Are you trying to sell a condemned house? Don't let stereotypes about condemned real estate get you down; there are many investors and buyers who see the potential value of these properties. A condemned house is any property that's been claimed by the government for a variety of reasons related to safety, vacancy, or building violations. Whether you've inherited a poorly maintained home or purchased a fixer-upper that doesn't pass a home inspection, several steps can help sell your home quickly, even if it's condemned.
Determine the Home's Overall Condition
Not every condemned home is completely unredeemable, but sellers must be fully aware of the property's required repairs. Condemned houses often can't be sold as a structure. Instead, you'll be selling the land it occupies. If you can bring it up to code, you can sell the home as you typically would. First, determine the extent of the damage within or around the property. Condemned houses can mean that there are one (or more) of the following issues:
- Structural damages
- Black mold
- Unsafe building materials
- Termite damage
- Water damage
- Fire damage
Once you've identified the issue with the property, you must determine if it's solvable. You can sell a house with black mold depending on its severity. An experienced real estate agent can help you in several ways. They can clarify how bad the property is and align you with buyers who specialize in remediating condemned houses.
You should also reach out to your local government to get more information on what they consider "condemned" about your particular property issue. Typically, the property cannot be lived in until you have done the necessary repairs to clear up the issue.
If you have minor termite damage, it's possible to clear that up and keep the property. Termites chew through wood and create structural vulnerabilities. To clear this issue up, you can hire a termite exterminator and replace any damaged wood throughout the house.
After identifying common issues, you'll be better positioned to sell.
Contact Local Realtors
Do you plan on selling your condemned house? You can still sell the land as-is without doing the needed repairs as long as all information is noted in the listing description and told to buyers. It's essential to disclose all information that you know about the property regarding the condemnation issue. Typically, buyers will expect lower prices to account for the cost of demolishing or refurbishing the existing structure.
If you're trying to sell a condemned house, you need to connect with real estate agents that have experience selling fixer-upper houses. They likely will know the proper ways to market these houses online. Ideally, they already know a network of investors always looking for real estate investment opportunities.
Go to Real Estate Meetups
Generally speaking, you shouldn't sell your home alone. However, you can network with potential buyers by attending local real estate meetups. Once you find them, you can loop in your realtor to help you complete the transaction.
Real estate meetups usually have house flippers, and investors are the majority of attendees. These real estate homebuyers often work with condemned houses and properties that suffer from severe damage. Finding an investor to buy your condemned home is more likely than finding an owner-occupant buyer. Investors bring the experience of fixing damaged properties to the table, making them prime candidates for your condemned house.
Don't lose hope when dealing with a condemned house. Some buyers can quickly spot your diamond in the rough. Occasionally, you'll meet realtors that are investors themselves. First off, these agents may make you a cash offer to buy your condemned house off the bat. If not, there's a chance that they have solid connections to other investors in the area that may be interested. Ideally, they can connect the dots quickly and get your home sold.
Sell Your Condemned House
Condemned houses are some of the most complicated to deal with. They oftentimes come with severe damage that is hard to repair. Fortunately, there is a buyer out there for every property. Determine what plan makes the most sense for you and for the home that you're dealing with. Fixing certain issues can help you sell faster and at a higher price, but selling the land alone often provides a faster solution. Decide where your efforts are best spent, and make the right choice for your situation.