A co-owned property is an asset purchased and owned jointly by two or more people. All owners are included on the home’s title, and all parties hold a portion of ownership of the property. If ownership is not specified, a tenancy in common trends exists by default. Co-owning a property with other people gives you the luxury of sharing the property’s maintenance costs. However, when it comes to selling a house with multiple owners, it can be a nightmare. Having an organized plan from the start squashes disputes and disagreements among co-owners. It ensures a smooth and convenient home sale.
If you are a co-owner of a property and ready to sell it, read on as we explore what you should know about selling a co-owned property.
Title of the Property
Before listing the home for sale, it is important to understand what type of ownership category your property falls into. Refer to the deed to see how the title is held. If you own the property as tenants in common, each owns an equal share in the entire property. In joint tenancy, if one owner dies, the shares will go to the other owners and not be passed on to the deceased heirs. If a co-owner decides to keep the property for themselves, they can buy out other co-owners by purchasing the property. If all co-owners of the property decide to sell the house, the whole situation is easy.
However, selling your house in the traditional real estate market is exhausting and expensive. If you want a convenient and hassle-free home sale, call us and say, “I need to sell my house fast in Milwaukee.” We will contact you with a non-obligational cash offer today!
Listing the Property
Listing the property is a crucial step. If you decide to sell the co-owned property on your own to save money, know that only about 11% of FSBO listings are successful. The burden may fall on one owner, igniting disputes among co-owners. You can easily dodge this situation by hiring an expert real estate agent. They can help you market the property, bring potential buyers, complete legal paperwork, and negotiate. All you need to do is sign the listing contract with other owners to sell the house.
Whether you sell your property on your own or list with a licensed real estate agent, there are several marketing expenses you can’t avoid in a traditional sale. Typical marketing expenses include staging, professional photographers, renovation, repairs, and commissions.
Consider Alternate Options to Sell
Selling a property with multiple owners doesn’t have to be complicated. With a foolproof plan, it can be quick, easy, and convenient. Usually, it takes about three to six months to sell a house through the traditional method. A cash home sale gives you the luxury of an as-is home sale in less than four weeks. If you own a property with multiple owners or need a quick home sale, it is best to connect with a local cash home buyer. You can get rid of a property without spending time or money on repairs. For a stress-free home sale, contact Sell House Fast MKE, the best cash home buyer in Milwaukee. They purchase all types of properties in any situation in less than 30 days.
At Sell House Fast MKE, we provide a safe and transparent home sale in Milwaukee, WI. There is no need to pay any commission, and we cover all your closing costs. Connect with us to get a free quote today!