opportunity, more frequent showings, easier upkeep, curb appeal, and a pristine interior, and less burden on the seller’s time and effort. The other situation is where the home is unoccupied—no one lives there and perhaps no one has lived there for some time. Maybe you inherited the house, assumed it for a debt, or decided it was an investment that did not 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 called “real estate-owned,” or REOs, that tend to be “problem homes” in 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 homes that have been unoccupied. 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 properties. That’s the purpose of this book—to educate the reader on the issues involved in owning, and potentially selling a vacant residential property.
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