Owning a co-owned property opens up the opportunity for people to be able to purchase a home that they wouldn’t be able to purchase on their own. For example, owning a co-owned propety is an excellent way for close friends or family members to help split the costs of a shared property (or even several properties in vacation spots) to make homeownership more affordable.
Co-ownership also potentially eliminates the need to earn extra income by renting out your second home to collect the monthly rent from the tenants. Usually, this works better if the home is paid off rather than having to pay a mortgage payment on it which reduces your cash flow. If buying a property to rent then, of course, it’s best to discuss this plan at the time of purchase so that you have no issues later on with the other owners of the home and any potential disagreements.
If you own a co-owned property and you are potentially interested in selling, read on as we explore what you should know about selling your co-owned property in Dallas. This article is for informational purposes, not financial or legal advice.
For Sale By Owner
Suppose you are considering listing your co-owned property in Dallas on your own to save the real estate commissions. First, you should know that only about 11% of FSBO (For Sale By Owner) listings are successful. If you sell on your own, yes you do save on paying commissions, but how much are you actually saving? FSBOs usually sell for less than their original asking price because sellers don’t know how to market a property as a real estate agent does. They spend money on a variety of different marketing methods to market your property, professional pictures, and stagers (because it’s likely your furniture isn’t the greatest or most modern). So even though they seem expensive, they do work for you (most of them at least). But that’s just one side of the transaction. If you decide to list on your own, how common do you think it is to find a buyer that is willing to make the biggest purchase of their life without being represented by an agent? So you will most likely still be paying for a buyer’s agent as well. And with this shifting marketing, sellers can’t get away with pushing the closing costs off to the buyer anymore. To sum it up, you’re really saving a few thousand dollars, if that, but doing a lot of work yourself.
Repairs
If you decide selling your co-owned property on your own or with a Realtor is the better option for you, don’t forget about the repairs you will need to make to the home prior to listing it. Buyers looking to buy a home are looking for homes they can move into immediately after closing. If your home needs work then drastically limits the number of buyers willing to purchase your home. That’s why it’s important to make sure it’s liveable before trying to sell it if you want top dollar. With that, you will need to find multiple contractors to get bids from so you know what to expect. Make sure you understand the cost of the materials as well as tips on managing contractors appropriately. If you don’t know the cost of the materials or how to manage them, they could potentially try to take advantage of you and charge you way more than necessary.
Suppose you are not interested in putting in the time, money, or effort to get the home ready to be shown or to list it yourself and deal with multiple showings. In that case, you should know that professional buyers like those at North Texas Cash For Homes buy property in as-is condition for cash and they never charge commissions or brokers fees.
Title
With co-ownership properties, sometimes the title of the home can because clouded. Clouded meaning maybe one of the owners passes away or decides they don’t want to sell the home even though you do want to sell. There are many different ways a title can be clouded but those are just a few. If this happens, it’s important to understand how it works and how it can become a potential issue in the future if it isn’t one already.
Professional buyers like those at North Texas Cash For Homes can help you understand the advantages and disadvantages of how it may affect the sale. Professional buyers like those at North Texas Cash For Homes a full-service in-house team of the most highly regarded industry specialists from the Dallas real estate market, including everything from attorneys to closing and title professionals. They make it even more convenient for you when you work with professional buyers at North Texas Cash For Homes because you won’t pay any closing costs or other professional fees. The amount your experienced buyer fromNorth Texas Cash For Homes offers is the amount you will have in hand when you leave the closing table depending on any liens that are on the property or if any taxes are owed. At North Texas Cash For Homes, we don’t pressure you into a sale, and if we believe it’s best in your circumstances, we’ll advise you to list with a licensed real estate agent.
North Texas Cash For Homes
Selling a co-owned property in Dallas doesn’t have to be complicated. You will have the details of how much you’d earn by listing vs. the offer from North Texas Cash For Homes to make sure you are educated in your decision. At North Texas Cash For Homes, we believe in total transparency, so you will feel good about working with us long after the transaction closes. We are your neighbors here in Dallas who live and work alongside you, and we’re proud of our work and our reputation. The professional buyers at North Texas Cash For Homes have the power of cash backing our offer, and they can provide you and the other owners with a guaranteed closing date, often within a matter of days, or we can work out the time that suits your plans best. At North Texas Cash For Homes, we aim to make selling a co-owned property in Dallas quick, easy, and convenient. Call North Texas Cash For Homes at 214-761-3150.