How to Sell a Condemned Property
If you’re the owner of a condemned home you no longer want, selling the property might seem like an unlikely prospect. That’s especially true if you’re not sure whether you’re willing to invest in repairs or renovations to make the place safe and liveable again. But selling a condemned property is entirely possible — even when you want to sell it just as it stands.
How do you do it? Let’s take a look at how to sell a condemned property in or near Columbus, Ohio.
Sell Your Condemned House to a Cash Home Buyer
The first — and easiest — way to sell a condemned property is to sell it to a real estate investor who’s willing to purchase the house for cash. When you sell to a cash home buyer, you can sell your condemned house exactly as it stands. If you want to sell your house fast, that’s a huge perk because you won’t need to worry about undertaking time-intensive, expensive repairs to rehabilitate the property.
Selling to an investor also absolves you of many responsibilities you’d otherwise shoulder if you chose to rehab the property and sell it on the open market. You won’t need to clean the home before selling. Nor will you need to get an inspection. You’ll simply need to show the home to the investor, who will conduct a walkthrough to assess its condition and other details that help determine its value.
Keep in mind that the offer you receive from a cash home buyer will reflect the current condition of the property. If you choose to accept the offer and sell, you won’t need to pay a commission fee, closing costs, or any other transaction fees. You can close on the sale in a matter of days, if necessary, and take your cash to the bank.
After the sale, the buyer will handle all necessary repairs and renovations to bring the house back up to code. When it’s in liveable, safe condition once again, the investor will likely list it or rent it out to make a profit off their investment.
Rehabilitate Your Condemned House and Sell on the Open Market
Rehabbing and listing with a realtor is the second — and more expensive and time-consuming — way to sell a condemned property. Taking this route will likely also yield a higher sale price, but at the expense of your time and up-front investment for repairs and renovations.
Depending on the extent of the damage you’re looking at, rehabilitating a condemned property could cost you quite a bit. Some home repairs are quite expensive, especially those that involve structural components. If you’re looking at rehabbing the foundation or roof or remediating extensive water or mold damage, you could spend many thousands of dollars to get the job done.
Ultimately, it’s a good idea to weigh the projected cost of the necessary repairs and renovations against the sale price you’ll likely command when you fix and list the home. Don’t forget to factor in the cost of selling with a realtor too. You’ll likely pay 5%–6% of the property’s total sale price in realtor commission fees, as well as other transaction fees and closing costs.
Altogether, expect to shave roughly 10%–12% off the top of the sale price if you choose to take this route. But if you run the numbers and determine you’ll make more money after rehabbing — and you’re willing to invest your time and money — do it if it makes sense.
Let We Buy Houses Columbus Help You Sell Your House Fast
If you’re looking to sell a home in disrepair, whether it’s already been condemned or you’re worried it eventually will be, get in touch with our team at We Buy Houses Columbus for help. We buy houses in any condition — even homes that are falling apart — and can make you a fair cash offer for your as-is house within as little as 24 hours. We’re always looking to purchase homes in and around the Columbus, OH, area, so if you’re looking to sell, we’re ready to buy!
To get a fair cash offer for your Columbus-area house, call our office at (614) 515-5130 to get started. Or contact us online to request an offer, and we’ll get in touch promptly with more information!
