At some point properties reach a point where it makes more sense to tear them down and replace them, than to keep trying to prop them up. When that happens, will anyone buy them? If so, who are the buyers to reach out to?
The Teardown Issue
The last decade has seen many Cincinnati area homes reach the point of becoming teardowns. This can be simply due to age. It can be the result of deferred maintenance. In some cases it may be because of damage from a storm or accident. Or it could be that newer homes in the neighborhood have made older ones redundant, and that rising values mean it makes more financial sense to cash out. Sometimes amateur investors or builders make a real mess of properties too.
Whatever the reason that your property is in this situation there is hope. Selling may certainly be the best move. You may not have the finances to rebuild, or the numbers may not make sense for you to do a major overhaul personally. The good news is that there may be buyers out there willing to take it on.
Sell Your Cincinnati House in any Condition
There are buyers who will buy houses in ANY condition. That includes; fire damaged homes, storm damaged homes, properties with roof or foundation problems, and more. Of course, there may also be fewer serious and qualified buyers for your property as well. A recent survey by the National Association of Realtors shows that home buyers in 2016 looked to avoid properties with any plumbing, electrical, and major appliance issues. The majority also get turned off by signs of DIY attempts at home improvements versus professional remodeling jobs.
Real estate investors, developers, and builders will be your best bet. They have the experience to navigate various building code, lien, and condition challenges. They are also the ones who can make sense of the numbers, where other home buyers and agents just can’t. So before giving up and walking away, or sinking more money into the property, do reach out and see what offers you can get for your home.
Does it Matter Who I Sell My Ohio Home Too
Yes! In some cases local government agencies will require certain repairs or safety measures to be taken care of within a specific timeframe. You don’t want to contract with the wrong buyer, and have that come back on you. While there are many positives in the current real estate market, it is still true that home loan financing is hard to get. Major rehab and construction financing is still virtually impossible to get for the vast majority of hopeful buyers and even investors. It is very important that you contract with a buyer who can actually close the deal, and close on time.
Time is of the essence in these situations. Continued deterioration of the home can lead to more violations, fines, the city stepping in to make repairs and sending you giant bills, lawsuits, and even condemnation and foreclosure.
However, perhaps even more important is selling to someone who will really do the right thing with the property. This is a huge issue today. You don’t want someone who will slap a coat of paint on it, and then move in some poor unsuspecting family, then blame you if they get hurt. You don’t want someone who will do more damage to the neighborhood or environment. Selling your home can make a difference in the direction of the community and quality of life for the next generation. You’ll feel a whole lot better if you can sell with confidence to an ethical local buyer, and then get to see the positive impact you’ve helped to make over the years.
Getting an Offer for Your Teardown
Legendary Custom Homes is a local Cincinnati, OH home builder who buys teardowns in Madeira, Montgomery, Mt. Lookout, Mariemont, Hyde Park and the surrounding areas. Get in touch today for a no obligation quote for your home for sale, or for help rehabbing or rebuilding your home. You may even find help in relocating and finding another great property to move into that provides all the conveniences you’ve been dreaming of.
There is hope, and a brighter outlook, if you connect with the right parties to help you…