Paula C John…, Home Seller in Highland Park, IL

How does one sell a lot that has a tear down home & detached garage on it?

Asked by Paula C Johnson, Highland Park, IL Fri Jun 27, 2008

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I would just advise to sell it "as is" and price it accordingly (maybe a little less than vacant lots are selling for) Some people actually enjoy going thru things and salvaging material. I would advertise it as a lot that has a house to be torn down on it.
0 votes Thank Flag Link Sun Aug 24, 2008
I am working on purchasing a property similar to this of my own right now. My main concern was that when the buyers lender appraised the property, they would include the structures in the appraisal value. This value would be a really distorted view of what was really being purchased. Appraisers and lenders have minimum standards on the condition a home must be in to protect the lenders investment.

What I found is that with the right lender and the right paperwork to prove the buyers intentions of demolishing the property, the appraiser can just look at the land value and not the buildings.

Feel free to contact me if you'd like to discuss it further.
0 votes Thank Flag Link Fri Jun 27, 2008
It would be best to remove the structures.
0 votes Thank Flag Link Fri Jun 27, 2008
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