keep your insurance check and chose not to make the repairs.
4. Should I Call For A Cash Offer Today?
We recommend that you call your insurance company first and make a claim. Go through the process of getting paid for your claim. Once you have your check in hand, call us for a cash offer. This knowledge will help you better understand your best option. You can learn more about how we operate here. You can read some client testimonies here. We are happy to evaluate your storm-damaged property and make you an offer. There is no pressure to accept the offer and you can put pencil to paper and determine the most beneficial route to take. Call us today at 501-580-3035 to learn more and discover your options.
