Selling your house is a stressful process regardless of where you are. However, if you live in another state, you may have to contend with additional barriers, a stricter timeline, and added financial stresses. Keep reading for tips on how to make the process easier. Here are Tips for Selling Your House When in Another State:
Your Onsite Team is More Important Than Ever
If you opt to sell your house through traditional methods, make sure to leverage a team whom you can fully trust. After all, they will act as your eyes-and-ears, as well as have unsupervised access to the property. Key points of contact should include:
Your realtor will play an important role, representing you in proxy for much of the selling process. When interviewing candidates, ask about their experience working with out-of-state clients. Take note of their response rate; when you’re mid-process, you’ll want someone who will get back to you in a matter of hours and not days.
It’s advisable to have a strong relationship with a handyman who can tackle problems as they arise. Examples of ways they can help include properly winterizing the house, retouching paint, and minor repairs. What’s more, the buyer may include home repairs as part of the negotiation. If your handymen cannot complete this task themselves, they may have a network of trusted colleagues whom you can call upon to complete the task.
If you’re looking to pinch pennies, it may be tempting to forego the added expense of hiring someone to arrange furniture and artwork in your home. However, 71 percent of sellers’ agents believe a well-staged environment increases the dollar value buyers are willing to offer. This is because it makes it easier for potential buyers to imagine occupying the space. If done right, it can make the overall interior appear bigger and provide an overall strong first impression.
When possible, tap into your existing network for recommendations. However, if this is not an option, check out various professionals’ online reviews. Don’t be afraid to ask for references.
Have a Clear Timeline While Also Having a Contingency Plan
If you have a strong need to close by a certain date, make sure your realtor knows in order to advise you accordingly. Unfortunately, (s)he may suggest that you reduce your price to further motivate buyers in order to meet your deadline. That being said, even the most talented realtor cannot offer you a guarantee that you’ll close by a particular date. As a result, you may have to put the downpayment on a new house before the closing of the previous. In this case, consider one of the following to lessen the financial burden:
- Bridge loan – Investopedia defines this as “short-term financing used until a person or company secures permanent financing or removes an existing obligation.” By using your former home as collateral, you can acquire a bridge loan to assist with the new house’s downpayment. However, bridge loans do have high down payment rates.
- Mortgage recast – If you can meet the minimum mortgage payment, this enables you to contribute a large sum after closing that would lower your overall monthly payment.
Work with a Closing Attorney or Title Company Who Can Accommodate You Not Being Physically Present
Some companies may allow you to sign the paperwork in the presence of a notary near you rather. They may also offer an online document service or for you to use a special power of attorney so someone else can sign in your place. Make sure you’re clear on the process when choosing your closing attorney or company.
Take Steps to Deter Potential Break-Ins
The For Sale sign out front can attract vandals, particularly if you still have belongings readily visible through the windows. Signify that you aren’t an easy target by making your security system well-known through yard signs and window stickers. As an extra step, consider putting your lights on a timer to turn on during evening hours, making the house appear occupied. Another way to give this impression is to ask a neighbor to occasionally park in your driveway.
Consider Selling to an iBuyer if You Value Efficiency Over Profit
An iBuyer is a person or company who provides a quick cash offer “as is” with the intention of selling it at a later date for a higher price. As noted in this article, this solution spares you from choosing a realtor, setting up the staging, buyer negotiations, and waiting to be paid. However, because an iBuyer wants to make a profit, expect their cash offer to be lower than if you sold directly to the next owner.
Finding Help with Moving Professionals
We hope you found this blog on Tips for Selling Your House When in Another State useful. Make sure to read Placing your Commercial Property for Sale for more useful advice.
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