If you want to sell a house that is not in your name, there are a few steps you will need to take in order to have a stress free sale.
Determine Your Legal Authority to Sell Your House
In order to sell a property, you must have the legal authority to do so. If the property is not in your name, you will need to determine if you have the legal right to sell it. This could be the case if you are the executor of an estate, the power of attorney for the owner, or if you have a valid contract or agreement with the owner giving you the right to sell the property. Some factors that require consideration are: any remaining mortgage balance, whether title insurance exists, and any tax implications.
Get the Necessary Documentation
If you have the legal authority to sell the property, you will need to gather all of the necessary documentation, such as the title deed, mortgage documents, any of your own personal finance materials, and any other relevant documents. You should also begin some light prep work, such as taking high quality photos with natural light, taking a peek at recently sold properties, receiving an appraisal from a home inspector, and hiring a great real estate agent.
Find Potential Buyers
Once you have the necessary documentation and legal authority to sell the property, you can start looking for a buyer. You can use a real estate agent, advertise the property online or the multiple listing service or in local publications, or try to find a buyer through your own network of contacts. Make sure you have performed a comparative market analysis within your local market to set a reasonable asking price.
Negotiate the Sale
Once you have found a buyer, you will need to negotiate the terms of the sale with the buyer’s agent, including the price and any contingencies, such as the need for a home inspection or financing. The real estate agents representing both parties should take the lead guiding you through this portion of the selling process.
Close the Sale
After the negotiations are complete and the buyer has agreed to meet the home’s sale price, you will need to complete the sale by transferring the ownership of the property to the buyer and paying any fees or closing costs. (Be warned, these expenses can range from a few hundred dollars to a few thousand dollars).
Conclusion
It is important to note that selling a property that is not in your name can be a complex process, and it may be helpful for home sellers to seek the assistance of a real estate attorney or other professional to ensure that everything is done properly for your home sale. If you follow our tips, you should be able to navigate the real estate market without issue selling a property not in your own name.
