To Sell a House or Abandon It
If a property has been damaged in a fire or a natural disaster and it’s beyond repair, you might be considering whether to sell a house or abandon it. Many people find themselves in this difficult situation and they are dealing with tough decisions after losing their possessions, pets and possibly family members.
Devastating losses like these may cause any homeowner to think about abandoning a property. It’s normal to consider walking away and simply leaving the physical and legal mess without a backward glance. But there’s much more to the situation that must be understood. Abandoning a parcel of real estate does not give the legal owner any escape from the problems associated with it.
Even if your house is not destroyed by fire or other disaster, it may be a burden to you. It may require more money to fix the foundation, plumbing, heating or moldy walls than the property is worth. Or you may no longer be able to afford the mortgage payments due to changed financial circumstances.
For these reasons and many others, if you don’t want to sell a house in its present condition you may be tempted to abandon your property.
What Lawyers Say About Abandoning a House
It can be confusing to speak to a lawyer about abandoning your house because there are conflicting opinions about it. Case law and common law do not give lawyers what they need to give you a clear, easy answer to your questions about how abandonment will affect you and your house.
Here are some comments from lawyers online about abandoning a house:
“There actually is no way for you to just abandon the home to the bank… you eliminate your obligation on the Note through bankruptcy – but you still own the home.”
“…while your name is on the property you have potential liability if someone is injured… Therefore, if someone is on your property and gets injured, they could try and sue you because you are the homeowner.”
“It is harder than you might think.”
Sell a House Instead of Abandoning It
Real estate investors who buy and sell properties in their normal course of business are well-known for purchasing a house from owners considering abandonment. Making a call to 405-521-1807 connects you to the professional buyers at WePayFast.com and gives you an opportunity to talk about selling your house.
Send an email to [email protected] and a property buyer will give you a call to discuss why you want to sell a house or abandon it. It may be the best call you can make to take care of your real estate situation.