When you hear the words “condemned house,” what do you think of? The first images that come to mind are probably of spooky, dilapidated homes with caved-in roofs and creaky foundations, crawling with overgrown foliage.
You might be surprised, then, to discover that is not always the case. There are plenty of reasons a house might be designated as condemned.
“Condemned” means that a government entity of some stripe has declared the home unfit to live in. This could come as a result of a pattern of housing code violations, visible or immediate safety hazards, or even extended vacancy or continuously disconnected utilities. Your home could even be in perfectly good shape, but if it sits in the path of a proposed government works project, it can be declared condemned and seized by the power of eminent domain.
In cases of eminent domain, the government will make an effort to compensate you for your home. Nevertheless, it’s a good idea to retain a lawyer before accepting any offers just to ensure that you’re being protected and given a fair price for your property. In any other case, though, you will be responsible for either repairing or selling your condemned home yourself if you hope to avoid suffering a total loss on the property.
A Serious Fixer Upper
When you consider what’s before you when trying to overturn a declaration of condemnation, it’s best to be honest with yourself about the true cost. Once you’ve been served a notice of condemnation, you will have a limited amount of time before you must appear at a court hearing to address the cited issues and fight to keep possession of your home.
Often this means investing in major plumbing, electrical, foundation, or roof work. You may also be in need of serious pest control services if the property has been uninhabited for some time and has become a haven for creatures.
You may need to invest in legal counsel to help you through the process, which also won’t come cheap. And don’t forget that while all this is going on, you will still be responsible for paying your property taxes, homeowner’s insurance, and possibly even mortgage payments (if you don’t own your home outright).
If your home has reached a state of condemnation, there is a good chance it’s because you didn’t have the money to address issues as they arose. They snowballed, creating a situation you couldn’t escape.
Or perhaps you are trying to help a sick or elderly family member whose home has fallen into a state of such disrepair that it is no longer safe for them to live in. These sorts of situations are very difficult—both financially and emotionally—for homeowners, and sometimes the best option is to part ways with the property.
Listing a condemned home on the traditional real estate market is unlikely to do much good. While plenty of people are happy to take on some basic repairs in order to get a good deal on a home, the vast majority of buyers are not interested in or equipped to deal with the work that comes with taking on a condemned home. You’ll also need to consider the added costs of this route, such as realtor commissions and listing fees.
Finding an individual cash buyer could be an option, but if your timeline for handling things is tight, you may not have luck finding the right buyer and the right price before your hearing date arrives. Selling a condemned property is, as you can see, not a walk in the park.
Hope is not lost, though! A cash homebuyer company will have the resources to help you sell your condemned home quickly, so you can put this painful period of your life behind you. If it feels like the right step for you to move on from your condemned property and quickly put cash in your pocket, contact Meridian Trust today. We buy condemned houses all over Florida, and our knowledgeable team is standing by, ready to help.