Vacant properties in the U.S. are certainly a problem that has attracted attention from numerous parties. The existence of abandoned property in the country has reached dramatic levels even with attempts to find a solution via reuse. In fact, in the U.S., every one in 63 residential properties is vacant. In other words, nearly 2% of homes in the country are vacant. Considering these significant numbers, if you own an abandoned house, know someone who does, or you fear that your property may soon fall under this category, it’s time to take action.
Selling is one of the options that you could take advantage of. In this article, we will share valuable information and tips on how to sell an abandoned house in Lincoln. There are a lot of specifics and peculiarities associated with the process. We hope to save you time and money with this article.
Abandoned House In Lincoln and How To Sell It
What is an Abandoned House?
You may be wondering what qualifies a property as an abandoned house. Is there a set of characteristics that must be covered for a house to be abandoned?
In short, an abandoned house is described as a property that has been made vacant as a result of financial or legal reasons, bankruptcy, or foreclosure. In most cases, abandoned homes have reached this state following financial reasons. Therefore, the majority of these homes are not well maintained and in desperate need of renovation and maybe reconstruction. This is one of the reasons why they are likely to be extremely appealing to any investor.
But why should abandoned houses be sold?
Reasons to Sell an Abandoned House
Abandoned houses usually come along with a full pack of concerns and reasons to sell. If you own such property, you may want to consider these drawbacks and identify whether announcing your house for sale is the better option.
Ongoing Maintenance Costs
Even if you haven’t used your property in years, there are still ongoing expenses that you can’t simply put on hold. At a first glance, they may seem unharmful for your bank account but if you go back to do the math, you may uncover that you have invested a lot of money into something that you haven’t gotten anything back from.
On-going utility bills could be piling up if you haven’t stopped them. Government taxes are obligatory for any homeowner, regardless if the property is used or not. In addition, abandoned houses can be even more costly as they are often involved in disputes regarding unsafe structure, unmaintained grass, illegal use, and more. Some of these factors could lead to significant fines and additional expenses. Not to mention that you could even lose your property before you decide to sell if the government re-possesses it following unresolved violations.
Safety and Security of the Neighborhood
If you’ve ever wondered how to find out about abandoned houses – it’s not hard. All you have to do is ask the people living in a chosen area. If there are abandoned houses nearby, they are likely to have heard about them. And there’s a reason why.
These spots usually attract a lot of crime as they are rarely controlled. Being vacant, they turn into the perfect spot for drug dealers meet-ups and other criminal activities such as human trafficking. Your abandoned house could soon turn into a real danger for your neighbors and the community as a whole. Selling it to an investor or a new homeowner who will restore it and put it to use is best for not only you but for society as well.
Another risk factor for keeping an abandoned house in Lincoln is deterioration. When a home is vacant and there is no one to take proper care of it, it is inevitable for the property to dramatically deteriorate over time. There could be water leaks that remain unresolved, the grass in the garden may be beyond the ability for a standard person to trim, and not to mention the chances of pest infestation. The longer the property remains vacant, the poorer its condition will be when you decide to use it or sell it, meaning that you will need to invest a lot of money to bring it back to life.
Keep Squatters Away
Squatters can do a lot of harm when it comes to abandoned property. Squatting takes place when someone intentionally enters a property with no permission and without legal right. However, squatters’ main intention is usually to live in the chosen location. In England and Wales, long-term squatters can obtain the right to be the new registered owner of a given property, as long as they have occupied it for at least ten years. In order to do this, they must provide proof that they have taken care of the property as owners during this time period. If such a decision is reached, the homeowner will be notified and has the legal right to object.
Selling your home to an investor or a new homeowner will help keep the squatters away and will ensure that your property is in good hands.
Selling an Abandoned House Process
If you do make the decision to let go of your old and abandoned property, there are a few things you should know about the selling process. Although there are some similarities when compared to an ordinary house sale, selling an abandoned property does come along with a set of important differences.
Property Condition Assessment
Any property for sale, including abandoned houses, should undergo an official property condition assessment that will help establish important information about the house and its condition. This assessment will thoroughly inspect all important features and details about your abandoned property and will show the true value of the house to you and potential buyers. Some of the things that will be evaluated include the building site, structural frame, roofing, plumbing, heating, air conditioning and ventilation, electrical systems, fire protection, interior elements, and more. The assessment will also inspect for mold, insect infestations, seismic considerations, and others.
Set the Property Asking Price
Before you sell your house, you must set the property asking price. The asking price is simply the amount of money that a homeowner selling their house wants the buyer to pay for the purchase of the property. The asking price is normally included in the property listing and does not have to be the same as the actual final price when the sale takes place.
You may have come across the asking price referred to as list price. The amount stated in the list price or asking price is subject to variation based on a number of factors such as market conditions, property conditions, and more. When establishing the asking price of your abandoned house, you should take into consideration the market conditions that are currently applicable, the size of the property, how old it is, any specific features that may play a role in its value, the potential buyer’s financial situation even, and more.
The best way to get an orientation is to browse around the neighborhood and spot any other similar properties that are listed for sale. Once the potential buyer likes your property, the chances are that they will want to negotiate on this asking price. In most scenarios, the final price is different from the initial asking price.
How to Sell an Abandoned House
Once you are ready with your asking price and the property condition assessment has been completed, you are ready to announce your abandoned home for sale. There are two main paths to choose from:
- Sell to a Real Estate Investor
Selling your abandoned home to a real estate investor is usually the easier and more advantageous options. Investors usually come with a lot of experience in the property sale process and a lot of know-how that can help for a smoother and quicker sale. In addition, in most cases, property investors can quickly react when it comes to financial investments. On top of that, you can be certain that your property will be transformed into a beautiful home that someone will enjoy in the future.
- Sell the Property Yourself
Alternatively, you could always go through the standard procedure of finding a potential buyer on the market. This option usually involves a long wait before you can find the right buyer, make sure that they are legit to make a property purchase, and willing to invest in restoring the abandoned property.
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Other Important Matters to Consider
Don’t forget to think about the property itself before you decide to sell. Will you be renovating it to ensure a quicker and more beneficial sale process or do you want to get rid of it just the way it is? Calculate if investing money in renovation will be worth it when it comes to the selling price. This will highly depend on the house location, your available financial resources, the time that you have to complete the sale, and more.
You can easily sell your abandoned house in Lincoln as long as you have the right ideas and the right people to assist you. We hope that this article will serve as a backbone for the basic things that you need to be aware of when deciding to sell your abandoned house.