Are you thinking of selling a vacant house in Dearborn MI?
If so, you should expect an experience different from selling a house that has occupants living inside. One of the things to consider when planning to do so is preparing for the obstacles you may face along the way. Here, we will take you through the steps involved in selling your unoccupied house in Dearborn Michigan.
What Are Some Factors Contributing to Having an Empty House?
A house can become unoccupied for various reasons. Some of these reasons include:
- The house was a rental property, and the tenant has relocated.
- The seller has bought a new home and has relocated.
- The building is incomplete
- The owner of the property passed away, and the house now belongs to the inheritors.
Do Vacant Houses Have Any Problems?
An empty home can present significant problems to the owner. These issues can develop with time. If a house stays without an occupant for long, the owner will begin to notice problems cropping up.
Here are some of the major issues linked to an empty house.
Empty Houses Attract Criminal Acts
When a house is empty, there is no one to keep an eye on it hence keep it safe. This can make the home vulnerable to criminal acts ranging from theft to vandalism to break-ins. Vandalism may consist of several broken lights, graffiti, and more damage to the property. The repairs may cost hundreds or thousands of dollars if there is substantial damage.
Even if you have cleaned out your house, trespassers could still dig out your walls and take the copper piping away. The best way to prevent crime if your home has to be unoccupied is to install a security system. Secure windows, doors, and any other opening a vandal may sneak in through.
Unoccupied Houses Can Feel Dull
Part of marketing a house is that prospective customers feel like they can visualize themselves living there. Empty houses tend to feel dull and some buyers may be unable to visualize what the home could look like with their stuff. Certainly, you could hire people to stage the house, but that adds extra expenses that you may not wish to take on.
One more problem with vacant houses is that without furnishings, potential customers may see every flaw in the house. This could stop potential buyers from buying the property if they saw they would need to repair things when moving in. You could always negotiate the price to cover the essential repairs, but then you will end up with a reduced amount of cash at closing.
Vacant Houses Need More Maintenance
When a house remains unoccupied for a long period, it becomes vulnerable to repair issues brought about by mold, fires, and water leakages. With an occupant in the home, daily repairs are simple to take care of, and the professionals can complete them faster.
However, when empty, issues can accumulate and begin costing the owner a substantial amount of money every month. If you are not keen, the maintenance issues may go beyond what you are willing to spend on the property.
Empty Homes Attract Unwelcome Guests
Homeless people who are looking for shelter may target your house. These unwelcome guests, unlawful tenants, or ‘squatters’ may cause damage to your property over time. The longer the unwelcome guest stays, the harder it becomes to evict them and the greater the risk for damages or legal issues concerning eviction.
How to Sell A Vacant House Quickly
When potential buyers look at empty houses on the property listings, the homes all begin to look the same. The quarters appear to be plain and the landscape gardening is usually untidy.
Here is how to sell an empty house fast.
- Stage Your House
Prospective purchasers want to experience warmth and coziness when they get into a house, regardless of whether it is empty or not. Decorating a house can cost thousands of dollars but can create well-defined spaces in your home. These spaces will make likely buyers feel easy and envision your property as a place they can live and not just an empty house.
- Leave the Utilities Running
When owners switch off the utilities in an empty house, the possibility of expensive maintenance goes up. The wise thing to do is leave your utilities running and ensure your home is winterized and equipped for all seasons.
Another downside to leaving the services off is that customers may think that the house requires more maintenance than it does. As a result, your property could fetch a lower offer price and possibly a lengthier period on the MLS.
- Secure the House
Have you secured your house?
It is vital to ensure that all the windows and doors are secured, the garage is locked, and the only way to enter your home is by using a safe-deposit key. Besides, having an unwelcome guest on your property when a prospective customer is walking through is the last thing you wish to happen.
- Finish Any Minor Repairs
You will be surprised how fast a few scratches on the wall, missing or broken lights can turn off a potential buyer. A potential buyer may wonder what other things could be wrecked or missing if you have not bothered to fix or replace the broken lights. Consult your home inspector or realtor to identify what requires maintenance, even if you intend to sell your house “as-is”.
- Reveal Any Repairs That Are Required
If you are listing your house on the MLS, hire a house inspector to walk through your property and create a list of things that need replacement. This will improve the perception the potential buyers will have of you because they will see that you are not trying to hide anything. Honesty is the best policy.
- Capture Quality Photos
Whether you are selling an empty or an occupied house, one thing is for sure; customers love looking at photos. Therefore, to sell your vacant house fast, ensure that you take quality shots of your home when it is staged. With various homes on the listings, if a home has fuzzy pictures, most people will not visit it but will go to the next house. A listing with fine images will attract more buyers and lead to more viewings.
Ways to Sell an Empty Home
Selling to A Cash Home-Buying Investor or Company
Marketing an empty house to a cash home-buying investor or company is a fast and easy way to sell your house. A cash home-buying company, like REIOutpost LLC, can offer you a price for your home as-is. They can close the sale in less than two weeks and deliver money in your hand faster.
The problem with most cash home-buying investors or companies is they will not reimburse the full market price for a house. These companies will only purchase a home if they see they will generate money after they repair it. The advantage is that it is a quick sale at a reasonable price.
Using A Real Estate Agent
Marketing your property to a real estate investor is the most common technique to sell an empty home. The investor will give you a rough estimate of what your house could cost on the MLS by checking the CMA or a comparable report. The agent will take care of all of the correspondence and concessions on your behalf.
The shortcoming of selling through a real estate agent is that it may take weeks to months to sell your house. You will also be the one to pay commissions to both your agent and your buyer’s agent. The commission is about 6% for both agents.
Sell for Sale by Owner (FSBO)
If you want to save cash on real estate charges, selling an empty house as the owner is a great choice. This tactic is like selling using a real estate investor, except the owner handles the paperwork, concessions, and setting up showings.
However, it may also take weeks to months to sell your home, and owners can expect to possibly still reimburse 3% for a buyer’s agent’s commission. Also, some real estate investors may refuse to work with FSBOs. The reason being that the buyer’s agent winds up performing all the tasks for merely 3%.