There are several options for what you can do with an abandoned property that you own.
Perhaps the easiest is to sell it immediately, taking note of any issues that might affect its value. If the house needs a lot of work then it may not be worth your time to fix it up. You might be better selling it as-is.
Another option is to sell the lot with your abandoned house still on it. Sometimes the land is worth more than the house and you can make a respectable ROI by just selling the lot as-is with your abandoned house still standing. This is similar to the first option except you may receive a lesser amount from someone who has no use for the house.
A third option is to gut it and remodel it from the studs up. This is a very involved process that can be quite expensive, but if you stay within budget and sell it for a good price you can recoup your expenses and then some.
No matter what you choose to do with your abandoned property, always consider the cost and the benefit of your actions before making a final decision on how to handle it.
If you don’t already own an abandoned property, you may want to consider buying one. They can make a great real estate investment if you know how to buy one. So let’s take a look at how to find them and what to do once you find one that catches your eye.
How to Find Abandoned Properties?
Abandoned properties can be a great real estate investment since you can get them uber cheap and with the right crew, you can fix them like new to sell for top dollar. But first, you’ve got to find them.
The first step in finding an abandoned property is to look for common signs of abandonment such as an overgrown lawn, fading paint, and no sign of residence like cars in the driveway. Other more obvious signs are broken windows and doors.
The post office or mailman can also be a good source of information to find abandoned properties. If no mail has been delivered to a particular house in months or even a year or more, chances are that it has been abandoned.
You will also want to check out local property auctions where foreclosed and government-seized properties are often sold. You can also inquire about foreclosed properties to your bank. While foreclosure doesn’t automatically mean the property is abandoned, there is a link between the two more often than not.
How to Buy Abandoned Property
There are three main steps to buying an abandoned property. You first need to make sure that it’s actually abandoned and not just vacant. Next you need to contact the owner. Finally, you need to schedule a professional inspection and make an offer.
Let’s take a closer look at these three steps.
Abandoned or Vacant?
The difference between abandoned and vacant homes is quite subtle. In fact, it’s more of a technicality than an appearance issue. From the street looking in, they look the same. Broken windows and doors. Unkempt lawns, chipping paint, broken fences, and just an overall look of decay. The difference lies within the legality of ownership. A vacant home is still legally claimed. An abandoned property is one where the legal rights have been forfeited.
Contact the Owner
Once you know if the property is abandoned or vacant, the next step is to contact the owner. Your county’s tax assessor website will be a trusted resource in this venture. If you find the address of the owner only to be led back to the abandoned property, you can check with the post office for a forwarding address.
Keep in mind that the owner may not be an individual. It very well may be a bank, the county, the state, or even the US government.
Schedule an Inspection and Make an Offer
Okay. You’ve found an abandoned property you want to buy. You’ve tracked down the buyer and they are willing to entertain your offer. The last step is to schedule an inspection and make any offer. Make sure you have your home professionally inspected before you make your offer as the home likely has a long punch list of repairs that need to be made. But once you have your punch list, make your offer and prepare to get to work on your remodel.
Looking to Sell Your Abandoned or Vacant Property?
Did you inherit an old property that’s been let go? Did you buy an abandoned or vacant property with the goal of remodeling it only to find yourself in over your head? Selling your house for cash to Quick Fix Real Estate is the solution. We’ll make a quick assessment of your property and make a cash offer on the spot. All you have to do is to choose the closing date that works best for you. Contact Quick Fix today for your fair cash offer.
