Can You Sell A House With Windows That Don’t Open

Can You Sell A House With Windows That Don't Open

Can-You-Sell-A-House-With-Windows-That-Dont-Open

You can sell a house with windows that don’t open.

Table of Contents

Should I replace my windows before selling my house?

When to replace windows

Can I sell without replacing my windows?

Average cost to replace windows before selling a house

How much value do new windows add to a home?

Will someone buy my house with windows that don't open?

solution-to-sell-your-house-on-your-terms

WeBuyHousesinDenver.org is a cash for houses company and we are experts at buying houses in Denver and all of Colorado. Our mission is to give the people of the Mile High city the best solution to sell any house.  When you sell your house to us there are:

  • NO Fees and we cover all the normal closing costs. 
  • NO Stress because you know what is happening at all times – you are in control!
  • Sell your house fast and for easy cash. 
There are even more benefits when you sell a house to  WeBuyHousesInDenver.org including:
  • Sell your house as-is (no repairs)
  • Pay nothing out of pocket
  • Sell fast – you pick the closing date
  • Sell for cash – no bank fees or financing delays
  • 100% Free – no cost and NO STRESS!

This is how selling a house in Denver should be!

Fill out the form to get your no-obligation cash offer today. 

How To Hang String Lights On Pergola

How To Hang String Lights On Pergola

How-To-Hang-String-Lights-On-Pergola

String lights are a fantastic way to add a touch of elegance to your pergola. I have recently added a string of 36 lights to mine. While I consider myself a competent DIY’er I did find myself asking “How do I hang string lights on my pergola?”

I was interested in learning unique and fun ways to lay out the string lights. AND I found there are a number of great ways to install and hang string lights on your pergola depending on the layout of your entertaining space. 

Expert Tips to Hang String Lights on Pergola

As a real estate investor, home flipper and a person with a design background I have my opinions and ideas on how to best hang string lights on a pergola. In-fact I have ideas on hanging outdoor string lights in many places! 

But to be sure I send you in the right direction I have reached out to a number of my friends and associates in the real estate design and landscape industries. They have gladly chime in with some stellar ideas that will transform and elevate your outdoor space. Ideas that I never thought of.

For example: Did you know that you can hang string lights without nails?

More on this soon. 

I also talked to a lighting expert who presents ideas on how many strings lights you need, how to space them and where to place them for maximum impact. 

Who thought an inexpensive string of lights, hanging thoughtfully under a pergola could do all this. I’m getting excited and tingly just thinking about the transformations!

All for a few dollars, and an hour or so, buying string lights and then hanging them.

Shall we get to hanging those string lights now?

How to Hang Pergola Lights

Take a second to peruse the table of contents. Hopefully, it will have your answer on how to hang pergola lights.  If the answer you are looking for is not there, please drop me a line at [email protected] I will be sure to get back to you.

Table of Contents

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String Lights on Deck Railing

If you don’t have a pergola or gazebo to hang string lights on maybe you can hang them on a deck railing. String lights on deck railings are another great way to add warmth and ambiance to your outdoor entertainment space. 

Let’s investigate the top 10 ways to hang string lights to your deck railing or anywhere on a balcony. 

 

solution-to-sell-your-house-on-your-terms

Your Solution to Selling a House in Foreclosure On Your Terms

WeBuyHousesinDenver.org is a cash for houses company and we are experts home buyers in Denver and all of Colorado. Our mission, when we buy any houses,  is to give the people of the Mile High city the best selling solution .  

BENEFITS FOR YOU WITH OUR PROVEN PROCESS: 

When you sell your house to us there are:

  • NO Fees and we cover all the normal closing costs. 
  • NO Stress because you know what is happening at all times – you are in control!
  • Sell your house fast and for easy cash. 
There are even more benefits when you sell a house to  WeBuyHousesInDenver.org including:
  • Sell your house as-is (no repairs)
  • Pay nothing out of pocket
  • Sell fast – you pick the closing date
  • Sell for cash – no bank fees or financing delays
  • 100% Free – no cost and NO STRESS!

This is how selling a house in Denver should be!

Fill out the form to get your no-obligation cash offer today. 

More Scintillating Articles About Real Estate

The latest real estate news, forecasts, insight, and advice are brought to you by the leading authorities in the Denver housing market. We have ears and boots on the ground in the Mile High reporting the facts. Extensive research goes into all our articles and we gather information from trusted real estate experts, renowned local Denver housing specialists, home buyers, and more. We buy houses Denver and as accomplished professionals with a proven track record, we now want to share our experiences with you.   Please enjoy!

best-solution-to-sell-your-house-in-Denver-

termites in wood
Sell House [Successful Strategies]

Can You Sell a House With Termite Damage?

Termites are responsible for billions in property damage yearly and are active in almost all states—except Alaska, whose freezing conditions are not conducive. They are

Read More »

Can You Sell a House That Has Fire Damage?

fire damage to roof

Can You Sell a House That Has Fire Damage?

fire damage to roof

A good number of the houses we live in have had some form of fire threat over the years.

We repair them and move on or learn to live with the evidence if it doesn’t affect us too much. We only experience the full implication of fire damage when the house is up for sale.

There is the fear that the house’s history will scare away potential buyers or the listing will stay on the market until it becomes obsolete.

While it is true that the house will be undervalued depending on the extent of the fire damage it suffered, that doesn’t automatically translate to it can’t be sold.

You will be surprised to discover that you can sell the house even after fire damage. Keep reading and find out who will buy your house with fire damage.

Table of Contents

Should You Repair Fire Damage Before Listing the House?

Repairing house fire damage is an elaborate process involving hiring contractors, supervising the work and having to live in the house as the work continues if it is your primary residence.

It’s much easier and convenient to sell it the way it is, but this might not be the best move as it significantly reduces your pool of prospective buyers and the overall offer prices.

The buyer pool shrinks because many investors will steer clear of a fire damaged property because they don’t want to go through the rehabilitating process and fire damage restoration. The ones still willing to look at the fire damaged home will expect huge discounts for their risk, so their offers might be significantly below the market price.

You can sell a damaged house much faster and avoid holding costs with cheap repairs that automatically enhance the house’s value. You will be poised to break even or make a profit from the sale just by undertaking these renovations.

It is especially true when the market is saturated with damaged properties, forcing sellers to volunteer heavy discounts for their houses to be bought. Your listing will stand out from the rest.

However, you should be cautious with the cost of renovation. It is possible to spend too much on renovations beyond what can be recovered from the sale of the house. Sometimes the value addition is not worth the cost.

burnt down house

Selling a House That Has Fire Damage As Is

In some circumstances, selling a fire damaged house the way it is will make more sense than repairing it. Like when you have little equity in the house and the cost of rehabilitating the house is so high that it will affect your ability to pay off the loan. It might also have been a small fire with minor damage you feel will not influence the buyers’ decision.

Cosmetic damages like soot deposits on walls and floors don’t greatly impact the house’s value. They are easy to correct, and you can opt to repair them yourself or let the home buyer do it.

However, if the fire was severe to the extent that the house’s structural integrity was in question, the repair costs could be high, and the house might be considered unsafe. This happens when core parts of the property, like support beams, are destroyed in the fire.

No matter the motivation, you should be prepared to give discounts if you sell a house with fire damage. The discount will depend on the extent of the fire damage because the home buyer is also thinking of what it will take to restore the house.

Sometimes it is impossible to restore the house completely, especially when the damage is substantial. Besides the flame, smoke, and soot, the water used to put out the fire also causes its own damage. The costs might surpass your insurance coverage and available resources, leaving you with no option but to sell the house as is.

While it is a good idea to repair the damage before listing the house, it doesn’t make sense if it will eat up all your equity. It also takes time to restore the house, which you may not have when the damage is too widespread, or your move is urgent.

The good thing about fire insurance when you are not planning to repair the house is that the payout will complement what you get from the sale. It covers the discount you will have to give to keep buyers interested.

Consider Selling to a Cash Buyer

What happens when no buyers are willing or able to bid on the house because of the fire damage, and you need to move urgently?

Many buyers rely on financing from lending institutions who want to be convinced that the house has been fully restored and the cause of the fire has been addressed. Otherwise, they will not qualify for the mortgage, meaning they can’t buy the house.

The longer the house stays on the market, the higher the chances it will not find a house buyer or its price will drop further. You need to get creative with how you are selling it.

Such projects require buyers with experience dealing with fire damage and cash to purchase and repair the house without seeking financiers. A professional real estate investor specializes in purchasing properties that need major and costly repairs, making the necessary renovations and flipping these once burdensome houses for a profit.

A real estate investor oversees the repairs themselves or supervises crews of licensed professionals with construction experience who can restore houses for much less than it would cost the average buyer. They don’t have to rely on third-party inspections or appraisals before making an offer.

Because they have cash, they also move without the bottlenecks associated with a mortgage approval process. Their motivation is to end up with a house whose eventual market value will be higher than what it took to buy and renovate.

These buyers will give you quick and fair offers, which is ideal if you are looking for a fast sale. Selling to cash buyers also helps you to avoid real estate agent costs and many other closing costs. You don’t have to stage the house or subject your family to showings and open house events.

Do You Have to Disclose Fire Damage Before Selling a House?

Consumer protection is taken very seriously, which is why every state has its version of a property disclosure statement which you, as the seller and homeowner, should make. It highlights damages that have occurred to the property and the steps taken to remedy them so that prospective buyers can factor them in their decision-making.

The cause of the house fire and the damage’s extent are key influencers of decision making because the buyer wants to know if the house’s structural integrity was compromised and if there is a possibility of a recurrence of the incident in the future.

For instance, if it was an electric fault, they will want to know that the wiring has since been corrected. A potential buyer will also want to know if any structural damage was taken care of after the house fire.

The statement can be in the form of a pre-drafted form that you fill in and may or may not refer specifically to fire damage. We recommend being upfront with information about fire damage regardless of how the form is worded. The buyer can seek legal redress if they discover you lied, covered up, or did not fully disclose any fire history, even if it happened long ago and you have made the necessary repairs.

It is good practice to keep copies of all documents related to the home fire as proof of previous fire damage and to make it easy to explain the circumstances to a potential buyer. Such documents include assessment reports, police reports, repair documents and insurance claim information.

Our Final Thoughts

Rehabilitating a fire damaged house will get you a better market price when you list it, but it requires time and resources. Selling the property as is, on the other hand, relieves you from a load of restoration. The extent to which these variables affect the sale are determined by the specific circumstances surrounding the particular sale.

Now that you know the house can still be sold after a fire and you have a few ideas on how to go about it, you can assess your situation and determine what is best for you and your family. Each approach has its own unique advantages and disadvantages. Compare the net amount you will get for the house for both options, deduct expenses and add the insurance payoff to the mix.

If the numbers compare favorably for both options, selling the home as is for a fair price will still be the better option because it saves on time and effort.

solution-to-sell-your-house-on-your-terms

Your solution to selling a hoarder house
on your terms

WeBuyHousesinDenver.org is a cash for houses company and we are experts at buying houses in Denver and all of Colorado. Our mission is to give the people of the Mile High city the best solution to sell any house.  When you sell your house to us there are:

  • NO Fees and we cover all the normal closing costs. 
  • NO Stress because you know what is happening at all times – you are in control!
  • Sell your house fast and for easy cash. 
There are even more benefits when you sell a house to  WeBuyHousesInDenver.org including:
  • Sell your house as-is (no repairs)
  • Pay nothing out of pocket
  • Sell fast – you pick the closing date
  • Sell for cash – no bank fees or financing delays
  • 100% Free – no cost and NO STRESS!

This is how selling a house in Denver should be!

Fill out the form to get your no-obligation cash offer today. 

More Scintillating Articles About Real Estate

The latest real estate news, forecasts, insight, and advice are brought to you by the leading authorities in the Denver housing market. We have ears and boots on the ground in the Mile High reporting the facts. Extensive research goes into all our articles and we gather information from trusted real estate experts, renowned local Denver housing specialists, home buyers, and more. We buy houses Denver and as accomplished professionals with a proven track record, we now want to share our experiences with you.   Please enjoy!

best-solution-to-sell-your-house-in-Denver-

Can I Cancel a Contract to Sell My House?

women terminating contract

Can I Cancel a Contract to Sell My House?

women terminating contract

It is common for homeowners to get cold feet and want out of a real estate deal. The reasons are diverse, ranging from unearthing a better offer to the one you already accepted, a change of circumstances making an anticipated move no longer applicable, to developing seller’s remorse out of sentimental attachments to the home.

The short answer to whether you can cancel a contract to sell your house is yes, you can, but only if the conditions allow you to. Even then, you should be wary of potential expenses and far-reaching legal consequences.

This article explores legal ways to cancel a house sale contract with minimal damage to your finances. Stick around for the processes as well as the limitations.

Table of Contents

Canceling a Contract to Sell a House Legally

Backing out of a real estate contract after it has been signed is not as simple as taking your house off the market. The canceling process is complex, sometimes expensive and will most likely be drawn out. There is a good reason for this.

Cancelation inconveniences the buyer and might devastate their plans and finances. They may have already sold their home or are serving a written notice to vacate from their current residence. They might be relocating for a new job opportunity which forced the movement. They will also have strained their savings covering costs like home  inspection and appraisal fees.

That being said, you might have legitimate reasons to cancel the contract, and you should know how to go about it within the law. There are a number of approaches you can use.

Contingencies

You can include protective clauses in the purchase agreement, which give you avenues to back out of it. However, given the nature of the transaction, most contingencies are inserted in the written contract for the benefit of the home buyer rather than the home seller.

Below are the common types of contingencies sellers in typical real estate contracts can invoke.

Suitable Housing Contingencies

They allow the home seller to back out of the deal if they cannot find a suitable home to relocate themselves or their families. These contingencies are often written into the contract if the seller is selling their primary residence and buying the replacement at the same time.

A suitable housing contingency can be applied in two ways; extending the closing date to allow more time for the home seller to find their new home or voiding the contract if you cannot find a replacement house.

Appraisal Contingencies

While such contingencies are drafted with the buyer as the main beneficiary, they might come in handy if you change your mind about selling the house. They make the sale contingent on a positive appraisal, meaning if the house’s appraised value turns out to be lower than the accepted offer, the transaction will be nullified.

Lenders will not finance more than the prevailing value of the property at the time of application, so if the potential buyer is to be financed, they will have to come up with the shortfall out of pocket. This is not always possible, considering they will have to bear other costs associated with the home sale.

Home Inspection Contingencies

Most buyers will be more comfortable if the house is subjected to a home inspection before the deal closes. More than eighty percent of inspections discover shortcomings, some even you as the seller may not be aware of.

If the home sale is contingent on a successful home inspection, the home buyer might leave it on the table or ask for credits to undertake the required repairs or renovations. You are not obligated to accept these requests, and by not obliging them, you can end negotiations, automatically canceling the contract.

Canceling the Contract Within the Attorney Review Period

It is nice to have this provision in your written contract to provide an opportunity for your real estate attorney to go through the fine print and break down the implications of every clause in the agreement. You can back out of the agreement by citing any of these clauses that don’t sit well with you.

This period is usually between three to five days and is captured in the agreement. If you decide to back out of the agreement during this period, you will not be subjected to the adverse consequences of breaching a real estate contract.

When You Can Prove That the Buyer Is in Breach of the Contract

If the home buyer is not compliant with any of their obligations under the agreement and they don’t correct the breach within the grace period allowed by the purchase agreement, you can also legally back out of the contract.

Such conditions might include securing a mortgage, facilitating an inspection, or failing to execute the documents in good time. These lapses can be used to come up with a compelling case to get out of the contract.

Convincing the Buyer to Terminate the Contract Freely

Get them to empathize with your circumstances such that they let you out of the deal without imposing any fees or taking you to court. This is not easy when you consider how emotionally and financially invested in the house, they will be by the time they sign the contract.

You might have to offer compensation to entice them to let it go. It is harder to convince them when they suspect you are blowing them off for a better deal.

If You Are Able to Prove the Buyer Is Fraudulent

If the home buyer significantly misrepresented themselves to affect the outcome of the agreement or you somehow establish that they are hustlers or scammers, it will be sufficient grounds for withdrawing from the contract.

This kind of prospective buyer is often extremely aggressive and prey on the elderly and owners who are selling their own houses. They get you to accept a purchase price way below the house’s market value.

Full Disclosure of the Property’s Flaws

Some sellers start exposing the house’s shortcomings to the buyer beyond what they are legally required to disclose in the hope that it will put them off. This is an effective tactic to repulse buyers to the extent that they will cancel the contract themselves.

The downside to this approach is that whatever you disclose to one particular buyer, you might have to disclose to all future buyers. It can be a permanent dark cloud on your house as a real estate agent will warn their clients about it going forward.

uncertain agreement

Repercussions of Canceling a Contract to Sell Your House Without Legal Grounds

So, what happens if the buyer is fully compliant with the terms of the agreement, you can’t find a legal loophole, they are insisting on going ahead with the sale, yet you still want to cancel the contract?

The Buyer Can Compel You to Complete the Sale

They will do this by pursuing a legal action called ‘Specific Performance,’ which means they will ask a court to order you to sell the house per the terms of the signed contract.

Their chances of success are high on the grounds that you are able but unwilling to perform your role (which is conveying the house to them), and monetary compensation is inadequate to solve their predicament. You might even be ordered by the court to pay the legal fees for this case.

You Will Be Subjected to a Lengthy Mediation Process

Sometimes, when you cannot agree on terminating a contract, the state will require both parties to attend mediation sessions as a prerequisite for arbitration in court. This might save on legal fees, but the process is time-consuming and tedious.

You Might Get Sued by the Buyer

The buyer only needs to prove that you terminated the contract for unsound reasons as they seek compensation for losing the house and a refund for every dime spent throughout the transaction, including the legal fees for the lawsuit. You will be hard-pressed to defend your position with no tangible legal strategy.

The Buyer Might Place a Lien on the Property

The buyer might opt to file what is legally referred to as a ‘Lis Pendens’ against the house. This makes it difficult to sell the house to anyone else. It is a public warning to all prospective buyers that the ownership of the property is under dispute, and the ruling might go either way.

Buying such a house involves taking over the weight of the case, and you might lose it if the complainant wins

You Might Be Sued by Your Listing Agent

If you were using a real estate agent for the sale, you most likely signed an agreement with them around the time you signed the purchase agreement. They have pending commissions you already committed to despite the deal falling through.

The real estate agent will also have incurred expenses at this point of the transaction, which can motivate them to sue you.

solution-to-sell-your-house-on-your-terms

Your solution to selling a hoarder house
on your terms

WeBuyHousesinDenver.org is a cash for houses company and we are experts at buying houses in Denver and all of Colorado. Our mission is to give the people of the Mile High city the best solution to sell any house.  When you sell your house to us there are:

  • NO Fees and we cover all the normal closing costs. 
  • NO Stress because you know what is happening at all times – you are in control!
  • Sell your house fast and for easy cash. 
There are even more benefits when you sell a house to  WeBuyHousesInDenver.org including:
  • Sell your house as-is (no repairs)
  • Pay nothing out of pocket
  • Sell fast – you pick the closing date
  • Sell for cash – no bank fees or financing delays
  • 100% Free – no cost and NO STRESS!

This is how selling a house in Denver should be!

Fill out the form to get your no-obligation cash offer today. 

More Scintillating Articles About Real Estate

The latest real estate news, forecasts, insight, and advice are brought to you by the leading authorities in the Denver housing market. We have ears and boots on the ground in the Mile High reporting the facts. Extensive research goes into all our articles and we gather information from trusted real estate experts, renowned local Denver housing specialists, home buyers, and more. We buy houses Denver and as accomplished professionals with a proven track record, we now want to share our experiences with you.   Please enjoy!

best-solution-to-sell-your-house-in-Denver-

Can You Sell a House With Termite Damage?

termites in wood

Can You Sell a House With Termite Damage?

termites in wood

Termites are responsible for billions in property damage yearly and are active in almost all states—except Alaska, whose freezing conditions are not conducive. They are also quite sneaky, and an infestation can remain hidden for long before it is discovered.

They can land you in the cross hairs of an undeserved legal suit if you sell a house only for the buyer to discover they have been nibbling at the wooden structure from the inside out. They can also make your listing stay longer in the market if the buyer’s inspector can catch their subtle warning signs.

This gets you thinking about whether it is possible to sell a house with termite damage and if it’s even worth the trouble. The good news is you can sell a house with termite damage, but you have to disclose the damage to potential buyers before closing so that they know what they are getting into.

In this article, we will guide you through the available options if you need to sell your house with its termite infestation and how to go about them. We will also break down the situation so that you understand the implications. We know it’s more complex than your regular house sale.

Table of Contents

How Do Termites Affect the House’s Value?

The overall effect of a termite infestation on the market price depends much more than the termites. Other factors like the prevailing real estate market and the house’s location also come into play.

Buyers can afford to be picky when there are abundant options to choose from in the market. Your property listed with historical or existing termite problems will be passed by frequently in such a market unless you set the price significantly lower than the market price to make it irresistible.

The house will be less stigmatized if a termite infestation is common in the neighborhood. Termites are harder to find in some cities than in others; they love tropical weather with its combination of warmth and moisture that they need to thrive.

In such places, their presence will not impact the house price much because the competition has the same conditions, and your average home buyer is better conditioned to accept the situation.

The takeaway from this is that you should take the initiative to get rid of termites before listing to maximize returns from the sale and increase your pool of prospective buyers. That said, the house still stands a chance to be bought with the termites, but at a lower price.

termite eating house

How Does Potential Structural Damage by Termites Affect the Sale of a House?

Potential buyers will generally keep off properties that seem to be money pits. A house that requires repairs straight from a purchase is not appealing. This is why you should make the necessary repairs and renovations after removing the termites if you consider listing the home. This makes the home much easier to sell.

The extent of the damage will influence the buyer’s willingness to take it on; they will be more inclined to take a risk when the house’s structural integrity has not been compromised.

Termite-induced repairs come at a cost and are normally not covered by insurance. If you can’t afford to pay for the damage, you indirectly can pay the buyer to do it by lowering your asking price or selling it to a cash buyer willing to take over the compromised house as it is.

Can You Sell a House With Active Termites?

It is not always bad news when a pest inspection reveals ongoing termite activity. There are places in the country with such a high prevalence of termites that a minor colony is considered normal. 

Your house will not be the only listing with termites, and it will come down to the size of the colony and the amount of effort required to salvage the situation.

The buyer might request that you follow through with termite treatment with a pest control company at your cost and cover any repairs needed because of the termite problem. 

Alternatively, you can renegotiate the terms of the agreement and give them a discount on the price so they can fix it themselves if you lack the time or capacity to do the work yourself and they are agreeable.

termite entering house

Can You Sell a House With Historical Termite Damage?

Suppose you have already treated the house for termites. In that case, home buyers will need documentation of proof along with evidence of any structural repairs that were made and/ or direction on what still needs to be done to restore the building following the termite problem.

Professional termite inspectors can distinguish between evidence of past and prevailing termite activity. They will issue a statement to that effect which the buyer might consider a green light to proceed with the transaction.

When Is Termite Infestation a Deal Breaker?

It is worth noting that the regular buyer looking for a home to settle their family may still draw a hard line against any history of termites despite your best efforts to treat and repair the house. 

They are also subjected to their lender’s policies which might be against financing properties associated with termites.

Some termite infestation cases are too advanced for a regular buyer to deal with. The colony might have grown to millions of termites before any action was taken and now requires advanced extraction methods.

This may have caused extensive termite damage. The structural damage to the house might also be so extensive that its structural integrity is compromised.

You should include specialized house buyers in your prospect list as a fallback for situations like these. 

These buyers can buy the house in cash without seeking approval from financiers and will make their judgment call on the termite situation on the spot. You will avoid a lot of back and forth, and their offer will come early, although slightly lower than the market price.

Inspecting the House for Termite Damage

It is advisable to engage your own expert inspector before listing the house so you can detect this sneaky menace in good time. A termite inspection also provides an opportunity to detect the presence of any other wood-destroying insects like carpenter ants, thereby covering all your bases.

They can differentiate the sound produced by a hammer hitting a hollow beam consumed from the inside by termites and a solid one. They will also know where to look for the pile of wings that termites shed as they go through their life cycle or the tiny brown pellets of excrement that are never far away.

You can also engage a wood repair expert to assess the structural damage caused and approximate what it will take to restore it. This helps you decide if the cost of extermination and repair to stage the house can be justified by the value addition.

Doing your own assessment will help determine the listing price and set bargaining limits. You will know how to address any contingents placed on the purchase agreement that may be pegged on the buyer’s approval of their termite inspection report.

Implications of Full Disclosure of Termite Damage

The law requires you to disclose any known history of termites and house defects to the buyer before closing the sale.

Your typical buyer will order for their own termite inspection the moment you mention it, whether it has been handled or not. If the buyer is taking out a mortgage, chances are that the lender will require a termite inspection along with the general home inspection before the sale is closed.

Who Pays for the Termite Inspection?

This expense is typically borne by the buyer, whether they personally requested the inspection or their lender did. Once the seller discloses the house’s termite history, the buyer must schedule any necessary inspections before closing the sale.

As the seller, you will only pay for an inspection if you sanctioned it to check on the state of the house. The buyer and/ or their lender will not rely on a report from an inspection you sanctioned but will conduct their own independent inspection.

What Options Do You Have If the Termite Inspection Report Is Unsatisfactory to the Buyer?

Many home purchase agreements nowadays are contingent on the results of inspections, such as termite inspections meant to reveal hidden complications and hazards. The buyer can back out of the contract without legal repercussions if the house fails the termite inspection.

Experienced real estate inspectors know that the mere presence of termites doesn’t mean the house is irreparably damaged and should be condemned. They also consider where the termites were found, the size of the colony and how long they had to inflict damage before they were discovered in their report.

Some buyers will opt to renegotiate the selling price, especially if the damage is not extensive, while others will ask for specific renovations after the inspection.

You are not obligated to fix anything uncovered during inspection; your incentive for making the repairs, in this case, will be to prevent the buyer from withdrawing their offer. If you feel the task is too big for your resources, you can politely decline and let the buyer terminate the contract.

It is better to sell the house slightly below market rate than to undertake massive renovation projects that will consume a lot of time and resources yet are not guaranteed to erase the termite infestation stigma sufficiently to restore the property’s market value.

solution-to-sell-your-house-on-your-terms

Your solution to selling a hoarder house
on your terms

WeBuyHousesinDenver.org is a cash for houses company and we are experts at buying houses in Denver and all of Colorado. Our mission is to give the people of the Mile High city the best solution to sell any house.  When you sell your house to us there are:

  • NO Fees and we cover all the normal closing costs. 
  • NO Stress because you know what is happening at all times – you are in control!
  • Sell your house fast and for easy cash. 
There are even more benefits when you sell a house to  WeBuyHousesInDenver.org including:
  • Sell your house as-is (no repairs)
  • Pay nothing out of pocket
  • Sell fast – you pick the closing date
  • Sell for cash – no bank fees or financing delays
  • 100% Free – no cost and NO STRESS!

This is how selling a house in Denver should be!

Fill out the form to get your no-obligation cash offer today. 

More Scintillating Articles About Real Estate

The latest real estate news, forecasts, insight, and advice are brought to you by the leading authorities in the Denver housing market. We have ears and boots on the ground in the Mile High reporting the facts. Extensive research goes into all our articles and we gather information from trusted real estate experts, renowned local Denver housing specialists, home buyers, and more. We buy houses Denver and as accomplished professionals with a proven track record, we now want to share our experiences with you.   Please enjoy!

best-solution-to-sell-your-house-in-Denver-

Can You Sell a House With Solar Panels?

house with solar panels installed

Can You Sell a House With Solar Panels?

house with solar panels installed

Solar panels on your house can make it difficult or easy to sell, depending on whether you own the panels and if potential buyers are green energy conscious. This article will discuss the pros and cons of different types of solar panel ownership and their impact on the process of selling your house.

Table of Contents

Types of Solar Panel Ownership

Solar panel ownership can be broadly categorized:

  • Fully-owned panels
  • Leased panels
  • Financed panels

Fully-Owned Solar Panels

Fully-owned panels are wholly owned by the homeowner. They add home value and may increase the appraisal value. 

Selling a house with fully-owned solar panels is straightforward as no third parties are involved. The appraisal process will indicate the collective value of the house to help you set the sale price. Research shows that a house with fully-owned solar panels can have a higher value by up to $15,000.

Indicate that the house is solar home ready in your listing description to attract potential buyers keen on green technology and explain the higher sale price. Most listing services now provide “green fields” for sellers and real estate agents to fill out when creating a profile for their property.

The “green fields” indicate environmentally friendly home features, such as solar panels, LEED certification, and passive solar. Highlight the long-term benefits of solar panels to potential homebuyers and real estate agents.

Once you have found a buyer, you will transfer the ownership of the house, including the solar panels, to the new buyer. For an easy house transfer process, have all the solar panel documentation, including the original sale agreement and warranty documents.

Also, provide the new homeowner with your solar company’s contact information. If the panels are fairly new, the warranty may still be in place, guaranteeing the new home buyer peace of mind for years to come.

The only way that fully-owned solar panels would inhibit the sale of your house is if they are old, dysfunctional, and bad-looking. In this case, they would significantly lower the value of the house and its curb appeal, causing hesitance among potential buyers. 

Creditors may also refuse to finance the house. Your best option would be to sell the house as is to a cash buyer at a lower price than the fair market value.

To avoid such a scenario, consider replacing the solar panels with newer ones and then factoring in the replacement price into your listing price. 

Besides, you may be eligible for a rebate whereby your state gives you an incentive on the old panels. Alternatively, remove the panels, repair the roofing if necessary, and sell the house at the appraised value.

Leased Solar Panels

Selling a house with leased solar panels is slightly more complicated as you have to involve the solar power company. Most lease companies install the solar panel system on the house free of charge and charge payments over the lease period—usually 20-25 years.

The downside of selling a house with leased solar panels is that some lenders are unwilling to finance a house with them, decreasing your pool of potential buyers. Besides, leased panels do not increase the value of your house. 

You may also have bought the house with solar leases in place, making it difficult to track down the previous owner to get access to the original lease agreement for transfer to the new owner.

Some companies have a clause in their contract that prohibits you from transferring the lease or terminating the lease agreement for solar equipment. If you do, you would be charged a penalty for loss of revenue through the FIT payments and for the removal of the solar panels.

There are two main ways to go about selling a house with leased solar panels:

  • Buy out the lease. A buyout would be ideal as you would own the panels fully. It would make sense if the solar panels were in good condition. However, it is quite expensive, and you have to pay upfront. You may also be charged a lease termination fee.
  • Transfer the lease to the new homeowner. Although a viable option, most potential buyers, real estate agents, and lenders are hesitant to take up an existing lease contract. You need to disclose the lease in your listing. Highlight how the lease has helped you save on energy bills to convince potential buyers it is worth it.

Before listing the house for sale, enquire with the solar company if they have an option to transfer the solar panel lease and what the process entails. Review the lease terms so you can accurately explain them to potential buyers. Put together the lease agreement and payment schedule for an easy lease transfer once you find a buyer.

Financed Panels

Financed panels are when you have obtained a separate loan to buy them. Therefore, unlike leasing, where you pay a monthly FIT payment, you pay a loan installment to the lender.

When selling a house with financed panels, you can either pay off the loan and sell the house as you would with fully-owned panels or find a potential buyer willing to take up the loan.

If you are selling to mortgage buyers, it is best to pay off the loan as most lenders are hesitant to finance a house with financed panels. There is a risk of the panels being reposed by the solar company.

Besides, the additional loan may through off the home buyer’s debt to income ratio, affecting their eligibility for the mortgage. The benefit of paying off the loan is that you now fully own the panels, which are factored in the appraisal, increasing the value of your house.

house with installed solar panels

Options for Selling a House with Solar Panels

Below is a look at three approaches to selling a house with solar panels.

List the House Yourself

If you want to save on real estate agent commissions, consider selling the house yourself. You need a good understanding of how the sale process works, how to fill out the paperwork, and how to execute ownership transfer.

Hire an appraiser to determine the value of the house to be able to set a fair price. Stage the house, list it on various listing services, and set an open house schedule. Evaluate the offers you receive to determine which buyer would be most suitable.

You will still need to engage a real estate attorney, especially when closing and transferring ownership of the house.

Hire a Real Estate Agent

Hiring a real estate agent is the most suitable option if you would rather outsource the sale process. They will oversee the entire sale process, including doing a comparative market analysis to determine the best price for the house.

A real estate agent will also list the house, recommend staging, host open houses, negotiate offers, and finally close the sale. If you are transferring your solar panel lease agreement or loan, they will also facilitate it. Hiring a real estate agent may seem costly, but it is worth it.

Sell to a Cash Buyer

Selling to a cash buyer is the fastest way to sell the house as is. Since there aren’t too many people involved, you can negotiate terms and a price that works for you. They may be willing to buy the house even if the panels are old. Typically, they negotiate for a much lower price than the fair market value.

Why Are Some Buyers Hesitant to Buy a House With Solar Panels?

Aside from complications in the buying process, particularly if the solar panels are leased or financed, some buyers find solar panels unattractive. The panels can also make roof maintenance much more difficult and are likely to cause damage to your roofing.

If the house is located in an area that is predominantly cold throughout the year, the panels have a low power output, which minimizes efficiency in energy conservation.

Conclusion

Solar panels can affect how you sell your house. Depending on the ownership of the panels, the sale process can be easy or complicated. If you fully own the panels, it is advantageous to the sale process as they raise the value of your home.

Conversely, if the panels are leased or financed, you would need to buy out the lease or payoff the loan to fully own the solar panels. These options are expensive, and you may not have money to pay upfront.

The alternative would be to seek a buyer to whom you can transfer the lease or loan. It would take longer as fewer potential buyers are willing to shoulder the lease or loan burden. Consider finding a cash buyer such as wesellhousesinDenver.org to buy your house as is.

solution-to-sell-your-house-on-your-terms

Your solution to selling a hoarder house
on your terms

WeBuyHousesinDenver.org is a cash for houses company and we are experts at buying houses in Denver and all of Colorado. Our mission is to give the people of the Mile High city the best solution to sell any house.  When you sell your house to us there are:

  • NO Fees and we cover all the normal closing costs. 
  • NO Stress because you know what is happening at all times – you are in control!
  • Sell your house fast and for easy cash. 
There are even more benefits when you sell a house to  WeBuyHousesInDenver.org including:
  • Sell your house as-is (no repairs)
  • Pay nothing out of pocket
  • Sell fast – you pick the closing date
  • Sell for cash – no bank fees or financing delays
  • 100% Free – no cost and NO STRESS!

This is how selling a house in Denver should be!

Fill out the form to get your no-obligation cash offer today. 

More Scintillating Articles About Real Estate

The latest real estate news, forecasts, insight, and advice are brought to you by the leading authorities in the Denver housing market. We have ears and boots on the ground in the Mile High reporting the facts. Extensive research goes into all our articles and we gather information from trusted real estate experts, renowned local Denver housing specialists, home buyers, and more. We buy houses Denver and as accomplished professionals with a proven track record, we now want to share our experiences with you.   Please enjoy!

best-solution-to-sell-your-house-in-Denver-

Can You Sell a House With a Condemned Boiler?

old boiler in house

Can You Sell a House With a Condemned Boiler?

old boiler in house

Over the years, most houses have embraced using natural gases, electric furnaces, and heat pumps instead of boilers. Boilers are becoming less popular because the former is considered safer and more efficient. 

However, depending on how old your house is and where you live, your house might still be fitted with a boiler.

A condemned boiler could be hazardous because it can leak gases such as carbon monoxide. No law will stop you from selling a house with a condemned boiler, but it is illegal not to disclose that information to the buyer.

It is not uncommon for a safety inspector to condemn a boiler during an inspection, but the code regulation sometimes varies depending on the state. The main aim of an inspection is to keep your boiler or furnace in good working condition and your household safe.

Most buyers will want the price reduced when they know the boiler has a problem. They will argue that they will incur the costs of fixing the boiler, whether it is a complete boiler breakdown, inadequate ventilation, or some other boiler issue.

You will have to decide whether to replace the boiler or sell the house as is with the boiler issue and risk getting a lower price for the house. A house with a working boiler that is in good condition is more attractive to potential buyers and can even fetch a higher price.

You might find buyers more interested in the property location or the house’s land. Such buyers will not necessarily be turned off by the lack of a reliable heating system.

Your house may have other attractive features that attract potential buyers besides a central heating system. 

However, if you intend to create a warm environment for potential buyers to move in immediately, you have to ensure that everything is in good condition before listing the house. This means it should have a working boiler or furnace.

Table of Contents

Is It Beneficial to Replace a Boiler Before Selling a House?

Although you are not legally obligated by law to replace a faulty boiler with a new boiler, it can be useful in adding value to the purchase price. If you can give an up-to-date certificate of service to the surveyors, you would have set minds at ease and projected a positive perception of your home.

An old boiler that is well maintained and has been inspected is a sign that the rest of the house has also been taken care of and allays fears of problems arising in the future.

Upon listing your house for sale, you, as the current homeowner, must fill out a Property Information Form (PIF). The form provides a potential buyer with updated information concerning the state of the house and if features such as boilers have been serviced recently and are well maintained.

Failing to declare the state of your faulty boiler in the PIF can result in the potential buyer claiming compensation if something goes wrong with the boiler after moving in. As a seller, you need to fill PIFs as honestly and accurately as possible to the best of your knowledge. Not knowing that your boiler was faulty can not be used as an excuse when problems arise.

Servicing your boiler or a boiler replacemetn is the best way of ensuring that you cover all the bases when providing a fair assessment. Apart from being the right thing to do, modern boilers also add value to your house and becomes a more attractive package to a potential buyer.

women looking at boiler

Type of Boilers to Install When Selling a House

If your house has old pipes and radiators, you should install an open vented conventional boiler. A house with more than one shower should use an unvented system boiler.

If you are working with a restricted budget and your broiler is broken, it is advisable to replace it with the same model before selling the house.

A comb-boiler has a very good warranty certificate, which can help bring up the value of your house because buyers will have peace of mind for the next 10 years.

If you intend to add additional bathrooms, you need a system boiler with an unvented hot water tank, especially one with strong water pressure.

Types of Condemned Boilers

Condemned boilers exist in two categories:

  • Immediately dangerous – Such a boiler is considered an immediate danger to life if it remains operational. The boiler will be immediately disconnected, and you will be advised not to use it again until you have made the necessary repairs. If you refuse to let the engineer disconnect the boiler, they are mandated to report you to the Gas Emergency Service Provider, who are legally authorized to forcefully enter your house and disconnect the boiler.
  • At-risk boiler – Such a boiler has at least one fault identified by the engineer that can endanger life on the property. Such a boiler will also be disconnected, and you will still be advised against using it until you do the repairs. This boiler is not necessarily a hazard at the moment, but it does not meet industry standards. If you install a new energy-saving boiler, you can reduce your heating bill and make your house more comfortable.

How to Avoid Having a Condemned Boiler

Replace Your Boiler With a New One

Most people tend to ignore replacing their boilers and think they are saving money by doing so.

They fail to realize that an old boiler will use more fuel. That means that your energy bill has to increase considerably.

You should start thinking about replacing your boiler when they have lasted for 10 years. Besides increasing your heating bill, an old boiler is prone to frequent breakdowns, and their spare parts become harder to get the more they age.

Fit Your Boiler Using a Professional

To ensure that your boiler is properly handled, all work done on it from the installation, service, and repairs must be done by a registered engineer.

Organize Annual Service

You need to ensure that your boiler is serviced yearly by a registered professional. They can detect where potential problems may come from. Routine service will prolong the lifecycle of your boiler.

How Much Will It Cost to Replace a Boiler?

The cost of replacing a boiler can go upwards of $10,000. That figure does not include the cost of testing the system, surrounding soil, installing a new tank, or carrying out cleanup if there was some leakage. A contaminated ground due to leakage will cost you double the price.

However, if you fail to repair or replace the boiler, you will have difficulty getting interested buyers. Most traditional home buyers (not scared away by houses that need repairs) normally need loans to finance their purchases. Most lenders shy away from funding houses that need repairs, especially the ones that are partially or completely condemned.

Selling the House As Is

 Some buyers may be interested in buying your house, and they are not so much interested in the condition of the house. You can sell the house to them as is. Such buyers already have the money to purchase without depending on lenders. Most buyers do not have the resources for such a big purchase.

Although some buyers have the finances to buy your house in cash as is, finding them is not that easy, and you will take a long time to sell your house.

You can also look for buyers who specialize in buying houses that are not in good condition. If you sell to them, you are guaranteed that the process will be short, and you will get a fair price for the house.

Modern houses use alternatives to boilers, but some old homes still use boilers. Therefore, it is best to know more about your neighborhood to find out if replacing the condemned boiler will be a big problem.

solution-to-sell-your-house-on-your-terms

WeBuyHousesinDenver.org is Denver’s proven cash home buyer. We pay cash for houses no matter what condition they are in. This is because our mission is to give the people of the Mile High city the best solution to sell any house.  When you sell your house to us there are:

  • NO Fees and we cover all the normal closing costs. 
  • NO Stress because you know what is happening at all times – you are in control!
  • Sell your house fast and for easy cash. 
We will!
PLUS there are even more benefits when you sell a house to  WeBuyHousesInDenver.org including:
  • Sell your house as-is (no repairs)
  • Pay nothing out of pocket
  • Sell fast – you pick the closing date
  • Sell for cash – no bank fees or financing delays
  • 100% Free – no cost and NO STRESS!

This is how selling a house in Denver should be!

Fill out the form to get your no-obligation cash offer today. 

More Scintillating Articles About Real Estate

The latest real estate news, forecasts, insight, and advice are brought to you by the leading authorities in the Denver housing market. We have ears and boots on the ground in the Mile High reporting the facts. Extensive research goes into all our articles and we gather information from trusted real estate experts, renowned local Denver housing specialists, home buyers, and more. We buy houses Denver and as accomplished professionals with a proven track record, we now want to share our experiences with you.   Please enjoy!

best-solution-to-sell-your-house-in-Denver-

Can I Sell a House I Inherited?

inherited house concept

Can I Sell a House I Inherited?

inherited house concept

An inherited home can be both a blessing and a curse. It is because a house can be a valuable asset and, at the same time, a source of inconvenience.

There are three ways of dealing with an inherited home: live in it, rent it out, or sell it. Therefore, it is possible to sell a house you inherited.

Selling inherited property is not always a straightforward process. There are some factors you have to consider before starting.

Table of Contents

The Number of People Inheriting the House

Sometimes you might not be the only person inheriting the house. You need to sit down with the other benefactors and figure out if all of you want to sell the property.

Unanimously agreeing to sell a house is not an easy process. You might find some of the benefactors who are not for the idea. They will have to buy you out. If you decide to buy out the other benefactors, you will have to settle the closing and appraisal costs.

If an agreement is not forthcoming, you may decide to go to litigation, a long and drawn-out process requiring legal fees to be paid. If a decision has been made and the inherited house is being sold, you have to choose who manages the sales process. The proceeds will be split among the benefactors.

inherited house concept

Value the House

Before listing the house for sale, you need to know how much the house is worth. A few factors determine the value of your house, including the location and condition of the house and the real estate market condition of that area.

You can consult a real estate agent for a valuation.

Is There a Mortgage Still Attached to the House?

You have to find out if the mortgage for the house has been cleared. If not, you can clear the balance before listing the house or wait for the house to sell and deduct the mortgage balance from the total proceeds from the sale.

You also have to confirm if the mortgage has a due-on-sale clause attached to it (meaning the entire loan becomes due if the house changes ownership). You should pick up the payments or clear the loan entirely if this is the case.

There is the possibility that the house might be under a reverse mortgage. This is when a homeowner, especially the old and retired with no source of income, relinquishes the house’s equity in exchange for regular payments used to supplement retirement income. If this is the case, you will have a limited period to pay up the mortgage.

The bank will decide on a short sale if the money owed exceeds the house’s value. However, if the mortgage was cleared, you become the house owner and are free to do with it as you please.

Are There Outstanding Debts Against the Property?

The house may have other outstanding debts against it apart from the mortgage. These debts may include utility bills and property taxes. If they exist, you will have to clear them with part of the money you get from the home sale.

Is It Necessary to Pay Tax on an Inherited Property?

By inheriting a house from a loved one or previous owner, you do not automatically incur tax liabilities. However, whatever you do with the house after you officially own it may attract some tax implications.

Selling an inherited house will attract a capital gains tax from the federal government. The tax levies any profits from selling the house and your taxable income. You can avoid paying this tax when selling an inherited house due to step-up taxes.

You benefit from a step-up tax when you inherit a house. It means that you inherit the house at its fair market value. Therefore, when you sell it, the tax will be calculated depending on the difference between the market value of the house, when you inherited it, and when you sold it.

What It Costs to Sell an Inherited House

There are some costs you will incur when selling an inherited house. They include the costs related to the listing, such as surveys, repairs, staging, and covering closing costs related to the mortgage.

If you are living in the Denver region and you are selling inherited property, there are some factors you have to consider to ensure you do not make mistakes.

They include the following:

Consult a Real Estate Attorney for a Legal Opinion

Before taking any action, it is advisable to seek legal advice. You need to find out the legal status of the house. It means confirming if the mortgage is fully paid or if there is any lien on the house.

Uniform Disposition of Community Property Rights at Death Act (UDCPRDA) was adopted by Colorado in 1973. The law states that when a married individual die, half of their marital property goes to the remaining spouse, and the other half is distributed as per the will.

If there is no will, the Colorado intestate succession law will be used to distribute the property. Another factor determining the distribution of the property is whether there are other remaining family members such as children, parents, or close relatives.

Therefore, if you intend to sell the house, you have to do according to the will. If no will exists, the probate court can grant you authority to sell the house and distribute the proceeds.

You Have a Right Not to Claim the House

You can decline to inherit a house if you do not want it. The mortgage payment amount on the house might be higher than the house’s value, which means it is better to let the house go into foreclosure.

You need to consult an attorney to help you fill out the paperwork necessary to disclaim the house.

No Need to Pay Inheritance Tax in Denver, Colorado

Unlike states such as Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania, in Denver, Colorado, you are not mandated to pay inheritance tax when you inherit a property.

There is a difference between inheritance tax and estate tax which the federal government collects. The federal estate tax has an exemption that starts at $ 5 million, meaning most estates don’t have to pay it.

Capital Gains Tax Liability on an Inherited House Can Be Avoided or Reduced

Capital gains tax liability is calculated on the difference between the buying and selling prices of the house. This figure can be huge, especially if the house was bought at a cheaper price long ago and has appreciated considerably.

However, when selling an inherited house, the rules are different. To calculate the capital gains tax, they no longer use the purchasing value but the appraised house value.

It means that if the house sells for a price less than the appraised value, you do not pay any capital gain tax.

Sell Your Inherited House for Cash

Before listing your house for sale, you must conduct a thorough inspection and determine if the house needs any repairs and how much those repairs will cost. You can then add 20 percent for any other unforeseen issue.

If you find out that the repairs needed are major and you do not have money to meet those costs, you can decide to sell the house to a real estate investor. The real estate investors are willing to buy the house as-is and pay cash. This will make your work easier and faster.

Property inherited from someone deceased can later be sold and turned into money by the beneficiaries of the inheritance.

Selling an inherited house may sometimes take longer to sell. Some expenses will be incurred during this period, such as paying taxes, utilities, and general maintenance.

Therefore, those who inherit properties should take time and consider the costs they will incur in carrying out the repairs before deciding what to do with the house.

In some cases, the beneficiaries named as new owners are more than one, and they need to decide on how to proceed with the management of the property.

The best time to sell an inherited house is when ownership claims have been sorted, and the transfer has been completed.

If the will has named more than one beneficiary and an agreement has been reached, the next step is to clear the house and list it for sale.

Special circumstances may require the property to be sold before officially going through probate. Such situations include properties where the owner had no will or properties that can not generate enough money to cover outstanding debts.  

solution-to-sell-your-house-on-your-terms

Your solution to selling a hoarder house
on your terms

WeBuyHousesinDenver.org is a cash for houses company and we are experts at buying houses in Denver and all of Colorado. Our mission is to give the people of the Mile High city the best solution to sell any house.  When you sell your house to us there are:

  • NO Fees and we cover all the normal closing costs. 
  • NO Stress because you know what is happening at all times – you are in control!
  • Sell your house fast and for easy cash. 
There are even more benefits when you sell a house to  WeBuyHousesInDenver.org including:
  • Sell your house as-is (no repairs)
  • Pay nothing out of pocket
  • Sell fast – you pick the closing date
  • Sell for cash – no bank fees or financing delays
  • 100% Free – no cost and NO STRESS!

This is how selling a house in Denver should be!

Fill out the form to get your no-obligation cash offer today. 

More Scintillating Articles About Real Estate

The latest real estate news, forecasts, insight, and advice are brought to you by the leading authorities in the Denver housing market. We have ears and boots on the ground in the Mile High reporting the facts. Extensive research goes into all our articles and we gather information from trusted real estate experts, renowned local Denver housing specialists, home buyers, and more. We buy houses Denver and as accomplished professionals with a proven track record, we now want to share our experiences with you.   Please enjoy!

best-solution-to-sell-your-house-in-Denver-

Can I Sell a Jointly Owned House?

beautiful jointly owned house

Can I Sell a Jointly Owned House?

beautiful jointly owned house

As a homeowner, you have the freedom to list your house for sale whenever you feel like it. However, if the property is co-owned, the house cannot be sold without the consent of the other owner or owners.

Co-ownership of a house can become an issue if there is no agreement among the owners on whether to sell the home or not.

Table of Contents

Ways of Forcing the Sale of a Jointly Owned House

Negotiate a Buyout

The owner in need of selling can buy out the other owners to ensure they remain the only owners of the property.

Alternatively, you can let those owners who want to keep the house buy you out. It will allow the owner who did not want to sell to remain the only owner.

It is important to understand that a buyout on joint ownership property can only succeed if the owner who wants to buy out the other has the finances to do so.

Selling Your Shares to a Non-Owner

Just like other assets that have more than one owner, each owner has the right to some shares of the whole property. It means that the shareholder can sell shares of a house without the permission of the other owners.

However, most strangers will not be willing to co-own a property with someone they don’t know unless they like each other. Therefore selling property shares is not a feasible option. In certain situations, such as a marriage, the right to sell shares of a co-owned property is suspended.

Getting the Court Involved to Force a Sale

You can get the court to issue an order for the property with joint ownership to be sold if you have a good reason. Such an order for a forced sale is called a partition action. The court can easily divide community property, such as farmland, but the case becomes complicated regarding a house.

A house cannot be divided; therefore, a court order or partition lawsuit is issued for the house to be sold even if not all owners are willing to do so. The owners’ profits or losses gained from the sale are divided depending on their shares. However, the law is different when it involves a married couple.

When you have decided to sell a house or an entire property owned by more than one person, you have to be aware of what category of ownership your home falls into. Each type of ownership has specific advantages, disadvantages, and considerations.

couple packing before leaving house

Types of Ownership Scenarios

Tenancy in Common

A tenancy in common is a situation whereby several people own the house. In such an agreement, you can establish as many owners as you like, but they don’t have to split the investment equally. It is not a requirement to be married to get into a tenancy in common agreement.

When considering a tenancy in common, you need to understand that in most cases, you will not have the rights to survivorship (meaning in case of death to one owner, their property shares are passed on to their heirs). Such a situation can easily become complicated because you might find yourself co-owning a house with strangers.

Tenancy in common is recommended for multiple owners who want to share responsibilities or divide ownership. It can be used to set up ownership expectations for people who wish to contribute different amounts of money to the property.

In case you are selling a house listed as a tenancy in common, it is crucial to know exactly who owns what portion of the property, the person in charge of the costs, and any other home ownership detail in advance before you list the house.

Joint Tenancy

In this situation, all the co-owners have an equal share of the entire property. That means that no matter what you have contributed to the property, you still have an equal share with your partner(s). It is suitable for engaged people or siblings because the process is easy if one co-owner is incapacitated.

If one owner becomes unavailable, complete ownership transfers to the only remaining owner. The ownership will not go through probate because the contract transfer 100% of one person’s interest to the other.

It might be challenging to sell a house under joint tenancy, especially if one person thinks they have a larger stake in the property. They might demand a larger share of the total proceeds from the house sale.

To avoid disagreements during the sale of the house, it is important to have a contract that stipulates each person’s contribution, what happens in case one partner wants to sell, and what to do if something happens to one of the owners.

If no disputes are to be solved, selling a house under a joint tenancy is straightforward. You need to remember that all must agree to the sale or at least sign a transfer form before selling the house.

Some states may have slightly different laws. Therefore, it is recommended that you consult a local real estate professional to guide you through the sales process, depending on your situation.

Planning for a Home Sale With More Than One Property Owner

Before buying a house and sharing the ownership, you need to plan on how to sell the property with several owners. Waiting until you want to sell to start negotiations may be disastrous by causing disagreements, sabotaging your sales process, or leading to litigations.

Here are some questions that need to be answered when selling a house with more than one property owner.

Who Owns What Portion of the Sales Proceeds?

As stated earlier, some co-ownership titles do not necessarily depend on a person’s contribution to determine their share of the property. If one person has extra contribution in the house-owning process in terms of time or money, it may not be reflected in the final equity agreement.

That is why you need to agree on who owns what portion of the property and how much everyone is entitled to from the sale of the house.

What Mode Will You Use to Divide the Sale Costs?

Selling a house is not easy, and it might involve spending some money. You need to decide among yourself who will take charge of what cost. Failure to do this may result in some homeowners backing out during the sales process.

Is the House Attached to a Trust Ownership?

Most people create living trusts as a way of leaving behind property to their children when they are gone, getting estate tax protection and avoiding probate.

When selling trust ownership, you need to hand over a copy of the trust or a Certificate of Trust (stating who has the authority to sell) to the person conducting the closing. You should also have the authority of the trust available for the closing.

man opening house with key

Hire a Professional to Help With the Sales Process

When selling a house as a joint owner, it is advisable to use a reliable real estate professional to represent your interests and ensure you maximize the home value and have a successful sale.

You need to hire a neutral agent and avoid the ones referred to you by close family or friends when selling jointly owned property. If you do this, you avoid the other owners thinking that your voice and decisions will be considered more than theirs.

Appraise Your House Professionally

Having an appraised value for the house will ensure everyone is up to date and assist in clearing the air in case of a buyout of property ownership. To avoid confrontations, you should involve a professional to appraise the house, and they have to be neutral.

By having a professionally appraised value, you can calculate a fair price in case of any buyout.

Understand the Tax Benefits and Drawbacks of Co-Owning a House

The tax you will be charged as a joint property owner when you sell a co-owned house is determined by the ownership structure you set up when you bought the house, and it varies depending on the state.

Therefore, you need to consult your local tax or real estate professional to get an insight into the best options.

Taxes for Joint Tenancy

Selling a house under a joint tenancy means you will most likely pay capital gains tax. However, the amount will be split between all the property owners depending on the percentage of ownership. The tax advantage will not be felt by a married couple co-owning a house but filing single tax returns.

Taxes for Tenancy in Common

Here owners hold different percentages of the property. The tax write-offs and final income tax will depend on the size of your legal ownership. You must understand that you only file taxes depending on the ownership percentage reflected on your tenancy in a common agreement.

solution-to-sell-your-house-on-your-terms

Your solution to selling a hoarder house
on your terms

WeBuyHousesinDenver.org is a cash for houses company and we are experts at buying houses in Denver and all of Colorado. Our mission is to give the people of the Mile High city the best solution to sell any house.  When you sell your house to us there are:

  • NO Fees and we cover all the normal closing costs. 
  • NO Stress because you know what is happening at all times – you are in control!
  • Sell your house fast and for easy cash. 
There are even more benefits when you sell a house to  WeBuyHousesInDenver.org including:
  • Sell your house as-is (no repairs)
  • Pay nothing out of pocket
  • Sell fast – you pick the closing date
  • Sell for cash – no bank fees or financing delays
  • 100% Free – no cost and NO STRESS!

This is how selling a house in Denver should be!

Fill out the form to get your no-obligation cash offer today. 

More Scintillating Articles About Real Estate

The latest real estate news, forecasts, insight, and advice are brought to you by the leading authorities in the Denver housing market. We have ears and boots on the ground in the Mile High reporting the facts. Extensive research goes into all our articles and we gather information from trusted real estate experts, renowned local Denver housing specialists, home buyers, and more. We buy houses Denver and as accomplished professionals with a proven track record, we now want to share our experiences with you.   Please enjoy!

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Can You Sell a House With a Leaky Basement?

house basement with water

Can You Sell a House With a Leaky Basement?

house basement with water

Most homeowners view buying a house that needs repairs as a hassle. The repairs will require extra cash with no guarantee of how quickly the job will be done.

A house can have more serious problems, but a leaky basement is one of the easiest and cheapest problems to solve. It takes a professional a few days to install a complete basement waterproofing system.

A permanent basement system will increase the value of the house.

You can sell your house even if it has a leaky basement. However, interested buyers will negotiate for a lower price because of the damage and cost of renovation. A wet basement can devalue your property by up to 10-25%. Installing a permanent waterproofing system will enable you to finish the basement before selling.

As a seller, you should disclose any water intrusions in the house through a Seller’s Property Disclosure form. According to the laws in Denver, using these forms is not mandatory but helps you disclose all the information required by law, regardless of the form in which you do it.

There are a few reasons you should fix the basement before selling a house. They include the following.

Table of Contents

Buyers Might Demand a Lower Price

Buyers will ask about any problems that might be in the house. You must answer truthfully. When they find out that the house has a leaky basement, chances are they will demand that you lower the price.

house in flood

If a Home Inspector Is Hired, the Leakage Will Be Uncovered

You may decide not to mention the leakage, hoping the buyer will not find out. However, any smart home buyer has to involve a professional home inspector before committing to the purchase, and the home inspector will likely uncover any leaks.

A Potential Buyer May Not Make an Offer for a House With a Leaky Basement

Your basement leak may be a minor issue. However, a potential buyer may see it as a sign of major foundation damage and decide not to make an offer. The leak or minor foundation crack might appear easy to fix, but the buyer may see it differently.

Lying About a Leaky Basement May Result in Legal Troubles

If you decide to lie about a leaky basement or fail to mention it, you could be setting yourself up for legal troubles in the future. Not mentioning the leak or lying about it could cost you much more than it would cost to just fix the problem.

Factors to Consider When Deciding Whether to Fix a Leaky Basement or Not

Is the Basement Finished or Unfinished?

If your basement is finished with drywall, trim, electric wiring, and flooring, it will be a waste to let it get ruined by water leaks and damage.

If you spend more on waterproofing, you make the space livable even during the rainy seasons. A dry, finished basement can recoup some of your spending when you sell the house.

Are Leaky Basements Common In Your Area?

If your home is surrounded by other homes that have older basements, it will be understandable to have a leaky basement.

For example, if your home is in a neighborhood that has homes without basements, it will be difficult to sell a house with a leaky basement. The same will apply if you are in a neighborhood with new homes that have never been flooded as compared to areas with pre-war homes.

Do You Want a Quick Sale or Maximum Value?

Unlike a quartz countertop or a shiplap, a dry basement does not go out of style. You will have to pay for the cost of drying your basement upfront, but it will help you improve the appeal of your home and take care of your basement water problem.

However, if you want to sell the house faster, you may not be willing to go through the cost and time it takes to waterproof your basement and do any foundation repair that needs to be done.

If you find a good real estate agent, they can advise you on the best way of approaching the situation. They may have information about other basements in the area and what customers prefer. They will also know if you need to do complete waterproofing or if a downspout extension will be enough.

Do Not Just Paint the Basement and Keep Quiet

You may be tempted to add a few coats of paint to cover the effects of the water damage on the basement walls from the water leak. However, this will not work because the paint cannot hide the damage.

house appliance sinking in water

How to Handle a Leaky Basement When Selling a House

Do No Repairs But Share the Information

This may be the easiest way to handle a leaky basement, but it has some drawbacks. Most buyers will be reluctant to inherit water damage or leaks. If unchecked, a leaking house can lead to other issues such as structural damage, mold, and damage to other possessions and furnishing.

You should enlist the help of a local real estate agent who is well versed in current market trends and sentiments about leaky basements. If you make the decision not to do the repairs, you need to do the following

Check Your Local Real Estate Disclosures

If everyone in the area suffers from a leaky basement or water seepage, it might be tempting not to disclose this problem. That will not be wise since it might bring up legal issues with the buyer later. You need to fill out a proper disclosure form depending on your locality.

Be Specific

Different states have varying requirements when it comes to water damage and intrusion. Some states allow you to make a general “disclosure disclaimer,” while others transfer the responsibility to the buyer to check for any issues with a “caveat emptor” approach.

However, experts will advise you to be transparent and honest regarding any “material fact” that can affect the property value.

If the water leak is minor, you can go a step further and explain to the buyer why. It helps the buyer in making their decisions when they have sufficient information.

Never Lie

A lawsuit can be brought against you by the buyer even years after the sale has been finalized if they can prove that you knew about the leakage when you sold the house and failed to disclose it. If the buyer can prove a breach of contract or misrepresentation, you might be liable for the repair costs and attorney fees.

Redirect the Water Away from the House to Stop the Leakage

You can start by redirecting the water causing the leakage away from the house before considering other costly methods. You can achieve this by doing the following:

  • Altering the slope of the dirt: It is done by pitching the dirt away from the house. The method tries to enhance the slope away from the house, thus preventing pooling in unwanted areas.
  • Extending your downspouts: Houses that leak mostly after a storm or winter thaw are caused by downspouts. The function of a downspout is to collect water from the roof and tunnel it away from the foundation. A leak occurs if the runoff seeps into the basement because the downspout is depositing water at the house’s base. You can install a downspout extension that runs at least three feet from the house or 10 feet if the yard is flat.
  • Place rain barrels: You can place a rain barrel under your downspout to collect and store water for use later. The method is even recommended for collecting and storing water that can be used for car washing and watering the lawn.
  • Do a complete waterproofing: If you want to market a watertight and dry basement, you should consider doing a complete interior waterproofing project.
  • Provide a warranty: A professionally done waterproofing job will guarantee you get a buyer at the right price. Apart from the warranty, you can attach the receipt from your waterproofing service.

Buyers will have peace of mind if they have a transferrable warranty because they can contact the waterproofing company if any issue arises.

You need to remember that before finalizing any house sale, the buyer is entitled to know as much as possible about the physical condition of the house and any problem that might affect its value, utility, or desirability. This was not the case in the past, and sellers could stay silent unless asked about the house under the doctrine of caveat emptor.

The state of Colorado now mandates sellers to inform buyers about certain conditions of the property before it is sold. You can also explore the idea of selling your property to real estate companies that buy your property as is and do the renovations themselves. It will save you the cost of doing the repairs and the time taken to find a buyer.

solution-to-sell-your-house-on-your-terms

Your solution to selling a hoarder house
on your terms

WeBuyHousesinDenver.org is a cash for houses company and we are experts at buying houses in Denver and all of Colorado. Our mission is to give the people of the Mile High city the best solution to sell any house.  When you sell your house to us there are:

  • NO Fees and we cover all the normal closing costs. 
  • NO Stress because you know what is happening at all times – you are in control!
  • Sell your house fast and for easy cash. 
There are even more benefits when you sell a house to  WeBuyHousesInDenver.org including:
  • Sell your house as-is (no repairs)
  • Pay nothing out of pocket
  • Sell fast – you pick the closing date
  • Sell for cash – no bank fees or financing delays
  • 100% Free – no cost and NO STRESS!

This is how selling a house in Denver should be!

Fill out the form to get your no-obligation cash offer today. 

More Scintillating Articles About Real Estate

The latest real estate news, forecasts, insight, and advice are brought to you by the leading authorities in the Denver housing market. We have ears and boots on the ground in the Mile High reporting the facts. Extensive research goes into all our articles and we gather information from trusted real estate experts, renowned local Denver housing specialists, home buyers, and more. We buy houses Denver and as accomplished professionals with a proven track record, we now want to share our experiences with you.   Please enjoy!

best-solution-to-sell-your-house-in-Denver-