In order to get cash for houses that are condemned, there are two ways you can go about it.
You could make all the necessary repairs and then have an inspection done by authorities in order for them declare that the home is habitable again. This way you will be able to market the home normally on the MLS or other sites like Zillow or Realtor.com.
Or alternatively, if time is limited and funds low you may be interested in one final sale before moving out! You may not know that condemned properties can be sold as-is, without you having to make any repairs. This would obviously been an easier way for you to sell your home and it will mean less time and out of pocket expense.
We’ll go over both ways how to sell a house so that when we’re done, you should have enough information about which method works best with your individual situation.
Why It’s Hard to Get Cash for Houses that are Condemned
In order to sell a condemned property, it’s important that you are knowledgeable about how the process works in your area. Different regions have different regulations and laws surrounding condemnation of properties before they can be resold. For example, some states allow for sale as-is, without repairs. Meanwhile, others require fixes first on abandoned homes built after 1964 or those with more than 2 units according to the International Property Maintenance Code (IPMC).
There’s a lot at stake when a property is proclaimed as condemned, and it may be too late to sell. The typical home buyer has no idea what is involved in buying condemned properties – there are legal hang-ups that can’t be ignored or taken lightly! Unless you have a Certificate of Occupancy and ownership documents for transfer, real estate agents or brokers will not waste their time listing your house on MLS listings.
Furthermore, it’s difficult for buyers to be approved for any type of FHA loan or mortgage. This is due to the fact that condemned properties cannot legally be inhabited, and because there is high risk of the state government assuming ownership of the property.
What Does it Take to Get a House Condemned
The reason your property was condemned will have a large impact on the options you can use. It’s important to understand what causes a home to be demolished. It could happen because of slow deterioration over time, or if work is done that doesn’t comply with building codes.
Some of these building code violations could include, but is not limited to: no air conditioning or central heating, deterioration and/or damage to the structure, mold, or improperly installed electrical equipment. If you’re looking to save time and money, then doing it yourself may not be the best option. But if your house doesn’t pass inspection or is on its way towards condemnation because of unlicensed contractors, all that work will need to be completely redone anyway.
You may have to make repairs if you own a property that has been vacant and in disrepair for a long time. If the local authorities are inspecting your premises, they can declare it dilapidated without listing specific reasons.
What is the Process After a House is Condemned?
There are many steps involved with different penalties if they go unmet by the owner. Once notified of such an issue at one’s property, it is important not only to fix these. This way, you won’t incur additional fines from the city. On the flip side, also depending on severity, your property may be condemned until problems are corrected.
Once a property is condemned, it becomes illegal to live there. The owners or their tenants will have to vacate the premises. If the municipality decides they want to make repairs on the house themselves, then they can place an lien against that property until it is paid by the owner.
Solution 1: Make Repairs & List
The house has to be condemned for one or two items, and if they’re manageable you should fix them. If the condition is reasonable, then local authorities would prefer your home get fixed up so it’s inhabitable again. This helps everyone in the community – not just yourself!
But as we’ve said before, the reality is that by the time you see your house condemned you have already been given a lot of time to make repairs. If progress has been made then it will be more likely for authorities to give an extension on condemnation if asked; but obviously this would depend on whether or not they are satisfied with what work was done and how much of their property had actually changed in appearance after being worked on.
Solution 2: Seek Cash Buyers
There are people out there who would be willing to buy your condemned house. You just need the right buyer! As we’ve mentioned, someone needing to borrow money isn’t a potential buyer for this type of property as-is. The only way you’re going to find interested buyers is by finding somebody with cash and that’s ready move fast on making an offer.
A real estate investor is a professional who can assess the situation quickly and move without delay to buy your house. Investors pay all cash for condemned houses so you don’t have to worry about lenders’ concerns! An investors experience with building codes, as well as knowledge of condemnation in your area are just some things that make them qualified for purchasing the home.
Our company, SellThatFloridaHouse.com is the best place to find a buyer who will purchase your home in Florida for cash without any hassle or confusion. By using our online cash offer request form, you can quickly and easily put your property in front of investors. We pride ourselves for having a stress-free transaction process and a leading team of customer service professionals. Call or visit us online today to get cash for houses you have. We service Central Florida, South Florida, and the Panhandle! Speak to a representative today if you’re in need of cash for houses that are condemned or just have general inquiries regarding our process.