You’re months behind your mortgage and you can smell the beginning of a foreclosure proceeding, what do you do?
Well, a sane person would try and sell their home right away because if you manage to close on the home before the bank has a chance to actually send you the foreclosure, chances are, you will be able to pay off the outstanding amount and pocket the difference. But, that’s not the only reason why someone should think of selling their property.
The following are 4 reasons why homeowners should sell their houses which are vacant for too long or do not wish to rent out.
1) Property Tax Expense
One of the biggest reasons for people to sell their vacant properties is that they must continue to pay property tax even while not living in that house. And if one chooses to ignore paying the property tax bill, a tax lien is placed on the house, which then has to be paid in full whenever you decide to sell the property later.
2) Insurance Expense
Home insurance is a must when it comes to covering any damage or liabilities on your property. This is a recurring expense but here’s the kicker. If your property happens to be vacant for more than thirty days, then it is no longer covered by the homeowner’s insurance if it gets damaged. If you still wish to keep your property then call your insurer and let them know that you want your property to be insured under the unoccupied house contract.
Needless to say your vacant house will bear the brunt if it is not properly heated during those cold winter months. This means you will have to pay for the utilities of not only the home in which you live in, but also for the one which is vacant as well. To save yourself from these extra and unnecessary expenses you can sell your property to real estate investors who are able to give you a market price for your home within days.
4) Vacant Houses Lose Value Over Time
Vacant properties lose their market value over time. So, you not only have to pay for the insurance, taxes and utilities, but you are actually losing on your home in the long run. In other words, your vacant property is a liability that is draining you of your hard earned money now and will fetch you an even lower price when you choose to sell it later.
“Trying to sell property through the traditional real estate methods takes months if not years, and the truth is that not many home owners have that amount of time to waste of getting the price they want.”
Private home investors in Maryland eliminate the need for having to wait too long, especially when you’re in dire need of money for whatever reason.
If you are in a difficult situation, then the only way to save yourself from further expenses is by selling your property to a private investor who can give you the price you’re looking for within days without you having to fix the place or even add a new coat of paint to your home.