A property is decidedly vacant if it has been unoccupied for six months or more.
It does not need to be abandoned to be considered vacant,
but it must be vacant to qualify as abandoned.
Vacant property problems prevail across the country especially in older, industrial parts of the Midwest and Northeast. Now, more than ever, metropolitan areas of the West are also dealing with its consequences. In areas of rapid growth, where development forces expansion into outlying neighborhoods, vacant homes are becoming a massive burden to residents and their communities.
The Impact on San Diego Homeowners and Communities
There are many reasons a home becomes vacant. People inherit houses they don’t want to live in. Tenants move out and nobody takes their place. Divorce or unexpected death drives people out of their homes all the time. Job relocation is also common.
An unwanted house is expensive. For example, moving to a new place and having trouble selling the home left behind. In San Diego, vacant property owners will continue incurring holding costs such as taxes, insurance, mortgage payments, and various maintenance costs as long as their name is on the deed. All that for a roof over nobody’s head.
Unfortunately, the negative consequences are not limited to homeowners. Often, the homes end up in foreclosure, imposing costs to banks, mortgage companies and other entities responsible for the title. Local governments and taxpayers wind up footing the bill for vacant and abandoned properties, sometimes for years. And that has no small impact on the community at large.
A single vacant home costs the community about $150,000 a year. The financial burden puts a strain on resources otherwise spent on public safety, like police and fire services, and public health, including hospitals.
Vacant homes also threaten the property values of businesses and other homes in the neighborhood. Who wants to work or live next to the ugly, unkempt house on the block? In many cases, empty properties attract crime, degrading the quality of life for nearby residents.
Vacant Home Selling Advice
If you own unoccupied property in San Diego, now is an excellent time to take action. Even if you no longer live in California, you have options for selling a vacant property. And it may be easier than you think!
A typical home sale may involve hiring and paying a real estate agent to control the process. Choosing to sell the conventional way may be right for vacant properties in excellent condition. Do the math before deciding. Realtor fees, commissions, inspection costs, repairs and other expenses add up quickly. Also, beware that it can take a long time to sell your home, vacant or not.
Selling a vacant house by yourself is best undertaken by a select few who are very experienced home sellers. They know the expectations for listing, marketing, staging, contracts, and escrow correctly. Many assume that selling FSBO means saving money which may be true on one or two aspects. But if you are not clued in on the nuances of the market and local real estate trends, this option will be an uphill battle.
Working with professional investors to sell your vacant home is always an alternative to selling to traditional buyers. They offer terms and benefits that other buyers do not. Vacant homes are especially susceptible to infestation, leaks, mold and other states of neglect. Often, out-of-state homeowners are unaware of the condition of their property and may be unwilling to make the repairs and preparations necessary for a home sale. Or, their goal is none other than to sell quickly and remove themselves from further responsibility of the home. A quick sale may be the best way to avoid the hassles and expenses of an unoccupied or vacant home.
Trusted House Buyers provides no-cost solutions for your vacant San Diego Property. We pay cash for vacant, distressed or unwanted properties in and around San Diego and help homeowners in all kinds of situations sell their homes fast for cash. We’ll even skip trace owners that municipalities give up on.