Your Ultimate Guide to Working with Vacant Property for Sale

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  • By mytennessee_
  • 19 Dec, 2022

The current economy doesn’t have to be your enemy. If you know what you’re doing, you have endless potential. Given current real estate trends and metrics, vacant property sales are becoming more popular than ever.

Need repairs? Have low equity? Struggling with liens, code violations, financial troubles, or mortgage issues? Here, you can learn all you need to know about working with vacant property. If you’re dealing with an unoccupied, abandoned, and/or vacant home, My Tennessee Home Solution is here to offer ‘as-is’ cash to make the entire home-selling process seamless.

What Constitutes a Vacant Property?

Vacant properties are those that nobody occupies and from which owners are now detached. For instance, the vacant property owner does not frequent the property, does not perform maintenance on the property, and is generally separated from the property.

Vacant land, a vacant lot, and any type of vacant homes are all categorized as vacant properties. Vacant houses are the most common form of such properties.

Does a Vacant House Need to Look Good to Sell?

Vacant realty owners will often let their properties go into a state of disrepair. As a result, they typically have overgrown yards, and damage to both exterior and interior. These may include broken windows, dirty rooms, shattered roofs, and more.

Whether or not your vacant property needs to look aesthetically pleasing – or be in a functional state of repair – depends on the buyer. Typically house hunters seeking a new home have limitations on the work they are prepared to do to get a house ready to move into. But if your vacant house is in poor shape and you need to sell fast, we can help. 

At veteran-owned and operated My Tennessee Home Solution, we’ve purchased numerous homes for cash. Our qualified cash buyers can make fast and fair offers on all kinds of vacant houses. We assess and buy homes in all types of conditions.

Whether you’re looking to unload your fully furnished, unoccupied property or have a completely vacant home, we know how to service clients in a bind. Contact our real estate specialists today and we’ll expedite and simplify the home-selling process for you.

What is The Difference Between Vacant Properties and Unoccupied Properties?

Technically, vacant properties are not the same as unoccupied properties. Vacant buildings – whether vacant houses or vacant businesses – are completely unfurnished. An unoccupied structure, by contrast, will contain furniture such as beds, couches, chairs, and more.

This is the main difference between vacant and unoccupied properties. Both unoccupied and vacant homes will be uninhabited.

However, unoccupied homes are often in better condition, and more habitable, than vacant homes.

For instance, your vacation home may be considered unoccupied if it is uninhabited for months on end. Sometimes, a vacant or unoccupied property may be considered an abandoned property.

Vacant or Abandoned Properties? Which One is Which?

The two terms are commonly interchanged, though abandoned properties are considered properties without tenants, where the owner may have relinquished all rights to ownership.

An abandoned house will probably be familiar to neighbors, and sometimes an abandoned house may be surrounded by other abandoned real estate. Local laws can also help define the difference between vacant and abandoned properties.

Understanding Your Local Laws on Abandoned Property

What constitutes an abandoned property depends on a state’s laws. In some states, the property owner must have relinquished a property claim for at least three years.

Most states have a so-called unclaimed or abandoned property division.

A building can seem abandoned, but that does not make it legally abandoned. You may be able to quickly claim ownership of the abandoned real estate, but first, you’ll need to contact the relevant public authorities.

Overall, there are many reasons why an abandoned house is abandoned.

Why Do Owners Abandon Their Properties?

Homeowners may abandon their homes due to financial problems, like poor tax records or difficulty paying bills. Bankruptcy and foreclosure are common difficulties that increase both property abandonment and vacancy rates.

Some neighborhoods may contain numerous vacated homes due to crime and socioeconomic struggle. The structure may be in poor condition. The owners may be struggling with personal issues, such as divorce or job loss.

Acquiring Abandoned Properties & Homes to Sell

Check with your state, county, or jurisdiction about abandoned homes and land. You need to ensure that the former owners are, in fact, former. In some cases, a home can sit for two years and still be reclaimed by the owner.

The abandoned property is a matter of public record and a target market for many investors.

What do Vacant Property Owners Need to Know Before a Sale?

Every property owner wants real estate sales that make sense. If you need to sell your house and get a fast and fair deal, you need to do several things. Firstly, you should understand the value, condition, and circumstances of your house.

Remember, vacated properties can range in these aspects, from completely dilapidated and derelict homes to comfortable, beachfront vacation houses.

Important Considerations Before Transferring Vacant Property Ownership

There are a few questions vacant homeowners typically ask themselves before they sell. Because there is such a large tray of reasons a homeowner may possess a vacant property, by considering the following, you can move forward with confidence that you’re making the right choice.

  • What is the condition of the property like? 
  • What are your reasons for selling the vacant home?
  • How fast do you want to relinquish the property?

What is the local real estate market like?

House in hands

Marketing, Advertising, and Selling Vacant Homes

How much are you looking to sell it for? How are you going to determine this figure and then market your home so that buyers are interested? Will real estate investors even take notice?

Will you post signs and ads? Will you send out mail through the local post office or postal service, or go online and use social media and other marketing avenues?

Veteran-owned and operated, My Tennessee Home Solution takes away your worry and work and makes real estate sales easy. We find vacant houses from all over, regardless of condition, and quickly and smoothly make cash offers that home sellers want.

How The Best Buyers Find Vacant Houses and Can Find Yours!

Real estate investors want a good investment. It doesn’t matter what state, county, or neighborhood your home is located in, or what condition the home may be in, if the deal doesn’t make sense, you risk losing investor interest.

If you’re trying to sell a vacant house for a deal that you like, you first need to connect to the right buyers. This all starts with making your house visible for buyers looking to find vacant properties. So let’s take a look at how you can make your vacant property more visible to buyers. 

Where a Buyer May Find Vacant Properties Such as Yours

When it comes to finding vacant properties, buyers will often explore unconventional avenues. Because vacant houses are usually off-market properties, they are frequently unlisted on the Multiple Listing Service (MLS). As such, an investor may find vacant houses through various methods.

Whether you’re an owner or wondering how to find vacant property owners, try the following:

  • Mail Ads and Postcards
  • Internet Marketing
  • Buyers’ Agents and Brokers
  • Industry Professionals (i.e., contractors)
  • Networking Events
  • Public Records
  • Home Auctions
  • Finding Properties Organically

The Best Sales Channels for Vacant Homeowners Looking to Sell

One of the best ways an investor may find vacant properties is through auctions. These auctions are popular because they often include distressed and unoccupied properties such as those that are foreclosed.

While buyers may be interested in bidding for properties at below-market prices, they may be willing to quickly purchase your vacant property for sale.

Depending upon the county, foreclosed homes may be easily sold at auction.

Buyers may also find vacant properties simply by cruising the neighborhood and following up on leads about properties that are seemingly vacant, unoccupied, and/or abandoned.

Asking neighbors, spreading word of mouth, and calling public divisions can expedite this process. The best buyers will be able to make you an immediate cash offer regardless of the condition or circumstances of your home.

If you need to sell your vacant property fast with a reliable buyer, My Tennessee Home Solution is here to take the load off your shoulders.

CONTACT US TODAY

Understanding Vacant Homeowners Insurance

Selling and buying homes always come with difficulties and challenges. Oftentimes, these struggles are financial. As all investors know, insurance is always a consideration, especially when determining how to buy vacant property.

In fact, insuring a vacant property is a little bit different than insuring a traditional home.

The Importance of Insuring Vacant Homes

Standard home insurance will usually cover various home damages. However, vacant home insurance often requires that the home is occupied before any coverage.

Sellers are privy to multiple coverage plans, full and partial, and can switch between them frequently. Good insurance is vital as sometimes these homes may come with unexpected ‘surprises.’

Calculation

Buyers and sellers should both know what they’re getting into before striking an agreement.

Protecting your property is important to this end. A seasoned home specialist can connect you with the resources you need.

How to Protect Vacant Property

Protecting your properties is important, but of course, it can be difficult. After all, if you’re the owner of a vacant property, you may have more pressing concerns than protecting a vacant property.

Perhaps you’re dealing with bankruptcy, code violations, or title issues. You may have health problems or family troubles. You may be focused on relocating or downgrading.

However, regardless of your current situation, home protection is absolutely vital. There are various simple steps you can take to ensure your home is protected.

With home protection, you can prevent damages, whether physical or financial, current or future, to your house.

What Homeowners Can Do to Protect Vacant Properties

If you’re a seller looking to sell your house quickly and for maximum cash, it’s time to take action. We all know life throws us curveballs, but we can still do our best. Take the following steps to optimize your home for a quick cash sale.

Maintenance 

Many unoccupied houses are in a state of disrepair. Nonetheless, do your best to perform maintenance work as regularly as possible or hire a property manager who can.

The increased value of your home may offset these costs.

Two of the main areas to focus on are utilities and safety conditions. If you can ensure solid plumbing and anti-hazard prevention, your house may become more attractive to buyers.

Secure the Property

Nobody wants to deal with burglars, especially if the property is furnished but unoccupied. Either utilize a security service or put security signs in the yard.

You could consider tightening the blinds and putting lights on that are visible to onlookers, giving the impression that there are still tenants.

Consider Insurance Coverage

As previously discussed, vacant home insurance is different from traditional home coverage. Nonetheless, vacant homeowners should certainly consider various policies to partially or fully cover everything from weather damage, theft, and vandalism, and rental opportunities.

You may also be able to have more than one house under one policy.

Check with insurance companies and vacant housing experts to ascertain what your options are until you are able to sell.

Sell Your Vacant Home for Cash Hassle-Free

There are many reasons you may need to sell your vacant house. If you find yourself trying to unload your house, you’re not alone.

Whether you’ve got mortgage trouble, debt issues, title problems, or any other kind of challenge–financial or otherwise–we’re here to help.

Our team of military veterans will utilize our diverse connections, strong acumen, and deep housing market expertise on your behalf.

The process is simple.

Simply send your information and then we get back to you to discuss your needs and walk you through the process. At your earliest convenience, we meet at your property, calculate a value and schedule a closing date. 

We’ll handle the paperwork and everything else.

At My Tennessee Home Solution, our team of experts will work closely with you to streamline your cash sale, from the moment you submit your information to the closing date of your choosing. Fill out the online form or give us a call today and get the best cash offer available.