The 10 Tips For Selling Your Vacant House & Your Options
There are several different situations that can occur that can cause your property to become "vacant", causing you to sell in a situation that calls for some urgency.
The typical situation, would be you are moving into a new house but you are having a hard time selling your previous property, causing your property to become vacant for a period of time. However, there are several other circumstances that could cause you to gain control of property in a vacant state, such as;
Tenants Moving Out, Leaving Property in Bad Condition
The reality with real estate is that often times, home transactions are rocky. We have to try to manage and prepare for the worst possible scenarios so we can avoid some of the expected hurdles.
I want to touch on some tips for selling your vacant house and also some of the options that you may have when deciding to sell a vacant house.
If your home does become vacant, you will now have a property with an urgency behind the sale. This is because while the property sits vacant, you will be incurring holding costs, such as:
While also increasing your odds of vandalism or theft.
If the property is show noticeable signs of vacancy, such as:
We have to take extra precautions to avoid costly damages to the property while it is vacant before a sale.
3 Options To Sell Your Vacant Home
Each homeowner who finds themselves with a vacant house in Syracuse NY has a different reason for being in that situation. Each situation will determine which option will be the best for that specific seller.
There are a couple different options you have to sell your home and each option works depending on your situation.
This will be similiar to your typical home sale. You will interview & hire an agent and let them control the sale of your home. If you have just purchased a home and need to sell your prior home (if in good condition) this will probably be your best route. Just be aware that this option can take longer to sell your home, requires open houses which increasing your odds of vandalism and such. Just make sure you take the proper precautions to minimize your risk in this area.
Another option you have is trying to sell this vacant house by yourself. If you are familiar with the process of selling real estate and understand how to market, show and organize a sale, this option may be for you. This is a more complicated process but could possibly save you some commission money if you are able to obtain the same sales price as listing with an agent. Depending on your knowledge of the industry will determine if this option is right for you.
Real estate investors offer unique terms and benefits that other buyers do not. Some of these terms could be what you are looking for, such as:
Need to sell fast
Property needs a lot of repairs
Hassle free sale
No real estate agents
No open houses
These real estate investors will be looking for a discount on the sale of the property but will be able to solve your problem of a fast sale. You will not have to pay any commissions, closing costs or repair costs and will not have to deal with your property sitting for long periods of time. This will minimize the chances of your home being damaged or vandalized as well as limit the holding costs you will incur when selling to a bank financed buyer.
Tips & Precautions When Selling Your Vacant House
When it comes to selling your vacant house in Syracuse NY, there are certain things you need to do to ensure your investment.
1) Maintain The Curb Appeal
No matter if you are selling an occupied home or a vacant home, maintaining the curb appeal will give a great first impression to anybody looking to buy your home. If your property is vacant, it is more common to forget about mowing your lawn, trimming bushes or keeping your exterior clean. This will also minimize your risk of break ins because your property will not give the imagery of a vacant house.
2) Alert the Local Law Enforcement
As a homeowner it is our obligation to pay taxes to help cover salaries of local government departments and employees. If you plan on selling your property and are under the impression that it may be or become vacant, then contact your local authorities to have the keep an eye on it for you and make them aware that the property is vacant. This quick phone call could drastically reduce the odds of any criminal activity around your home.
3) Get in Touch With The Neighbors
Making your neighbors aware that the home is going to be vacant is also a smart move. This will allow them to keep an eye on your property for you at all times. If there is any criminal activity that happens to your property, they will be able to report these actions to the police promptly. You could also ask one of your good neighbor friends to check the interior of the home a couple times a week to make sure the interior of the property was not vandalized.
4) Take Photos of The Property
Take interior and exterior photos of the property right before the property becomes vacant. This will be helpful for several reasons. You will have photos for your listing or to show anybody who is interested in purchasing your home. You will also have clear cut evidence if any damage were to happen to your property. So take some detailed photos of your home to protect yourself from any criminal activity.
5) Stage the Home
If you are in a good financial position and want to increase your odds of a sale using the traditional sales option, then consider staging your home. This will give the look and feel of an occupied property while the home is vacant. It is easier for home buyers to visualize the space if their is furniture in the home. Also if you are listing your property on sites such as zillow & trulia, your home will not look empty. Believe it or not some folks check these sites for empty homes to use as targets.
6) Think Twice About Open Houses