Owning property with someone else can be a fantastic way to access real estate that might otherwise be financially out of reach. Whether it’s a close friend, sibling, or business partner, co-ownership makes it possible to share costs on a home, investment property, or even multiple vacation spots, like a beach house and a cabin in the mountains. This type of arrangement also reduces the need to cover costs by renting the property out to strangers, allowing co-owners to enjoy their shared space without the hassle of short-term rentals.
However, it’s important to establish a clear exit strategy from the beginning to avoid any challenges when it’s time to sell a co-owned property. If you’re a co-owner considering a sale, read on to understand some key considerations about selling a co-owned property in Lehigh Valley. Please remember, this article is for informational purposes only and should not be taken as financial or legal advice.
Listing Your Property
If you’re thinking of listing your co-owned property in Lehigh Valley independently to avoid real estate commissions, be aware that only a small fraction of For Sale By Owner (FSBO) listings succeed—around 11 percent. Whether you choose to sell on your own or enlist a real estate agent, you’ll still need to invest in high-quality marketing to attract the best offers. This might include professional photography, staging, and any repairs that potential buyers expect on move-in-ready properties. Marketing expenses and the time required to prep the property can quickly add up, making the FSBO process demanding.
If you’d rather not go through the hassle and expense of repairs and upgrades, consider professional buyers like those at iBuyLehigh, who buy properties as-is, for cash. Working with professional buyers saves time and eliminates the need for costly preparations. Alternatively, if you prefer listing with an agent, professional buyers at iBuyLehigh never charge commissions or broker fees, allowing you to sell without worrying about those additional costs.
Understanding Ownership and Title
One of the most critical aspects to understand when selling a co-owned property is the type of ownership and title it holds, as this affects how the sale can proceed. Each ownership category, such as joint tenancy or tenants in common, carries specific conditions regarding how the sale and any related profits are handled. At iBuyLehigh, professional buyers have in-depth knowledge of these matters and can explain the legal and financial implications of your specific ownership structure.
Working with iBuyLehigh also brings the advantage of their in-house team, which includes experts in real estate law, closing procedures, and title work in the Lehigh Valley market. When you sell with iBuyLehigh, you’ll save on costs since there are no closing fees or professional service charges, which means the offer you accept is the amount you’ll receive at closing. Unlike traditional sales processes, iBuyLehigh provides a clear, pressure-free experience, and if listing with a real estate agent is the better option for you, they’ll be upfront in recommending it.
iBuyLehigh: Your Partner in Simplifying the Sale
Selling a co-owned property in Lehigh Valley doesn’t have to be complex or stressful. At iBuyLehigh, we’re committed to transparency and open communication, ensuring you know exactly how much you stand to gain from each option: listing traditionally or accepting a cash offer. With local ties and a reputation for integrity, the team at iBuyLehigh takes pride in delivering a smooth and rewarding selling experience, allowing you and your co-owner to make informed decisions with confidence.
Backed by cash, iBuyLehigh’s professional buyers can provide you with a guaranteed closing date, often within a matter of days, or can work out a more flexible timeline that aligns with your plans. At iBuyLehigh, we aim to make the process of selling a co-owned property in Lehigh Valley straightforward, efficient, and convenient, giving you and your co-owner the freedom to move forward without delay. Call iBuyLehigh at (484) 549-0019.