Co-ownership of a property allows participants to purchase property that would otherwise be beyond their means. For example, co-ownership is an excellent way for close friends or family members to help split the costs of a shared property or several properties in vacation spots, such as a beachfront property and a mountain home.
Co-ownership also eliminates the need to earn income by renting out your second home to strangers in an attempt to recoup some of your expenses. Of course, it’s best to discuss the exit strategy at the time of purchase so that you have no issues arise over selling a co-owned property.
If you are a co-owner of a property and you are ready to sell, read on as we explore what you should know about selling a co-owned property in Maryland. Please note that this article is for informational purposes, not financial or legal advice.
Suppose you are considering listing your co-owned property in Maryland on your own to save the real estate commissions. First, you should know that only about 11 percent of FSBO listings are successful. Whether you sell on your own or enlist a licensed real estate agent, marketing expenses typically include professional photographers and stagers to help earn the highest possible profit on the sale. Additionally, you will need to prep and complete any repairs because buyers seek properties that are in ready-to-move-in condition. Suppose you are not interested in putting in the time, money or effort to ready the property. In that case, you should know that professional buyers like those at Simple Homebuyers buy property in as-is condition for cash. Finally, suppose you are considering paying an agent’s commissions because you want to work with a professional to assist you with the sale. In that case, it is helpful to know that professional buyers at Simple Homebuyers never charge commissions or brokers fees.
It’s essential to understand the ownership category the property is under and how it may affect the process moving forward. Professional buyers like those at Simple Homebuyers can help you understand the advantages, disadvantages and considerations and how they may affect the sale. Professional buyers like those at Simple Homebuyers a full-service in-house team of the most highly regarded industry specialists from the Maryland real estate market, including everything from attorneys to closing and title professionals. You will save even more money when you work with professional buyers at Simple Homebuyers because you won’t pay any closing costs or other professional fees. The amount your professional buyer fromSimple Homebuyers offers is the amount you will have in-hand when you leave the closing table. At Simple Homebuyers, 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.
Selling a co-owned property in Maryland doesn’t have to be complicated. You will have the details of how much you’d earn by listing vs. the offer from Simple Homebuyers, which you’ll agree is fair. At Simple Homebuyers, 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 Maryland who live and work alongside you, and we’re proud of our work. The professional buyers at Simple Homebuyers 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 Simple Homebuyers, we aim to make selling a co-owned property in Maryland quick, easy and convenient. Call Simple Homebuyers at (240) 776-2887.