Believe it or not, it is possible to sell a sinkhole house. This generally requires a sinkhole that can be repaired or has already been repaired, at least if you go the traditional route, but there are other options. We go over some here. Call Purple Mountain Holdings for help selling your sinkhole house.
Sinkholes Are More Common Than You Think
Some areas just get sinkholes frequently. If you’re in an area that commonly gets sinkholes, you’ll find it much easier to sell your house than you think. These houses do need to get sold sometimes, although this may involve knocking the houses down.
Get Everything Repaired With Insurance
If your insurance will cover the repairs, you should make those repairs and document them thoroughly. Potential buyers will first want assurances that the repairs have been done correctly. But be aware that not all insurance companies actually cover sinkholes. If you’re concerned about sinkholes, ask your insurance company whether they can cover them with an additional rider.
Some people with sinkhole homes will take the money and not fix the home. That’s always an option. If you take the money and don’t fix your home (and your insurance company doesn’t specifically prohibit that), you’re simply taking “value” out of your home early. Some companies do allow you to do this, but you won’t sell your house for a lot.
Selling Your Sinkhole House Without Fixing It
The problem with selling a sinkhole house without fixing it is that it’s too dangerous to sell in most scenarios. It’s a lot like selling a house with an unpermitted addition. You won’t be able to sell to anyone with a mortgage and will have to rely on cash buyers.
Don’t try to fix the sinkhole damage yourself. You need someone qualified to deal with sinkholes. If you fix it yourself, you’ll be spending money on the damage without being able to sell the property to anyone who has a lender.
If you do fix the sinkhole damage, and it passes inspection, then you may be able to sell to someone who has a lender, but it will still be a process, as many people don’t want to work with a sinkhole home. There’s only one option to sell your sinkhole house without fixing it first, which we go over below.
Accept Lower Bids
Of course, the easiest way to sell a sinkhole home is to accept lower bid amounts. Realistically, your property has already lost a lot of its value. You’re going to have to spend a lot of money to repair it, so why bother? Just sell it for its current value rather than trying to fix it up and spend more money on it.
Prepare Your Answers
Buyers are likely to have a lot of questions about the condition of the property. You should get some professional help if you feel as though your answers aren’t good enough. Consider getting an inspection right away. Or you could work with a We Buy Houses company that understands sinkholes and sinkhole repairs.
Sell Your Sinkhole House: Work With a Cash Buyer
Don’t have time to deal with everything above? If you don’t want to micromanage selling your sinkhole house (and you’d rather just move on), contact a cash home buyer.
A regular buyer can’t purchase a sinkhole house because their mortgage lender just isn’t going to allow it. But a cash buyer can because they’re buying without borrowing. You can sell your house fast with a cash buyer.
Will a Cash Buyer Buy a Sinkhole Home?
Some sinkholes are absolutely devastating and consume the property. But that’s not very common. Most sinkholes are destructive but can be fixed. A cash buyer will buy a sinkhole home, and they will buy the home as-is. Many cash buyers have expert professionals who are knowledgeable about fixing major issues like sinkholes.
You could spend $80,000 to sell your house for $100,000, but would it be worth it? A cash buyer like Purple Mountain Holdings can help. At Purple Mountain Holdings, we buy houses, and we can help you sell your house fast. Contact us today.
