Can You Sell A Condemned House In Connecticut

Published on June 14th, 2023

Yes, selling a condemned home or condemned building is possible!

You can either sell the property as-is and then hand over the keys to the new buyer or try to fix the house to do as they please with it as the new property owner. If you choose to make repairs before a sale, make sure that you don't spend too much money. It would be better if you only spent enough money on fixing up your house to meet minimum code requirements for health and safety before selling it for top dollar.

If you own property that a local government has condemned, but not taken eminent domain over there are several ways you can go about selling a condemned house.

Selling Your Condemned Property to Real Estate Investors Specializing in Condemned Houses In Connecticut

Many investors pay cash for condemned properties so that they and you don't have to worry about lenders, making the overall sale and closing process that much faster.

The ability of an investor to pay cash is just as vital as their knowledge of local building rules and the condemnation process. Many investor's experience with code violations and other properties that have been officially condemned will help them with your home.

An investor will purchase a condemned property with the hopes of restoring the home as cash buyers and then using the property as a rental or holding on to it for a set number of years in their real estate portfolio and then sell it for a profit.

The condemned status of the home will effect the fair offer price - be prepared for that. Overall the selling process with a real estate investor is very similar to a normal real estate transaction except you won't have a mortgage lender or real estate agents involved. The real estate investor will pay for an attorney and closing costs where necessary.

Selling Your Home As Is with the Help of a Real Estate Agent In Connecticut

Selling a home that is considered condemned is the assistance of a real estate agent is still possible. However, it may not be easy to find a buyer who will buy the house without knowing the property's condition or if it has been deemed unfit for habitation by a local government agency.

If you want to sell your home, you should contact a real estate agent that is experienced in working with such properties and let them know about the situation. They will tell you if any buyers are interested in buying such homes or not and what the potential current market value might be if you sell the property as is.

Another issue for traditional buyers is that condemned houses have serious structural issues that make them unfit for living conditions and unsafe for people inside them.

The state usually takes these properties into its possession because they pose a serious risk to public safety and welfare and will place a condemned sign on the property once they have been deemed unsafe for habitation.

For this reason, owners are prohibited from reselling their condemned houses until repairs have been made and all necessary permits have been obtained from local authorities or if your state allows you to sell your home as is with added disclosures. If the home was condemned because of code and safety violations, you might need to invest in the property to bring it up to date.

Traditional buyers are also at the mercy of their lenders and mortgage providers; if a lenders concerns outweigh the buyer's desire to purchase a home, then a buyer might not be able to purchase the home unless they become a cash home buyer.

Local Home-Buying Companies Will Purchase a Condemned Property In Connecticut

If your home is under a condemned status, a good option might be to sell your property to a local home-buying company. These companies will buy your condemned house, empty house, or otherwise damaged house fast.

The companies also specialize in working with properties that are in distress as house flippers and know what they are getting into.

A Significant Investment - Do People Buy Condemned Houses In Connecticut?

In most cases, yes, you can buy condemned properties. Some buyers will purchase a condemned house if they like the location and the price is right. Selling a condemned house still means there might be interest from buyers - specifically cash buyers. These buyers understand that they're getting a fixer-upper and will be responsible for making necessary repairs to bring the home up to code (or at least habitable).

The biggest challenge is finding a buyer who has the capital needed to make renovations without being able to rent out or sell their current home first, including enough for a down payment if they are financing the sale of the condemned building or condemned home without a private lender.

First and foremost, you should check with your city or county planning department to determine how long you have until your home is demolished. If there is no imminent threat of demolition, then you may be able to sell your home as-is to an investor interested in buying foreclosed homes or short sales.

Most property owners will put condemned homes on the market at a drastically reduced price compared with what they paid for them due to the house condemnation due to significant structural damage, black mold, building codes, and other safety reasons.

Final Thought

You can sell a condemned house, provided that it is still inhabitable and you get the proper permits. In some cases, you may even be able to remove the condemnation, retrofit the problem areas, and obtain permits to resell it later. However, sometimes this isn't possible. A good realtor should inform you of your options before putting your house on the market.