Having property in escrow can be an exciting experience for both buyers and sellers as they wait for the transaction to close. Add in something like accidental water leak or flooding, and you might think that the deal is dead, but it does not have to play out that way.
Once a water leak or flooding is detected, immediate shut off the water and contact our water damage company in Phoenix.
Time Is Of The Essence
If it is safe and the water is not from the sewer, begin mopping and drying up while you wait for the restoration company. The faster the moisture is removed, the better. The longer the fluids remain in contact with the floors, walls, furniture, and home the more damage it can cause.
Assessing The Damage
The specialist will assess what damage has occurred. Some damage is unseen, but the trained professional will know to look for it. For example, water trapped underneath the flooring or behind drywall.
Begin The Cleanup
No matter what happens with the escrow, the home will need repairs, so begin the process as soon as possible. The technicians will help you work with your insurance company. Depending on the extent of the damage, there will be a drying out process, cleaning, then rebuilding or replacing if necessary.
Contact Your Real Estate Agent
You will need to notify the buyers of the situation. Call your agent and explain the issue, and let him/her know you have already been in contact with a restoration company.
The buyers must have fell in love with the home, property, and location to make an offer, so they might be willing to wait out the restoration process. Let them know the extent of the damage and the repairs underway.
There are some advantages to buyers when a home suffers water damage. Corrective actions must be taken. The area will not just be cleaned it will be thoroughly disinfected and sanitized. If flooring is not salvageable, let the buyers select the color if they stay in escrow. Advise the buyers that the company you chose used thermal imaging technology to detect moisture.
Extending the escrow might be necessary. After the cleanup, give the buyers copies of the cleanup reports. The property may be even cleaner and newer in some cases. Buyers who want a home understand that accidents happen, and sellers who act quickly might just be able to save the escrow.