What we take on after storm damage
We have bought a great many storm-damaged properties here, including Elmont houses still carrying damage from storms years back, where the money ran out partway through the repair.
That middle state is the hardest to sell and the most ordinary to us. We price the finishing work, take on the permit situation, and close on your date. If the house sits in a flood zone, we already know what that does to a retail buyer pool, and we are not part of that pool.
The Elmont house that was opened up and never closed
Owners often feel they should complete the storm damage repair before selling, on the theory that a finished house sells better. Sometimes that is true. Frequently it is not, because the remaining work costs more than it adds.
Run that arithmetic before you spend another dollar. We will give you a written number on the Elmont house exactly as it sits today, so you can compare it against the cost of finishing.
Why local knowledge changes the number
A four-bedroom on Harrison Street. A three-bedroom on Renfrew Avenue. A three-bedroom on Rosser Avenue. All of them in Elmont, all bought by us.
Elmont is roughly 37,296 people in Nassau County, ZIP 11003, and the housing stock is mostly cape cod, ranch, multi-family. Around Belmont Park and UBS Arena, most of it is old enough that the mechanicals are on their second or third life. The Elmont-UBS Arena stop pulls buyers who commute, which supports the good houses and does very little for the ones that need a roof. We know which of these streets take water, where the older systems fail first, and what the Elmont Union Free School District does to a resale price.
Flood zones and what they do to an Elmont sale
Two things stack against a storm-damaged house near the water: the repair itself, and what the flood zone does to anybody who needs a mortgage.
That combination is why these houses sit. It is also why a cash buyer who already understands the storm damage and the zone is usually the practical route. Nobody can guarantee a number before seeing a property, but neither of those facts alone stops us.
Storm damage to the roof
A tree through the roof produces the same problem as a fire: the lender will not finance it, so the retail market disappears and you are dealing with cash buyers whether you intended to or not.
The useful question stops being what the house is worth and becomes which cash buyer puts a real number in writing and then closes on it. We buy storm damage of that severity regularly, tarps and all.
What you do not pay when you sell a storm-damaged house
Every line below is a cost of listing a storm-damaged house the retail way that simply does not arise here.
- Agent commission
- $36,250 at 5% of the Elmont median none
- Seller closing costs
- About $14,500 on a $725,000 sale. We can cover these. none
- Repairs to make it listable
- Whatever the house needs, paid up front none
- Cleanout and removal
- Per truckload, before anyone views it none
- Carrying costs while it waits
- Taxes, insurance and utilities across the 88 to 103 days it takes to find a buyer and then wait on their lender none
Who gets the insurance money at closing
If the carrier has already paid and the money is sitting in an account, say so early. It changes the arithmetic rather than the answer.
A storm damage payment you have already received is yours. What we are buying is the house in its current condition. Being straight about that up front is the difference between a smooth closing and a renegotiation nobody enjoys.
What the two paths cost in Elmont
These are the two routes open to you with a storm-damaged house, priced against what Elmont houses actually sell for.
Work it against Elmont's own numbers. The median sale here is $725,000. A 5% commission on that is $36,250, and seller closing costs of about 2% add roughly $14,500. Those are costs we can cover on our side. That is $50,750 gone before anyone counts the repairs it took to get the house listable.
There are two waits in a listed sale and people usually only count the first. In Elmont the median house takes about 43 days to go from listed to a signed contract. Then it waits again, typically 45 to 60 days, while the buyer's lender orders an appraisal and underwrites the loan. Call it 88 to 103 days from sign to keys, assuming nothing goes wrong.
The part worth understanding is what a signed contract actually guarantees, which is less than most sellers assume. A retail buyer with a mortgage contingency can walk away right up to the end. If they do not qualify, if the appraisal comes in under the price, if they change their mind and let the financing lapse. A share of deals die exactly there, after months of waiting, and the house goes back on the market with time on it. We are not borrowing anything, so there is no lender to satisfy, no appraisal to come in low and no contingency to exercise.
| Listing with an agent | Selling to us | |
|---|---|---|
| Sale price | $725,000 (Elmont median) | Our written offer |
| Commission | −$36,250 | None |
| Seller closing costs | −$14,500 | We can cover them |
| Repairs before listing | Out of pocket | None |
| Cleanout | Yours | Ours |
| Showings | Until it sells | One visit |
| Listed to signed contract | 43 days (Elmont median, once listable) | 24 hours to a written offer |
| Contract to closing | 45 to 60 days (waiting on the buyer's lender) | A date you choose |
| Total wait | 88 to 103 days if nothing falls through | Yours to set |
| Can the buyer walk? | Yes (mortgage contingency runs to the end) | No financing to fall through |
| Before repairs and carrying | $674,250 | The number we put in writing |
The listing column assumes a 5% commission and seller closing costs of about 2%. Both vary. We have not subtracted repairs or the cost of carrying the house while it sits, because those depend on the property. A house in good condition listed with a good agent can absolutely beat a cash offer, and we will say so if that is your situation.
Why storm-damaged Elmont houses sit on the market
Storm damage removes financed buyers from the equation, and financed buyers are most of the market. What is left is contractors, investors, and people willing to take on a project.
So an Elmont house with storm damage can sit for months collecting price reductions rather than offers. Selling is what we do, and we do it well. If your damage is cosmetic enough that a lender would still fund, we will tell you to list it.
Common questions
There is an open storm damage claim. Can we still sell?
Yes, and it is common. The storm damage claim and the sale can run in parallel as long as the assignment of proceeds is documented properly.
Do you need an engineer report?
Not from you. If the storm damage needs one, we will order it ourselves and pay for it.
The storm repairs on our Elmont house have an open permit. Is that a dealbreaker?
Not at all. Permits attach to the property, so they come along with it. We handle the Elmont building department side ourselves once we own it.
The damage is from a storm years ago and was never finished. Do you still want it?
Yes. Old unfinished storm damage is one of the most common situations we buy, and the age of it does not count against you.
Can you close before the next storm season if we need to be out?
Tell us the date you need and we will work to it. Nobody can guarantee a specific day before title comes back, but we can move quickly when the house is already damaged and sitting.