As Tampa Bay continues recovering from Hurricanes Helene and Milton, “For Sale” signs are appearing in storm-affected neighborhoods, with many properties listed “as-is” and seeking cash offers with no contingencies. Flooded homes are being sold across the region, from Sarasota to Pasco, often at prices significantly below their original purchase value. Some owners are even facing short sales if they owe more than the home’s current worth.

One such property is a 3-bedroom, 2-bath home in St. Petersburg, which flooded during Helene and is listed without repairs. “This home had a little bit of water in it, about two and a half feet above the plugs,” said listing agent Peter Nemethy. The owner, who is self-insured and owns the home outright, opted not to invest in repairs and is now selling to fund a new property purchase under a “1031 exchange.”

For homeowners considering selling flood-damaged properties, Nemethy advises patience. “It would almost be better if they held off a little, so they don’t make an emotional decision about listing their house now,” he said. “Let’s see what the market does.”

Realtor Phil Rizzo noted that even homes unaffected by flooding aren’t listing right away, as the surrounding damage isn’t ideal for showings. “Selling now could lead to a lower price,” he said. “Just driving through the neighborhood and seeing the damage reminds people of the hardships everyone’s facing.”

For some, however, waiting isn’t an option. Homeowners affected by FEMA’s “50% rule” or those with ongoing mortgage payments may feel forced to sell—even if it means accepting offers well below previous values. “Those folks are in a tough spot, with mortgage balances that could exceed land value,” Rizzo explained.

Investors and wholesalers are the primary buyers for these flooded properties, seeing an opportunity to flip homes in a market where demand for Florida real estate remains strong despite recent storms.

Rizzo also advises homeowners considering short sales to consult with an attorney to discuss their options. He emphasized that foreclosure should be a last resort, as a short sale agreement with the mortgage lender may have less severe credit implications.

(Image credit: RiskWire.com)