Maybe you left the house, assumed it as payment for a debt, or decided it was an investment that didn't work out. Sometimes, vacancies are due to a bank foreclosure or short sale in which the lender accepts less than the mortgage balance. It is these bank-owned properties, sometimes referred to as “real estate- owned” or REOs, that tend to be “problem homes” in terms of maintenance and sales. A house that’s been vacant may look like a bargain, but buyers should be cautious because expensive problems can exist inside unoccupied homes. While vacating the home during the time it is on the market can be a distinct advantage to the seller, that is not the case with all vacant property. That’s the purpose of this book — to educate the reader on the issues involved in selling a vacant residential property.
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