Selling or buying a vacant house?
Beware! Beware! Beware!
Just recently, I showed a town home to a prospective buyer. Since the property was in the Chicago suburbs, a listing agent very rarely appears; we used a lock box to retrieve a key for entrance.
It was difficult to see anything clearly, despite it being a sunny day at three in the afternoon. The property had north and east exposures and only one operational light bulb.
The rooms were large with heavy outdated drapery at windows...windows not cleaned in some time; and the kitchen was in desperate need of a redo. However, my client had an interest in property he could make over.
His interest waned however, when he began to descend the steps to a walkout lower level. I refused to go with him—the smell was overbearing. He stopped suddenly when we both heard grunting and gnawing sounds from below. We surmised it was a very, very big mouse, or something quite a bit larger.
Remodeling and redecorating are not always issues, but creatures and overpowering odors can open a can of worms regarding the home’s maintenance and structural integrity.
Vacant homes can be prone to leaks that are costly to repair; appliances can have cracked or dried seals that start to leak or even make replacement necessary. According to many plumbers, many sellers simply shut off the water valve at a toilet or sink instead of turning off the main water cutoff and draining the pipes.
Additionally, vacant homes can become a refuge for furry creatures. Squirrels are great at chewing openings at the roof, then “dining” on insulation and wiring. What’s more, they can turn an attic into a rooming house for all kinds of other furry friends.
Creatures, bad smells, poor lighting, and all kinds of dirt tell a buyer to keep away or to offer a ridiculously low price. For a seller, those issues could mean accepting far less than the asking price, or paying home expenses as the market time grows, while the asking price is repeatedly reduced.
When a listing agent doesn’t show a vacant property, an owner may not be informed of growing issues. And if a listing agent happens to ask a showing agent for feedback, the only response may be that the client simply did not like the property.
Some Buyer Tips
1: When you decide to buy a vacant house, and the water is turned off. Ask that it be turned on again several days before your inspection.
2: Hire an experienced inspector. Home inspections are always limited to what is visible and accessible; even though it is an extra cost, consider asking for a camera inspection into drain lines and pipes.
3: Remember that an outside temperature of 55 degrees is necessary to inspect an AC unit and it must run for several hours in order to test the functioning of the condenser coil. If the outside temperature is too cold, ask the inspector how he looks for potential problems. Also, consider hiring an individual heating and cooling company to inspect the AC and the furnace.
Some Seller Tips
1: Hire an agent who actually shows your vacant property and reports issues that develop, or visit the property yourself on a regular basis. Walk through it and pretend you are the buyer. A third option is hiring a handy man to keep check.
2: Ask a plumber for specifics regarding water turn off valves, etc when your property will be vacant.
3: Check with a heating/cooling company for proper maintenance specifics while the property is vacant—temperature guides, filters, etc.
When a vacant property looks and feels maintained, the vacancy can be an opportunity, especially if a buyer wants a fast closing date. Everyone profits.
