Owning a vacant or abandoned home property in Chicago can be a daunting challenge. Whether you’ve inherited a property you don’t want, managed a rental that fell into disrepair, or are dealing with a home that’s simply too costly to maintain, selling might be your best option.
Abandoned homes can quickly become a liability, and selling them can help you avoid ongoing costs and potential legal issues. Here’s a comprehensive guide on how to sell an abandoned or vacant home in Chicago effectively.
1. Send Legal Notices to Former Occupants
If you’re a landlord or property owner, the first step is to send out notices of intent to sell any personal items left behind in the property. These notices typically require a fair notice period (usually 28 days) for the former occupants to collect their belongings. If the occupants cannot be reached, you may need to publish the notice publicly. This process helps ensure you’ve taken reasonable steps to inform previous occupants of your intentions. Learn more about Chicago’s property abandonment laws here.
2. Gather Evidence of Abandonment
Before listing the property for sale, gather proof that it has been abandoned. This includes written evidence from tenants, photos of the property’s condition, and an inventory of any items left behind. Documenting your attempts to contact the occupants is also crucial. If items left behind are low in value or perishable, this evidence will support your decision to dispose of them legally.
3. Assess the Property’s Condition
Conduct a thorough assessment of your property’s condition compared to similar homes in the area. Check recent sales data to see how properties in comparable states have performed on the market. Use Zillow’s Home Value Estimator to get a general sense of your property’s value, or consult with a local real estate agent.
4. Set a Realistic Asking Price
Pricing is one of the most critical factors in selling an abandoned home. Overpricing can scare away potential buyers while underpricing may make your property seem less valuable than it is. Consulting a local real estate expert who understands Chicago’s market dynamics can help you set a fair price. Remember, buyers are often wary of the additional costs involved in purchasing an abandoned property, such as repairs and clearing legal issues, so keep your price realistic.
5. Consider Selling to Cash Buyers
If you’re struggling to find buyers through traditional methods, consider selling to a cash buyer or house-buying company. These buyers purchase properties in any condition, often with quick, no-hassle transactions. Selling to a cash buyer can save you time, avoid costly repairs, and eliminate closing costs. Plus, you won’t have to worry about real estate commissions or delays from buyer financing approvals.
6. Understand the Reasons for Selling an Abandoned Property
Abandoned properties are often sold due to financial strain, health hazards, or the risk of diminishing neighborhood value. A vacant home can deplete quickly in value due to neglect, attract squatters, and become a financial burden with ongoing expenses like property taxes and city violations. By selling, you can offload these risks and liabilities, making it easier to move forward financially.
7. Be Aware of Potential Legal Liabilities
Abandoned properties are not just unsightly; they can also pose legal risks. If someone gets injured on your property, you could be held liable, especially if you haven’t maintained it according to city codes. Additionally, if squatters occupy your property, they might claim legal rights, complicating your sale further. Understanding these potential liabilities can help you make informed decisions when selling. Review Chicago’s Vacant Building Ordinance for more details.
8. Use Technology to Find and Evaluate Potential Buyers
Technology has made it easier than ever to locate and market vacant homes to the right buyers. Platforms like BatchLeads allow investors to search for abandoned properties using a range of demographic, financial, and property data points. These tools help assess a property’s value and market potential, streamlining the sales process and increasing your chances of finding a motivated cash buyer quickly.
Final Thoughts
Selling a vacant or abandoned property in Chicago can be challenging, but it’s often the best solution to avoid mounting costs, legal risks, and further property deterioration. By following these tips, setting a fair price, and considering cash buyers, you can simplify the process and sell your home efficiently. Don’t let an abandoned property become a liability—turn it into an opportunity and move forward with confidence.