So what is a condemned house? Many people have wondered what is a condemned house when they have first heard the word "condemned house. In this article we will answer the question "What is a condemned house?"
Some houses are considered condemned, which means they have been determined to be unfit for habitation. Structurally, this means that the house has suffered damage to its frame or foundation and is not structurally in good condition. Since it is a safety risk, no one is allowed to live inside or use the house.
If occupants live in a house that is deemed is condemned, they will have to leave and can not return until the house is restored to fix the reasons for it being condemned. The house will typically be removed from condemned status if homeowners make all the necessary repairs.
Typically, the problem has to be very severe to make the house condemned. It is not unheard of for the term to be used lightly, especially when the house has been abandoned and has suffered a lot of damage from weather, lack of maintenance, or vandalism. A condemned house can be a significant risk for a home buyer and can be a big risk for a seller. Here is things you must know about it.
What is the Risk of Buying or Selling a Condemned House?
Now we know what is a condemned house. What are the risks?
Buying or selling a condemned house is very risky just as with a foreclosed house. The risk is that a buyer purchases the home to find out later that there is a problem with the structure and might not be able to use the house before the structural issues have been fixed up.
For the seller, the issue is that they will end up with the responsibility for the cost of repairing the damage. In either case, the buyer and seller could be stuck with a house that is not fit to live in and is an endless money pit.
Who to Contact for Help
If you are looking to buy a house and you find out that it is condemned, you will want to contact the city or county to find out what the issue is and what needs to be done.
If you are selling a house and a buyer finds out that it is condemned, you should find out if the buyer wants to purchase the property even in the current state or if he wants the house to be repaired before.
You want to make sure you are not responsible for any repairs after the sale. In some cases, the city or county will be able to help you, but in the worst-case scenario, you might have to deal with a buyer who is not willing to purchase the house or a buyer who is asking for a lot more money to make up for the issues with the house.
Do You Need to Know if a House is Condemned?
When you are looking at houses for sale, you will see all kinds of information, and you will want to know if the house is condemned. In most cases, you will want to know this right away.
You might be okay with knowing that the house has a foundation issue, but if the problem is much more severe, you might not be able to live in the house.
It is good to know if the house you are looking at has been condemned, so you will make the right decision about whether or not you want to purchase it.
Buyer's Guide to Condemned Houses
If you are looking at a house that has been condemned, you will want to know what the issue is. You will also want to know what the seller has done to address the issues.
Here are some questions you should ask if you are looking at a house that has been condemned:
What is the issue with the house?
Is the issue structural or cosmetic?
What has been done to the house to address the issue?
Has a structural engineer looked at the house?
Is there any reason to believe that the issue was not addressed?
How will I know if the issue has been addressed?
If the seller is not responsible for fixing the issue, how is the matter going to be taken care of?
How do you feel about the structure of the house?
How do you feel about the seller's level of responsibility for the issue?
What are the things that need to be done to fix the issue?
What are the costs of the issue, and who is going to be responsible for paying for them?
How do you feel about the cost of fixing the issue and the cost of the issue itself?
If there is an issue with the house, you will want to get in touch with the city or county to find more information.
Buying a Condemned House
If you are buying a condemned house, you will want to make sure which issues have been addressed and which ones did not.
If you really want to buy the house, it is a smart idea to get an inspection to make sure you know all the issues that you might face in the future and to know if the seller was telling the truth.
But there is always a risk of paying for issues that got overseen and the possibility of getting stuck with a house that is not okay to live in.
If you buy a condemed house be prepared to replace of repair the roof. We work with real estate investors that buy condemed houses from time to time and so far I have not seen a condemed house with a good roof on it. The cost of a new roof could be from $7,000 to $30,000, depending on different factors. Keep this in mind!
If you are selling a condemned house, you will want to make sure that the buyer is aware of the issue and that the problem has been addressed.
Get an inspection to make sure the issue has been thoroughly addressed. You don't want to lose the sale.
What Can I Do If I Have a Condemned House?
If you have a condemned house, you will want to find out what the problem is and if there is a way to fix it. You will also want to find out if you will be responsible for the cost of repairing the problem.
If you have a condemned house, you might want to consider selling it before the situation worsens. In any case, you must be aware of the risks before selling your property to a buyer.
If you have any kind of questions about buying or selling a condemned house, you can get in contact with a local real estate agent.
In Conclusion to our Article "What is a Condemned House"
We hoped that you liked or article on "What is a Condemned House". We tried to explain as best as we could what is a condemned house and what to do if you have one or are going to buy one.
Do you have any suggested material to add to our article "What is a condemned house". We hoped we answered your question "what is a condemned house"! If you need to know how to make an offer on a house check out our article.
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