Owning an empty property in Detroit MI can cost you a lot of money. A lot of times, the selling process does not go as planned. Have you taken an accounting of all of the possible funds you’ll need on hand before the house ever sells? Or the potential amount the time on the market could cost? It can be expensive to hold your property during the listing process. If you’re in a hurry to sell for personal or financial reasons, the wait can be excruciating. If you’re already struggling with your bills, spending money to prepare for showings by touching up the paint and updating the home and marketing expenses may be out of reach. Today’s standards for online listings include hiring professionals for drone footage and high-quality digital photography. There are many reasons homes may spend an extremely long time on the market. Perhaps the buyer’s financing fell through, the house is in a distressed condition, the price is too high or the property is out of step with the type of property buyers are searching for, or it doesn’t conform with the surrounding properties and stands out like a sore thumb. However, no matter why your home is empty and lingering on the market, the longer it is listed, the less the final sales price is likely to be. So read on as we explore how much your empty property in Detroit is really costing you.
Monthly Expenses
In addition to your mortgage payments, your empty property in Detroit is also costing you in utilities each month and your agent wouldn’t appreciate it if they couldn’t turn on the lights during a showing. Unfortunately, when you list with a real estate agent, the one thing they can’t provide is a closing date, so these charges could continue for several months, putting a big dent in your profits. By selling directly to Detroit Fair Offer instead of listing, you can stop the slow leak of funds for continual monthly utilities; we offer guaranteed closing dates, usually within weeks.
Insurance and Taxes
Ongoing taxes and insurance are another way your empty property in Detroit is really costing you. The taxes owed will be prorated and taken out at closing; you can calculate this amount by dividing the total annual bill. Naturally, you will need to keep your homeowner’s insurance in place during the listing duration. Depending on the amount still owed on an existing mortgage, 80 percent or more, you will need to add PIP private mortgage insurance to your tally of holding costs. Working with a direct buyer from Detroit Fair Offer is another option that will allow you to pay your taxes off and end the ceaseless insurance payments is working with a direct homebuyer from Detroit Fair Offer.
Repairs
If there are obvious signs of disrepair, your empty property in Detroit is really costing you more than you could imagine. Buyers are scrolling by listings at lightning speed and you need to catch their attention with your marketing. If you can’t afford to make necessary repairs and the home’s condition is evident in your listing photos, you aren’t likely to get many offers. In this case, any offers you receive are very likely to be far below your home’s actual market value. When it comes to starting repairs on the house, especially if it is an older home, it can be highly stressful and become very costly because you never know just what you may discover as you dig deeper into the project. At Detroit Fair Offer, we’re ready to buy your home for cash in “as-is” condition. Let the direct buyers from Detroit Fair Offer relieve you of the risks of making repairs on your property and allow you to keep more of your money in your wallet.
Maintain
Maintaining your empty property in Detroit is another often overlooked expense. If you made a long distance move for work or personal reasons, you might be paying to travel between residences, which is costly and stressful. Alternatively, you may be paying to have your property watched over, with regular checks for signs of trouble and care for your landscaping.
When you add up the holding costs, it makes sense to sell your empty property in Detroit directly to Detroit Fair Offer and keep more of your profits. You’ll save even more by working with the direct buyers at Detroit Fair Offer, we never charge commissions and you won’t pay any closing costs. In addition, our transactions at Detroit Fair Offer are straightforward and fully transparent; there are never any hidden fees; we show every figure used in our offer, which you’ll agree is a fair market value. The direct cash homebuyers at Detroit Fair Offer won’t pressure you, we are proud of our work helping our community and neighbors here in Detroit, and we want you to feel good about the deal long after closing. Call Detroit Fair Offer at (313)647-8806.