Wondering whether you need to sell your house in Palm Beach? Deciding between waiting or selling now? Here’s a few signs that you need to sell your Palm Beach property soon.
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Vacancy
Want squatters to “move in” your vacant home? I didn’t think so. Squatters target vacant homes. This is a problem in Florida where warm climate allows squatters to hide out without fear of winter weather. Vacant homes in Palm Beach are at further risk of losing value. No occupant is present to monitor for maintenance, such as plumbing, electrical, and leaks. Utilities turned off for long periods of time may be damaged. Insects and rodents move in. Small uncorrected problems become big problems. It is also financial loss to pay taxes, insurance, and other fees for an abandoned house. Palm Beach County ranked second for vacant homes in the U.S.
Repairs and City Violations
Homeowners should consider selling houses needing huge repairs. Properties in poor condition can be targeted by local government for property defect violations, and fines add up fast. Personal liability risk exists if you are the one responsible for keeping the house in deplorable condition. This problem is heightened if anyone enters the home, such as a tenant or children playing. If you have thousands of dollars to spare, you can attempt to repair the property yourself. On the other hand, you can sell your Palm Beach house to a real estate investor like House Heroes LLC that closes fast for cash on any condition property, and then fixes and flips. If you live far away, have limited funds, or no experience in managing a large rehab project, it is advisable to allow someone else to manage the repairs.
Late Payments: Taxes & Mortgages
Behind on taxes? Not paying mortgage? According to Palm Beach’s Constitutional Tax Collector, “Property taxes delinquent on June 1 will be included in the annual tax certificate sale, held by the Tax Collector’s office per Florida Statute 197.432. A list of all unpaid parcels is advertised for three consecutive weeks prior to the tax certificate sale date. Delinquent listings are advertised and published in the Palm Beach Daily Business Review in May.” Failure to pay your taxes will result in losing your house. Late mortgage payments result in banks foreclosing and re-possessing your property leaving you with nothing but destroyed credit.
Market Trending Upwards: Beware of Bubble Burst
See that bubble – it could be ready to pop. Sell high, buy low. This is the right way to make economic decisions. According to Forbes, Palm Beach home prices continued high growth in June 2017. Bidding wars and immediate cash offers above list price have been the norm. The federal government fueled a potential housing bubble burst by keeping interest rates low. Simply put, prices have been going up, up, up. What goes up, must come down. Don’t forget history: back in 2005 prices were sky high. Anyone who purchased houses at market value in 2005 quickly regretted that decision. After the housing bubble burst in 2006-2007, an epidemic of foreclosures ensued. Regular people lost their house and credit. If you are considering selling, now is the perfect time – don’t wait till the market corrects.
We Buy Houses
Call Us (954) 676-1846 Send Text Send Text Send Text or Fill Out This Form For Your FAIR Offer.
