How we help with a storm-damaged house in Coram
We have bought a great many storm-damaged properties here, including Coram 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 Coram house that was opened up and never closed
A house that was opened up and never closed is harder to sell than one that was simply damaged, because a buyer cannot tell what was done properly and what was abandoned.
Open permits make it worse. We take those on, permit side included, rather than asking you to resolve storm damage paperwork before closing. Half a roof, a gutted bathroom and a stalled permit are an ordinary purchase for us.
Why local knowledge changes the number
A four-bedroom on Judith Drive. A three-bedroom on Winside Lane. An one-bedroom on Skyline Drive. All of them in Coram, all bought by us.
Coram is roughly 40,220 people in Suffolk County, ZIP 11727, and the housing stock is mostly hi-ranch, ranch, colonial. Around Route 112 and Middle Country Road, most of it is old enough that the mechanicals are on their second or third life. We know which of these streets take water, where the older systems fail first, and what the Longwood and Middle Country school district does to a resale price.
Flood zones, premiums, and the buyer pool
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
Roof and tree damage is the most common storm damage we see in Coram, and the most consequential, because water follows it in.
A compromised roof means ceilings, insulation, wiring and eventually framing. If that is where your house is, the honest advice is to move rather than wait, since another season of weather makes the storm damage materially worse. We will look at it as it stands today.
What you do not pay when you sell a storm-damaged house
Each of the following comes with a retail listing of a storm-damaged house, and none of it comes with ours.
- Agent commission
- $28,750 at 5% of the Coram median none
- Seller closing costs
- About $11,500 on a $575,000 sale. We can cover these. none
- Repairs to make it listable
- Whatever it takes to make it listable, paid in advance none
- Cleanout and removal
- Dumpsters or haulers by the load, ahead of any viewing none
- Carrying costs while it waits
- Taxes, insurance and utilities across the 83 to 98 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 Coram
These are the two routes open to you with a storm-damaged house, priced against what Coram houses actually sell for.
Work it against Coram's own numbers. The median sale here is $575,000. A 5% commission on that is $28,750, and seller closing costs of about 2% add roughly $11,500. Those are costs we can cover on our side. That is $40,250 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 Coram the median house takes about 38 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 83 to 98 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 | $575,000 (Coram median) | Our written offer |
| Commission | −$28,750 | None |
| Seller closing costs | −$11,500 | We can cover them |
| Repairs before listing | Out of pocket | None |
| Cleanout | Yours | Ours |
| Showings | Until it sells | One visit |
| Listed to signed contract | 38 days (Coram 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 | 83 to 98 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 | $534,750 | The number we put in writing |
For the listing side we have used a 5% commission and about 2% in seller closing costs; your real figures may differ. Repairs and carrying costs are left out because they depend on the house. If yours is in good shape, a good agent may well get you more than we would, and we will tell you if so.
Why a storm-damaged house will not sell the usual way
An agent can sell a storm-damaged house. It just takes longer, and the process is harder on the seller than anyone warns: repeated showings, buyers whose lenders back out after inspection, and an appraisal that comes in below contract.
The median house in Coram sold for $575,000 and took about 38 days to go under contract, then another 45 to 60 days waiting on the buyer's mortgage. That is 83 to 98 days in total, for a house that was ready to show on day one. That is the comparison worth making before you decide, and we are happy to make it with you even if the conclusion is that you list.
Common questions
There is an open storm damage claim. Can we still sell?
Usually yes, though who receives the claim proceeds has to be agreed and written into the contract. Your attorney will want to see it.
Do you need an engineer report?
No. We have engineers we use across Suffolk County when a structural question comes up, and that is our cost rather than yours.
The storm repairs on our Coram 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 Coram 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?
Usually. We set the closing date around you, and with storm damage already present there is rarely a reason to wait.