When you are looking to sell an abandoned home in Charlotte, NC, it can be difficult to know where to start. This article will show you the steps that need to be taken when selling a house like this and what pitfalls you may encounter along the way.
What is an abandoned house?
An abandoned house is an unoccupied property often time due to financial, legal, or other reasons. A few commons signs that a house might be abandoned include:
-Mailbox with unopened mail or newspapers piling up. The property tax should be paid to avoid foreclosure and abandonment, so the homeowner may not have been aware of an upcoming due date when they moved out.
-No car in the driveway or garage, and no signs of recent activity inside the house (such as a TV).
-“For sale” sign up, but it is impossible to see inside due to boarded windows and doors.
-Heavy weeds/overgrown lawns, trash around yard area. This could be a sign that the homeowner abandoned their home.
-No lights on at night, or you see no activity inside the house from outside
If you are interested in selling an abandoned house, keep in mind that the house’s location will determine potential buyers since most properties are left empty for financial reasons. They typically need renovation when on the market.
Why you should sell your abandoned house?
Holding onto an abandoned home is never a good idea. Once the property has been vacant for a certain amount of time, it becomes much less desirable to potential buyers. It also costs you money and time in upkeep. The longer you hold onto it, the more expensive it can become.
Prevent it from being a crime magnet
When criminals spot an abandoned building, they may make it their meeting point. Studies have shown that illegal activities, such as drug dealing and human trafficking, are more likely to happen in abandoned buildings. The best way to prevent this is to sell the property to a new homeowner, investor, or local professional home buyer.
To prevent property deterioration
Without regular maintenance, an abandoned home can quickly start to deteriorate. Things like leaking roofs, mold, animal investigations can happen over time and decrease the property’s value. Plus, you’ll have to spend more money on repairs and upkeep, which can turn into an expensive endeavor over time.
Selling your abandoned house is a smart move for both financial reasons and the security of the neighborhood. It’s best if it gets sold quickly so that potential buyers are not put off by its state or any future legal issues.
To avoid squatter problems
Abandoned homes become a target for squatters to start living. Squatters often time will break windows or doors to get inside and do so to avoid paying rent. In some cases, they may also be illegal immigrants or homeless people using drugs and leaving needles behind.
Owners of abandoned homes are likely to rack up fines, government taxes, city violations, and holding costs. These costs can continue to grow if not paid and will drive up your monthly bills. If these bills aren’t paid promptly, the government will re-posse the property or tear it down.
How to sell an abandoned house in Charlotte
There are a few ways you can go about selling an abandoned home, each of which comes with pros and cons.
Assess the property condition
Take time to inspect the property and figure out if any major issues may need to be addressed before selling. Hiring a professional home inspector is recommended for this.
Sell as-is or make repairs?
Should you sell your home “as-is” or make the necessary repairs to get it up to a traditional saleable standard?
As is: Selling an abandoned home as-is can work out well, but this option will only be good for some people and in certain circumstances (like an abandoned home). If you don’t want to spend your time and money fixing up the property, selling as-is will make the most sense.
Make the necessary repairs: If you want to sell your abandoned home for the most money, making repairs and renovations to get top dollar makes more sense. However, in some circumstances selling for less instead of spending tens of thousands of dollars will save you in the long run. (It can also help you avoid costly capital gain taxes)
Abandoned homes are sometimes not in great condition and require a lot of work before they can be sold for a full value price. This option is also more costly as it will involve paying professionals for time and materials, whereas selling an abandoned house “as-is” shouldn’t cost you anything.
Pick a selling Strategy
Selling an abandoned home can be done using a traditional realtor, on your own, or sold directly to a professional home buyer such as a local company or local investor.
Traditional Realtor – Using a realtor isn’t always possible. For example, if the home is in very poor condition, it won’t be possible to list it on the market. Using an agent is the most common way to sell a traditional house.
Sell on your own – One popular option is to do a “For Sale By Owner” by selling yourself; you may be able to save money on realtor commissions and other marketing costs. This route is only recommended if you have experience and knowledge in your market area and understanding the real estate selling process.
Sell to a professional home buyer – The easiest and quickest way to sell an abandoned home is to sell directly to a local investor or “we buy a houses company.” They eliminate house showings, realtors, inspections and shortcut the entire process. Because they are purchasing it directly, you won’t have to worry about buyers backing out last minute from poor inspection reports. Investors also will almost always purchase the home as-is.
Set asking price
Determining the asking price of your abandoned home is one of its most important factors. Like an appraiser or agent, talk to a real estate professional for guidance on what a reasonable offering price might be.
Selling an abandoned home in Charlotte, NC, doesn’t come with any guarantees, be realistic about the price; otherwise, you may never be able to sell. Don’t expect to get “top dollar,” especially if important repairs and renovations are to be made.