Selling A Vacant House in Longmont, Co
Whether its the city or the country, by the lake or in the mountains, every neighborhood has a creepy abandoned house.
The reasons for empty homes are varied. Some are waiting to sell. Some are inherited properties. Some have fallen into such an awful state of repair that they are unsafe to live in.
If you own one of these creepy homes and are worried about what happens when a house sits vacant, keep reading to find out. As always if you own a house that may be abandoned or need repairs call us! We can help you sell your house for cash in longmont, co! We buy as is and cover all closing costs!
Enjoy the article!
What Happens When a House Sits Vacant: The Weeds Take the Garden
And by the garden, we mean the house.
Among the litany of issues that affects vacant homes, falling into disrepair is not the least of them. Leaving a house vacant means you’re not around to notice when things go wrong. A small leak turns into costly water damage and mold growth.
Empty homes don’t experience the regular tender-loving care of lived-in homes. This means when leaves pile up in the gutters, no one will be there to clean them. It also means that no one will notice when the clogged gutters cause insect invasions and foundation damage.
Vacant homes owned by the bank will usually have the water shut off and drained. This prevents broken pipes and flooding in the winter. It doesn’t solve the overgrown grass and debris accumulation, however.
Which leads to…
Your vacant property is like a blank canvas to street artists to practice their lettering. It’s also easily a magnet for thieves.
Since the American economic recession, the incidence of copper theft has almost tripled in frequency. Vacant homes and commercial properties are vulnerable to theft of copper pipes and wiring. You risk superficial damages like broken glass or damaged doors and more serious issues like structural damage.
Trespassers are people who enter a property not belonging to them without permission or a lease agreement. Squatters are people who move onto an abandoned property with the intention of taking it over. After years of owning a vacant home, a homeowner/landlord could lose rights of this property to a squatter.
Sometimes squatters are just teens looking for a place to hang out. Other times they are homeless people looking for shelter. Any instance of squatting or trespassing exposes you to legal problems if these uninvited guests engage in illegal activities.
A home with obvious signs of abandonment is an oasis to people looking to move-in rent-free. They usually show up in neighborhoods where the neighbors don’t talk to one another. Squatters are also more common on properties that are more rural and secluded.
Discourage these guests by regularly checking on your property. Motion sensor lighting and a security system go a long way.
The Bank Locks You Out
Some people that find themselves in pre-foreclosure may decide to abandon ship. Lenders recognize that thieves and vandals are threats to their investment. In the case of unpaid mortgages, the bank pays a visit to the property. If they find that it has been abandoned, they will lock it up and winterize it.
Winterizing occurs when the water is shut off and drained from the system.
Keep this from happening to your home by calling your lender before you leave. Track your correspondence and make it clear that you have not abandoned your home. If the home is inherited or beyond repair, consider a cash sale to a reputable buyer.
Home Owner’s Insurance Abandons You
Sometimes inherited homes fall into disrepair and become a huge financial burden to the owner. To make matter’s worse, vacant homes may not be covered by home owner’s insurance. This means if your home is burglarized or if your pipes spring a leak, you’ll be covering the cost on your own.
Homes that have been vacant for more than 30 days are at a higher risk of losing coverage. This occurs because empty homes are at greater risk of damage and theft. While you are in the selling process, purchase insurance that will provide coverage for your vacant property.
The HOA Can Put a Lien on the Property
Planned communities usually have a Home Owner’s Association that dictates what can and can’t be done in a particular neighborhood. They issue fines for the unkempt property, trash in the yard, cars parked in one place too long and so on.
If you live in a planned neighborhood and leave your home vacant, you can be subject to fines from your HOA board. Unpaid fines can lead the board to take legal action, such as placing a property lien.
A lien is a public document that prevents the sale of any property until the debt is satisfied. Liens can be placed on property like cars, boats, or houses. Liens can have a negative effect on your credit score which will affect your future ability to purchase property.
Its Gets Harder to Sell
Last, but certainly not least, selling a vacant home is harder to sell the longer it sits empty. This is because homeowners make the mistake of turning off all the utilities and failing to check in regularly on their property.
Even if the plumbing and electrical are in perfect working order, shutting them off gives potential homebuyers the impression that the home needs more work. A neglected home is bound to have issues and buyers are frightened off at this prospect.
When the house is vacant for a while, there is less of a chance you will receive your asking price in the sale.
Protect Your Investment
Vacant homes quickly become a burden. Unless the owner is diligent, the property falls victim to weather conditions, thieves, vandals, squatters and more. There are many steps you can take to avoid what happens when a house sits vacant.
Visit the home on a regular basis to test the faucets and check for weather damage. Try installing automatic lights that turn on when the someone walks by. Use a security system that alerts you to any trespassers.
If your property has become more of a headache than you expected, consider selling it for cash.
Contact us today for a consultation about your hard-to-sell home.