Selling A Vacant House
Selling a vacant house is unlike selling any other house. The main challenge that the seller of a vacant house will face, is the condition of the property. If the property is in great shape, doesn’t need any work, and is in “move-in” ready condition, it is likely to sell pretty quickly if it’s priced correctly. If that’s not the case, and your house requires repairs, updates, or other maintenance issues, it could take a while to sell your house. For one, homeowners might not be able to qualify for a loan on a house that has major defects. Secondly, fix-upper houses don’t typically show as well. If you’re dealing with mold or unpleasant odors it’s likely going to be an uphill battle when selling a vacant house in Indianapolis.
Uninhabited houses don’t age very well. Typically, uninhabited or vacant houses have the power and other utilities shut off. Without central air conditioning or heat, moisture can penetrate through walls and wood, mold can grow rapidly, or a myriad of other things can go wrong when a house is vacant.
Insurance companies like State Farm typically don’t insure vacant houses. Most will provide a short period of time for coverage (90 days or so) but will not insure in a perpetuity vacant house. There’s just too much liability. Vacant houses will require special insurance underwriting that typically costs 2 to 3 times more than a standard insurance policy. Vandalism, burglary, and frozen water pipes that burst and flood the house are just a few of the things insurance companies and homeowners of vacant houses should worry about. Approximately 1.5 million homes lay vacant across the U.S. – that’s more than one and a half percent of all single-family residential homes.
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There are three ways Indianapolis homeowners can use when selling a vacant house. The first and most obvious way is listing it with a local real estate broker. They can give you insights on local market trends, as well as link you up with potential buyers. Second, you can list the property yourself and sell it FSBO (for sale by owner), and market directly to potential home buyers. Or you can sell that vacant house directly to a real estate investor.
The easiest way to decide which option is best for you is to consider the overall condition of the property. If the house is in move-in ready condition, then a real estate broker is likely your best option. At Ittenbach Capital, we have our own brokerage firm that will be happy to list your property for you. If your house is in serious need of some TLC, has major house defects like foundation problems, or mold or perhaps it could use a facelift, then the best option for you will be working with a real estate investor like Ittenbach Capital, LLC. Real estate investors are used to working with these types of houses and have the knowledge, expertise, and resources to rehab the property and resell it on the open market.
We’d be happy to discuss with you the condition of your vacant house and build a solution that best fits your needs. We can first try to list the property, market it aggressively and see if we can move it quickly for you. If that doesn’t work we can always fall back on a cash offer. At Ittenbach Capital, we are real estate investors; a professional home buying company that prides itself on creating win-win solutions for all our clients.