Although uncommon, it’s not unheard of to inherit a home that’s fallen into disrepair from a recently deceased relative. If this has happened to you, you may be wondering how to sell the property despite its currently condemned condition. You could choose to restore the home and flip it for a profit or you could sell it as is to an upfront cash home buyer. You have a couple of options, depending on your current financial situation and interest in the property.
In this guide, we’ll discuss how you can approach selling a condemned house and provide some insight into which option will be most profitable.
Renovate and Sell a Condemned House
This option is best if you’re able to finance the renovations yourself or you have access to a home equity line of credit. If you have the time and money to invest, you could choose to renovate the property before selling it. This will, of course, take quite a bit of effort on your part, but it could be worth it in the end. Once you’ve completed the renovations, you could sell the home for a much higher price than you would have if you’d sold it in its current condition.
Are you in a time crunch to sell your condemned home? Consider selling your house without a realtor to speed up the process. You can avoid things like open houses and long listing periods. These are uphill battles when it comes to selling a condemned property. Sell your house by yourself and get things done quick. SD House Guys buys houses as-is. We will make you an offer for your condemned house.
Risks of Renovating a Condemned Home
If you take out a loan to finance the renovations, you’ll need to be sure that the sale price of the home is high enough to cover the cost of the loan, plus any interest and fees. If you are unable to cover the cost of the repairs, you could actually lose money on the sale. Also, it’s important to be realistic about the time it will take to complete the renovations. If you’re inexperienced with home repairs, you’ll have to hire a professional contractor to oversee the project, which will also cost more in the long run.
Sell My Condemned House As-Is
If you don’t have the time or money to invest in renovations, you could sell the home as is to an upfront cash home buyer. This type of buyer is typically a real estate investor who is willing to purchase the property in its current condition. One of the benefits of selling to an upfront cash home buyer is that you won’t have to make repairs or renovations to the property. You’ll also be able to close on the sale sooner than you would if you were selling through an estate agent. Keep in mind, though, that you likely won’t get as much money as you would if you took the time to renovate it.
Did you recently inherit a home that’s condemned? This could be caused by things like mold, structural issues, or water damage. It unfortunately happens to many families. Check out this resource if you need to sell an inherited house in San Diego. SD House Guys provides a seamless process for you and your family to sell a condemned home as-is.
Selling a Condemned Property
Inheriting a condemned home could be a financial burden or an opportunity to profit. If you lack the time or finances to cover a renovation, contact SD House Guys today. Click here to sell your house fast even if it’s condemned. Selling your home as is makes the entire real estate process easy. Our team can offer a free upfront estimate and help you walk away with a lump-sum cash payment.