Purchasing a home is always an exciting moment – whether you’re looking for an investment home to rent out or flip, or a primary home to call your own. The process is usually met with obstacles and challenges, but the end goal and outcome is always well-worth the headache.
While a majority of home buyers are interested in a move-in ready home (or at least one with minor repairs needed), other people love the thrill of buying and renovating an abandoned home. It presents a unique opportunity for home buyers and investors, but doesn’t come without risk.
The good news is there’s a long list of abandoned homes that could use a new owner. In fact, the 2022 consensus estimates there are over 16 million vacant homes in the United States and over 33,000 properties currently in foreclosure. There’s a lot of opportunity for those that want it.
How to Find Abandoned Houses
Before we go over some tips for finding abandoned homes in your area, let’s first discuss the difference between an abandoned home, a condemned home, and a vacant home – yes, there is a difference and that difference can prove to be extremely vital in your search for a home.
A vacant home is one that has an owner, but has been sitting without occupants and without any construction for six consecutive months. A house is considered abandoned when the property owner forfeits their rights to it. A condemned home is one that’s deemed unsafe or unfit to live in.
If you’re interested in finding abandoned homes in your community, don’t worry – we have some useful advice for you to follow.
1. Hire a Real Estate Agent
A local real estate agent is always a good place to start your search because no one knows the housing market in your community better than them. They can help you navigate your options and ensure you’re getting the best bang for your buck – after all, that’s what we all want, right?
2. Go to the County Clerk’s Office
The county clerk’s office is the second place you should look. Since they keep a public record of abandoned homes in the area, all you need to do is ask for a list and you’re good to go. They also have the homeowner’s name, contact info, property taxes, liens, and other information related to the home itself.
3. Search Local Listings Online
There are countless resources online for you to check out. For example, you can head over to Zillow or Redfin to view any homes in foreclosure – or homes with keywords like ‘must sell’ or ‘immediate possession.’ You’ll sift through a lot of unabandoned homes, but might find a diamond in the rough.
4. Drive Around & See What You Find
The more obvious, yet time-consuming option when finding abandoned homes in your area is driving around the community and seeing what you find. Most abandoned or vacant homes will look similar from the outside looking in – poor landscaping, damaged structure, empty, etc.
How to Buy an Abandoned House
With thousands of abandoned properties currently for sale in the United States, interested home buyers are bound to find the one they want – if they’re serious about it. And while abandoned homes are often sold below market value, that doesn’t mean buying one is a walk in the park.
Keep in mind that most abandoned houses haven’t been maintained for months and even years. They often come with major issues and repairs may need to be completed before anyone thinks of living in it. Don’t worry, we’ll take you through the process of how to buy abandoned property.
1. Determine Who Owns the Home
Once you find an abandoned home you’re interested in, the first step is to track down the owner of the home – whether that’s a person, the bank, or a mortgage lender. You’ll want their contact info, that way you can reach out to them if and when you’re ready to send them an initial offer.
2. Have the Home Inspected & Appraised
Before you get too attached to a potential home, you’ll want to have the home inspected and appraised – when allowed. This will give you a better idea of the abandoned home’s condition, which plays a large role in your decision to buy it (or not). If possible, don’t skip this vital step.
3. Get Your Finances Together
Before you make an offer on the home, you should first get your finances in order to ensure you’re prepared for what awaits. Not only do you need funds to buy the home, but you’ll likely need to complete repairs and renovations before anyone is allowed to move and live in it.
4. Make an Offer on the Home
By this point, you’ve found the right abandoned home, you’ve had it inspected, and you’re ready for the numerous costs that come with it. The only thing left to do is contact the property owners, make an offer, and negotiate if you have to. Once you gain ownership, you can start repairs and renovations.
Pros and Cons of Buying an Abandoned Home
Buying abandoned properties will come with its fair share of benefits, but it’ll also come with a wide range of downfalls. In some cases, the benefits outweigh the downfalls. In other cases, the downfalls outweigh the benefits. It’s up to the buyer to determine if it’s worth buying or not.
The primary benefits of buying an abandoned house are the limited competition and offers on the home, the reduction in price (usually below market value), and the potential for a big return on your investment when the home is renovated – all of which are attractive to the right buyer.
The most pressing downfalls to buying an abandoned home are the number of repairs needed since the home likely isn’t in good shape, potential liens on the property, and the possibility of losing money on your investment if major issues arise. Of course, that’s worst case scenario.
Don’t Abandon Your Home, Sell it to Us!
Forfeiting the rights to your home can put you and your family in a tough position – especially if you’re already struggling with your finances. Instead of going that route, you might be better off selling the home as-is to a cash buyer like us. We’re ready and willing to make you an offer.
At Sell Your House Fast Mississippi, we take pride in offering the most cash for your home as possible. When we buy a home, we want it to be a win-win situation for both parties – you get the cash you need to move on from the property and we get a new property to renovate.
If you’d like to learn more about our process, how we calculate your offer, and how much we’re willing to offer you for your home, then contact us today or fill out the form on our website. We don’t care what condition the home is in and usually cover the closing costs to save you money.
