You are now the owner of a house that you never purchased. It is a house that resides in a town you’ve never visited or that you even knew existed.
After hearing about a distant aunt’s passing, you receive information just as shocking as the loss itself. Your aunt owned real estate in Connecticut, and she has left it to you.
After the shock wears off, your emotions turn to excitement. A second home! But then you learn another valuable piece of information.
It’s a condemned house.
So now it is up to you to navigate this new situation and figure out how to sell a condemned house in Connecticut. With the help of information found in this guide, the process will be smoother and less stressful than you think.
What is a Condemned House in Connecticut?
A condemned home is one that public authorities have determined to be a safety or health risk. It can get a condemned status by having multiple code violations, being vacant for an extended period, having utilities shut off for a lengthy time, being a victim of infestation, having evidence of black mold, or even being in foreclosure.
Many circumstances warrant condemnation in a house. Many times these are factors that are out of your control.
What Happens to a Condemned House in Connecticut?
Immediately after the status of a home or property changes to condemned, anyone occupying the residence will be required to vacate. Additionally, materials will be placed on the door and windows, informing others that the property is unfit and condemned.
When this happens, officials will also board up the home. This process allows residents to know and understand the dangers within the residence. At times, condemned houses are susceptible to squatters. Boarding up the property dissuades this activity.
If you are in this situation, a local authority may express several options to you.
Making Repairs – once you receive a list of your home’s violations, you as the homeowners can arrange for the repairs. After the local authoritative board has approved the repairs, you can reside in or sell the property.
Selling the Home – Buyers can purchase a condemned house under certain circumstances. Although there are limitations associated with the process, it is an option exercised by many.
Eminent Domain – at times, the government will seize your condemned home or give it that status for reasons out of your control. At times this is due to external developments where they need your property for expansion or buildout.
Demolishing the Home – if the repairs are too extensive and it isn’t possible to repair your condemned house, destroying the home and selling the property it resides on is an option.
Can You Sell a Condemned House in Connecticut?
Although you can sell a condemned property in Connecticut, there are variables to consider. To begin, most lenders will not offer financing for a condemned home. Due to housing violations that are often present, banks and mortgage companies cannot extend assistance to buyers.
However, a direct sale with a cash offer is an option. Many companies will quote a fair cash offer and, in turn, make the repairs as flippers, create a livable residence, and take steps to sell for market value with a real estate agent.
If you are in a position where you don’t know how to sell a condemned house fast, it is best to seek legal advice before proceeding.
Types of Condemned Houses You Can Sell
Figuring out how to sell a condemned house can be challenging. Many cannot be sold as a structure unless it is to a cash buyer. The reason for this is due to the internal issues and housing violations that make the home unlivable.
However, you can enter into selling your house with damage with the understanding that the home itself isn’t able to be utilized as a residence. These situations will significantly reduce the sale price due to the buyer’s expense of demolishing the house.
Condemned House Selling Options in Connecticut
There are three separate scenarios where you can sell your condemned home.
- Repairs Made – If you complete all the necessary maintenance and obtain approval from the local authoritative board, you can sell your home with traditional lending.
- Cash Buyer/Property Investor – At times, an individual or company will purchase fixer-upper homes, including condemned properties, like flippers. Lenders will often not provide financing in these situations, but companies will offer a fair cash offer to purchase.
- Property Only – If the repairs are too extreme, you can choose to demolish your home and sell the property by itself. This option allows you to use real estate agents and traditional lending. There are also advantages of selling your house yourself.
Condemned House Selling Options in Connecticut
Many companies buy condemned homes with cash offers. Some of those available in Connecticut include:
- We Buy Ugly Houses
- Paradigm Homes
- Cash Home Buyers Bristol
- CT House Buy
- CT Cash Homes
- We Buy Homes Connecticut
- EZ Home Buyers
- Sell Now Home Buyers
- Sell My House Fast Manchester
There are also individuals that purchase homes as-is for flipping. You can often find information for them in classifieds or online platforms.
Selling to a Cash Home Buyer
If you approach a company that buys homes for cash, or if they come to you, there is a process to follow. This process also includes individuals who purchase houses for cash to flip or renovate for their personal use.
To begin, they will analyze the property. At times this will be online but can also be in person. The company or individual buyer will then prepare a cash offer for you to review. It is necessary to keep in mind that this offer will not be of market value due to the repairs and condemnation status. However, most buyers will offer what is considered a fair cash offer.
Once you accept the offer, you will go through an abbreviated closing process to transfer ownership to the buyer and receive payment for the property.
Selling to a Property Investor
Selling to a property investor is very similar to a cash home buyer in that the turnaround time is fast, and they often purchase in cash.
However, a cash home buyer may not always be purchasing for investment reasons. They may flip the home for a slight return on investment, but they may also purchase to renovate for their use.
A property investor purchases a condemned home for the sole purchase of investing. This investment could show up differently, from a home flipping situation to demolition with a future sale to a business or development.
In each situation, the process is the same. The investor will make an offer, and if it is accepted, you will close in a brief time.
Conclusion
If you happen to inherit a condemned property, or you find yourself in a situation where your house has many code violations, there are options to turn to for help.
It can be easy to find yourself overwhelmed, given the circumstances. However, many condemned property homeowners have successfully sold, demolished, or repaired their real estate. By doing so, they can move past the painful moment in their life and focus on the future.
Whatever option you choose, know that many companies and individuals can help guide you through it.
Hopefully, you now know how to sell a condemned house in Connecticut. Just as quickly as it happened, you will find yourself on the other side, looking forward to brighter days.