Selling real estate in today's environment can be tough as we've all learned. However, when you're selling a vacant property in today's world, the empty building can make things all the more complicated as highlighted in this article about a vacant home in Spokane Valley, WA.
So we asked our industry professional readers for their advice. Whether it's residential real estate or commercial property, how does a seller minimize their risk? We got some really terrific advice from the pros!
Attorney:
"As to the Spokane Valley vacancy the owner of the vacant property may have insurance coverage issues. Generally, a carrier will have tucked away a provision in a standard homeowners policy which limits coverage for long-term vacancies (60-90-120+ days). A carrier would cite the Spokane Valley property as Exhibit A as to why vacant properties are a greater risk. If you want coverage for a long-term vacancy then you have to get a special rider which of course can cost significantly more. Same applies to long-term vacant rental properties."
Real estate agent:
"Your question on how to protect a vacant home is a hard one to really answer, as vandalism comes in many different ways. I believe the worst problem is water damage that can lead to a mold problem and structural problems. The answer is have the water turned off. Now buyers can have a home inspections done as a contingency to check the plumbing, so the Seller has to have the water back on. This is a lot cheaper that fixing a mold problem."
Real estate agent:
Make sure the house isn’t completely empty if possible. Get it staged so it doesn’t appear to people passing by that it is vacant. Also, make sure the agent doesn’t mention on the listing that it is vacant and to Call the Listing Agent 1st and for appointment.
Some noteworthy advice from a commercial agent and a document security professional:
Video of any kind is very helpful. Even a game camera can assist and can be installed inexpensively. In this current housing market It is very evident when a home is vacant and stuck on the market. The neighbors should be alerted to the vacant home and be advised to keep an eye out for any activity and have phone # to call the owner.
And..
I am not sure about the residential aspect (I don’t do residential) but the stealing of copper wire and other metal items at even occupied commercial sites is really becoming a major problem. At retail buildings they come where there are breakers on the exterior and turn off the breakers and then strip entire lines. This leaves tenants completely down when they come to work, and is very expensive to get replaced on short notice. It might be worthy of a future blog with ideas on security at that type of site. (Editor's note, this is a good suggestion for a future blog. Also, it may be worthwhile for any landlord to investigate paying to have the electrical panels moved inside if possible, or better secured from the outside. ~Anthony)
Original article can be found here -
Spokane Valley Vacant Home Vandalism
The Spokesman-Review | September 5, 2012
Two teens were arrested Tuesday in a Spokane Valley vandalism case that caused an estimated $100,000 in damage.
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