Many consumers find a great home to buy, they make an offer and it is accepted. The next thing they know they own two homes and are having trouble selling the house they currently live in. Two mortgages, two sets of utilities and insurance etc. It can get very expensive very quickly unless you sell your first home fast.
Sometimes an inherited home can sit on the market empty for a long time as well. In a slow Maryland market the home needs repairs or upgrades and it is not staged to look attractive to buyers. The heirs literally worry that their inheritance will be lost while they pay for insurance, utilities and even mortgage payments.
There are a number of solutions to selling a vacant Maryland home quickly. We will discuss each of these in more detail to help readers sell their homes quickly.
Confirm Your Maryland Insurance Coverage on Your Home
Maryland insurance companies provide home insurance based on the fact that someone is actually living in the home. When people live in the home on a regular basis, claims such as water leaks are minimized. If you are going to leave a home empty, sellers should always check with their insurance company to confirm what coverage they have and what special requirements the company may have for them to maintain coverage.
Special Requirements can include the following precautions; however always check with your insurance company to confirm what they need to be in place to continue providing coverage.
l Placing lamps in strategic locations on timers
l Someone should check on the home on a regular basis looking for water leaks, break-ins, removing flyers and papers from the front door and accepting deliveries if needed.
l Install an alarm system that is monitored remotely by a central monitoring firm
l Close window blinds so that someone passing by cannot tell if the home is occupied or not
l Set a programmable thermostat to control the temperature and report low temperature readings if the heating system fails.
l Provide your home check person, a neighbor or family member with all contact information in case there is an emergency.
Staging Your Home to Sell
A vacant home is really difficult for buyers to imagine what their own furniture would look like in the home. By adding staging, the buyer gets some idea of what their own kitchen, dining room, living room and bedroom furniture might look like in this home.
A real estate agent can assist with what to provide and recommend a company who can provide whatever furniture is needed. You may even have surplus furniture which can be left provided it is in sufficiently good condition.
Mistakes to Avoid
There are a number of mistakes you can avoid when selling a vacant home. Some are common to all real estate sales whiles others are specific to vacant homes. The following are a few that sellers should consider:
l Setting the price for your home that is not competitive with the market.
l Not completing minor and major repairs that buyers may avoid
l Not obtaining repair estimates for some or all of the repairs to provide leverage for negotiation.
l Leaving the heating system off and buyers entering a cold home is a big turnoff
l Not making sure that everything is clean as it can be
l Landscaping is not kept up to date and current e.g. shrubs trimmed and lawn cut
l Not staging your home
Selling Your House Fast to Investors
Many sellers are motivated to sell a vacant home quickly for a variety of reasons in Maryland. They may have already purchased another home and cannot afford to pay for two homes at the same time. Inherited homes are often left vacant while estates are executed and the heirs figure out what they want to do. When it does come time to sell the home each of the heirs to the estate may have various opinions on how to proceed.
Sellers can sell their vacant home to Maryland home buying companies and investors quickly. They will purchase the home as is without repairs needing to be made and without complicated and time consuming financial approvals. Sellers save money by avoiding spending money on repairs, commissions, staging etc.
In fact, by selling a home to a professional home buying company the sale can often close within a matter of weeks instead of sitting on the market for months. It is considered a viable option for many sellers of vacant homes.