Do You Have To Disclose Condemnation When Selling A House In Connecticut
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If you find yourself in the unfortunate situation of needing to sell a condemned house or a house as is, do you have to disclose everything?
Let's break down the rules for a property owner in disclosing condemnation status in your listing to potential buyers and real estate investors, so you can make sure it goes smoothly and try to get the best market value you can.
What is a Condemned Home In Connecticut?
Condemnation is a legal action that declares a property uninhabitable. Condemnation is usually initiated by a local health department and may be initiated as part of an ordinance or statute, depending on the state in which you live.
Typically, condemnations occur on private property when there are serious health risks at properties due to fire, water damage, or code and safety violations by a government entity.
How Does a Condemned House Effect Property Owners In Connecticut?
The results of owning a condemned house can range from the repair or removal of hazardous materials on your property to the complete demolition of condemned buildings.
A Real Estate Agent Will Advise You to Disclose a Condemned Property Status In Connecticut
The law regarding disclosure of condemned property is a little murky and can affect property value. In general, sellers have to disclose material defects on the home that they know about. These material defects and code violations can create a serious risk for all involved with the property.
If a seller has no knowledge of any problems with the property, then he or she doesn't have to disclose it. If you want to sell a condemned house, your best bet is, to be honest about the condemned status.
A Real Estate Agent Can Help You Get a Fair Cash Offer In Connecticut
Real estate agents will help you sell your home as is and help you find a buyer willing to pay cash. Cash home buyers are the number one buyers of condemned houses because these types of homes usually won't pass inspection due to structural damage, safety concerns, damage made by natural disasters, black mold, and building codes.
Purchasing Condemned Houses In Connecticut
House flippers, a real estate investor, or straight cash buyer will be the likely purchaser of your home. Unlike most buyers, they won't have to use a mortgage lender and avoid any concerns that a bank would have about a significant investment going wrong.
An Investor Will Make the Buying Process Move Quickly In Connecticut
Based on the investor's experience, you can sell a condemned house fast. Condemned houses and condemned buildings are often sought out by investors, and these investors pay cash.
Once an investor purchases a condemned house, they will pay any back owed property taxes to the government agency, make necessary repairs, obtain proper permits, buy new appliances, fix the air conditioning if needed, and get the home ready for habitation again.
Purchasing a condemned house as is isn't for everyone. Many investors will shy away from making this kind of commitment, and most buyers will have to deal with lenders' concerns and the insurance company about the property.
Once you find the right buyer for a condemned building willing to make the needed repairs to the property, things should move quickly.
When selling condemned homes, be honest, and things will turn out okay.