Despite some concerns, condemned properties actually can be sold; trust us, we buy houses in Oceanside, CA all the time, and while most of the properties we buy and sell are new, we also encounter a lot of rundown properties that have seen better days.
That being said, there are a few things to consider when you’re selling condemned property in Oceanside, like the kind of buyers you need and the state of your property at the time of your sale. So, yes, there is a way to sell your condemned property in Oceanside, CA, but first, let’s talk about a couple of things:
Why Properties Get Condemned
There are a few reasons why a property will be deemed condemned by the local government, and your chances of selling and profiting from the sale can be affected heavily by these reasons. In general, houses and most other types of property are condemned because of wear and tear over time, gradual deterioration, or structural work that wasn’t permitted or does not meet building codes.
While there are plenty of reasons, here are some of the most common reasons for a building condemnation:
- No utilities (electricity, water, etc.)
- Structural damage or deterioration
- Lack of proper sanitation systems
- Improper ventilation
- Improper and/or dangerous electrical systems
- Lack of heat and/or air conditioning
- Unhealthy conditions such as pest infestation or mold
That being said, if your property has been vacant and in a state of disrepair for a period of time, the Oceanside city government can declare it to be dilapidated and condemn it for reasons that might not be included in the list above.
If you decide to repair your property and bring it up to code, the local government might reverse the condemned status in your property, but this may cost you more time and money. However, having a property that isn’t dilapidated might make it more appealable to buyers in the future.
Can I Sell my Condemned Property?
Yes, but there’s a catch: buying and selling a condemned property does have more regulations involved in the overall process, not to mention that condemned properties often come with a very steep discount, especially if any structure on it is dilapidated.
Selling condemned property will require the seller to ensure that all lien paperwork, if applicable, is all well in order, as well as any property taxes and other financial necessities. Having these documents on hand will go a long way to selling your condemned property quickly and without hassle.
How to Sell a Condemned Property in Oceanside, CA
People with condemned properties in Oceanside, CA have two options: they can either sell their property as-is, or they can do renovations to bring the property up to code.
Obviously, selling a renovated property comes with huge benefits: it brings up whatever structures you have up code, making it more appealing to potential clients. Secondly, it allows you to bring up most of the paperwork up to speed, which, again, makes it easier to sell to potential buyers. That being said, the biggest downside to renovating a condemned property is the cost: depending on how dilapidated the property is, you may need to spend large amounts of money just to bring everything up to code, not to mention the cost to make the property habitable or profitable. You could just demolish any structure and just sell the land, but then you’d lose out on a large chunk of profit as well.
Similarly, selling a condemned property as-is comes with its own pros and cons. The biggest downside to selling a condemned property is the highly reduced price tag you’ll be forced to sell it with. You’ll also have to find qualified buyers like cash homebuyers or real estate agents who have the necessary experience to appraise your property and find a price that’s as close to Fair Market Value as possible.
That being said, selling a condemned property as-is means that the people you’ll be selling it to will be paying with straight cash, so neither you nor them will have to worry about any lender concerns like unpaid mortgages or existing liens. Cash homebuyers and real estate agents will also have the proper know-how to navigate the fairly long legal process of buying a condemned property.
Have More Questions? Ignite Property Solutions Has the Answers!
We buy houses in Oceanside, CA on a regular basis, and this includes properties both up-to-date and condemned. We have the necessary experience to help you through any kind of sale, so please don’t hesitate to contact us!
