Vacant Homes
Vacant homes sitting for a period of time could suffer from deferred maintenance causing costly repairs and can be a target for squatters.
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We’ve all seen them. Typically they are unsightly to the neighbors. If the home is vacant, that means that the owner is no longer living there and there aren’t any tenants living there either. Maybe the owner moved away. Maybe the owner is ill and hospitalized. Maybe the owner died. Whatever the reason, more often than not, once the home is vacant, the owner does not come back to make sure that the grass is cut and that the home stays maintained. Over a period of time, the grass grows high, the mail may pile up and the home starts to suffer from deferred maintenance. Also on a vacant home, the homeowner may be behind in mortgage payments creating more of a distressed situation.
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VACANT HOMES- Other than code violations, a home could be vacant for a plethora of reasons. Home is in between tenants, homeowner relocated and haven’t sold it yet, home was inherited/gift, homeowner abandoned the property, etc… Neighbors hate seeing vacant homes in their neighborhood as it tends to bring down the overall look of the neighborhood and typically when it sells, it sells for less than the other homes, so now the value of the neighborhood may suffer as well. The city typically keeps an eye on vacant homes as well and may condemn the home or cut the grass or even worse, tear down the home. If the homeowner does not come to visit the home, they may not know that the home has been condemned and they only have a certain period of time to correct the violations. Don’t let your home sit vacant. Don’t let the city demolish the home.
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Selling your home vacant property style- Vacant properties attract squatters. Also, the longer a home sits vacant and unattended, the more repairs may be needed and utilities may not be on. A special type of buyer may be needed for these types of properties. A CASH offer with a quick closing is ideal. Investors are typically buyers for these type of properties as someone who is looking to buy the home to live in may be scared of the extent of the repairs and may not have the funds to repair the home or qualify for a loan that will allow them to make repairs.
Choosing the wrong type of agent to help you sell your vacant home can cost you time and money. You need an agent that knows how to sell a vacant home as it is not sold the same as a traditional resale property. The property itself isn’t the same, the process isn’t the same and the type of interested buyer usually isn’t the same either.
Did you know that some cities are tearing down vacant homes if they are considered an eyesore, safety hazard or blighted property and sending the demolition bill to the owner? Also, leaving your home vacant may be a violation of your mortgage agreement and your homeowner’s insurance policy.