If the home you inherited or live in requires too much work and expense to bring to market, you may consider selling the property at lot value. Lot value simply means that the property is valued for the land only, and that the home upon it is so obsolete, derelict, or damaged that it should be torn down. Some buyers may choose to remodel so they can get a toehold in their desired neighborhood.
The four best reasons for selling a home at lot value are:
- Sellers don’t have to do any preparation or repairs for a lot-value or as-is sale. They can leave unwanted items like old furniture for demolition.
- They have no demands to negotiate with the buyer except price.
- The transaction can close faster when there are no checklists to meet.
- The transaction is much more stress-free.
Home values have increased to the point that you could still sell at an attractive profit, so feel free to ask us whether your home is appropriate to sell “at lot value.”
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