Hey All, Carter here with CB Home Solutions and today we’re going to be discussing selling a gutted house in Appleton, Wisconsin, or any of the surrounding cities. So first things first, how do you even go about selling a gutted house?
Well, in the grand scheme of things, more than likely you will not be able to list this property on the market because it is in such distressed condition. No one will be able to obtain a loan to purchase a property because mortgage lenders have a certain condition criteria they need to follow. Most require that the property be habitable & have functioning electric, plumbing, heat, & sewer. So that leaves you with the option of selling to a local real estate investor. SO.. what options are you left with? Pretty much the only one is to either donate the house to a charity or sell it to a local real estate investor. By donating the house they will give you a tax credit, in most cases for the appraised value of the property. If you sell it to a real estate investor (like ourselves) you most likely will not get as high of a price.
Things to Watch Out for in Contracts…
When selling a gutted house, there’s the few things that you need to take into consideration, which I would always recommend, is make sure the person or real estate investor offering on the property actually has the funding to close. Nowadays there’s a lot of real estate investors who are considered wholesalers, meaning that they only put the property under contract if they can assign their rights in the contract to another end purchaser and they collect a fee in between. To avoid this, always require a proof of funds with any purchase and also verify that their contract states that they will be the end purchaser. Where it states “Purchaser”, make sure there is no and/or assigns after it.
What to Do Next?
Gutted properties are typically just an eyesore in the neighborhood and whether it was something that you had originally taken on yourself to start remodeling, or if there was fire damage that happened, whatever the problem was, we can definitely help you out by purchasing the property directly from you for cash. And if you would like to receive a cash offer, just fill out the form below or call us on our office line, which is (920) 215-4201. Thank you so much for reading this. I hope you have a great day and I’ll talk to you soon.