As a house seller, there isn’t a bigger relief than to finally close on selling your house. You managed to find the right buyer and got the deal you wanted, so there are just a few steps to go through and you will be ready to move on. After all you’ve been through to sell this house, you probably see the closing as the easiest part. Well, it can be, if everything runs smoothly, but it’s usually easier said than done. It’s best to prepare for worst case scenarios or at least know what things could go wrong so you can be prepared to handle them. Don’t know what to watch out for when you are closing on your house sale in Maryland? Then the following details may prove to be more than useful:
Take care of all the repairs you have to do
If the buyer agreement states that you are going to take care of making the repairs necessary to pass on the house in good condition, then you should do them now. It is true that no one feels motivated to work on a house that is almost sold, but leaving the repairs to the last minute is not a good option at all. Make sure you allow sufficient time to make all the needed repairs or there may be problems during the buyer’s final walkthrough. Save all the invoices released by the contractors you hired and receipts for the items you purchased so you will have proof of everything you did in case the buyer contests the repairs before you actually close the deal.
Get ready for the final walkthrough
Just before the closing, in most cases 24 hours prior to the closing, the buyer accompanied by his agent will walk through each room of the house. You should not be present at the final walkthrough, which doesn’t last for more than half an hour in most cases. Make sure that everything is in order. They will look to see whether you repaired what you promised to repair and if the house has any major issues that they don’t know about. If they find something wrong, you will be notified right away, getting the chance to repair the problem or settle for a trade.
Check out the closing documents
If everything goes according to plan, all you’re left to do is to read and sign papers to close your house sale in Maryland. Although it may not be that exciting to read all the papers, do know that some are more important than others. For instance, you need to read the settlement statement, because it contains the amount of money you agreed upon with the buyer and the tax implications of earning such a sum through selling your house. You’ll have to check the numbers to see whether they correspond with your verbal agreement, so you can point out any issues to your attorney or real estate agent in a timely manner.
There are cases in which the buyer would like to renegotiate right before closing. No one wishes to get to this point, but you might just listen to what the buyer has to say since you gotten this far. Maybe you can settle if you agree to offer the dishwasher and dryer. If the buyer wishes to get a smaller price, then maybe there’s no other option but to delay the closing until you manage to reach another settlement or find a solution to the problem. It’s easier to negotiate than file an expensive, time consuming lawsuit.
If you are looking to save money on estate agent fees and want to avoid the time consuming paper work and back and forth that comes with it, then you might wish to consider a quick home buying company to sell your house fast for cash. However, with the rise in demand for real estate investors that buy in cash the industry has become a little crowded with some less than desirable companies. It is getting harder to find the best, most trustworthy companies. Here are some of the things you should ask before committing to a company.
Is the Company Based in Your Area?
There is a massive network of “we buy houses” companies that attempt to sell your house fast for cash from across the country. These companies are less likely to provide a good customer experience as they will attempt to do business via the phone. Also, companies that buy houses for cash in your area are much more likely to know your neighborhood and thus give you a fair price. Make sure to determine if the company you are considering is based in your area.
How Long Has the Company Been in Business?
Companies that have been in business for 3+ years are much more likely to give you a fair price on your house and a good customer experience. Be wary of “we buy houses” companies that are brand new.
Is the Company Actually a Company?
Many people claim they are a “we buy houses” company to try to sell your house fast for cash. In reality, they are just a single person and not reputable. Make sure the company you choose is a reputable business and not just a single individual.
Will the Company Commit to a Time Frame?
Reputable “we buy houses” companies will commit to a timeframe in which they can sell your house. Before signing any contract to sell your house fast for cash, check to make sure there is a guaranteed “close by” date.
At 8 Day Home Sale, we buy houses for cash in 8 days or less. We’ve been in business for years and are rooted in the DMV area. Head over to the contact page if you’d like a no obligation quote on your house.
You might be thinking I want to “sell my house fast” and buy a new one. If this is true, knowledge of any easements on the property is critical. An easement is a sharing of land. It gives the right to a particular person or group to utilize the land. When trying to sell your house fast, an easement can be problematic as it may affect resale value.
An easement dictates legal usage of the property by an outsider. That person or group cannot be stopped from using the space in specific legally designated ways. Easements occur in the following forms:
The Right of Passage – This easement entitles a person to cross through a property that is not owned by them. For example, if a person owns a house near the beach and the only possible way to the beach is on the property, the owner has to allow the people to access the beach via its property. The second example can be a neighbor that may not have access to any other road, which leads to the main road rather than the property of the owner.
The Right to Utility Maintenance– This easement entitles utility organizations to use property for laying power cables and/or reaching out to neighboring places for maintenance work.
The Right to Historic Lands – This easement involves individuals whose property is located in the same district as a historic property. The owner needs to abide by the rules of the historic property. The rules can be related to the coloring of the property or can also be related to structural changes that cannot be made to the property. Read about historical easements in Maryland.
Recreational Easement – The easement pertains to the usage of land which has not been developed. The government can allow public use of such land for recreational activities such as fishing, hiking, biking, etc.
Easements are listed on the property deed. For property you own, you should check the deed for easements before listing the property before you “sell my house fast”. When buying a house, always ask your realtor about easements. At 8 Day Home Sale, we buy houses for cash and have been doing so for years. As such, we always work with home owners to find and understand existing easements on their property.
The time has come. You have made all of the necessary upgrades, from the new granite countertop to the more visually appealing shower tile in the bathroom. You’ve planted some new flowers to maximize curb appeal, and that clutter that you once had in several rooms is now neatly stored away for another time and place. Now, it’s time to put your home up for sale on the market. Save your hard earned cash by not giving an up to 7 percent commission to real estate agents and their firms, giving you more funds to spend on your new house. Sell your home without a realtor! Here are some tips you can use when you put your home up on the market without having to go through a real-estate agency:
Set your sell price.
Do your research. See what other homes with your size, age and other specifications are going for in your area. Scour the Internet and local listing magazines to establish your price. It’s vital to be realistic during this step. If you ask for too much or too little, you could end up selling your home for less than its worth or waiting a long period of time for your home to sell. This is when you will also decide how you want to accept payments, whether it is direct cash, land agreement, loan, etc. You will also want to think about laws in your area and what you will do during the later negotiation phase of the process.
List your home on the MLS.
The Multiple Listing Service, or MLS, is an extensive guide to all real estate for sale in the United States. If you go through a real estate agency, a realtor will usually do this step for you; however, as an individual seller, you can pay a flat fee of $400 to list your home.
Get the word out about your house.
If no one knows your home is for sale, your research and listing will be in vain. Put up “For Sale” signs in the front yard, leave brochures in key locations within your area, place online ads on Craigslist and in your newspaper and more. Creating a website with your home’s description, photos and other information is also a good advertising tactic when selling your own home. Take some time to really think about what makes your home unique, and highlight those features on your website and other collateral materials.
Host an open house.
This can really work in your favor if it’s done correctly. Before hosting the open house, make sure your home is deeply cleaned, from the floors to ceiling. Scrub the kitchen counters and appliances, clean the bathroom grout, shampoo the carpets… anything you can think of. Make your home comfortable without adding too much of your personal touches. Keep your personal effects tucked away when hosting the open house. The open house is a perfect opportunity to advertise your home and its key features.
We’ll be writing more articles in the future about selling your home without a realtor. Remember, 8 Day Home Sale will buy your home directly without a realtor in 8 days or less.
Your home is more than the place you raised your family, it is also one of the largest investments you own. When it is time to sell you deserve the best return possible, but is a real estate agent worth those huge commissions? For the right one – yes!
So does that mean you need to pay 7% commissions to an agent? Not if you pick carefully. Commissions are negotiable, but sometimes lower fees can mean less service as well. Are they willing to accept a flat fee versus a commission? Will they reduce their rate if you conduct your own open houses?
Treat hiring a real estate agent like any other job interview. No matter what market you live in, there are lots of agents competing for your business. Interview at least three or four as you would for any contractor. Before you meet with them, review the quality of their current listings and call some owners from their recent sales. Review the time on market for their listings, and the percentage of selling price compared to the listing price.
All agents will offer some of the basic services, but what more will they do for you? Have them describe their marketing plan. How will they provide maximum exposure for your property? They need to be more creative than simply listing on MLS. Will they assist in staging your home? Do they use professional photographers? How many websites, and other advertising mediums will they use? How many open houses will they conduct? Will your home be a priority over their other listings?
The first item on a real estate agent’s agenda is the appraisal. It is often tempting to sign on with the agent who promises you the highest listing price, but is their valuation realistic in your market? Have them show you comparable listings and recent sales in your marketplace. How knowledgeable are they about those listings? Can they accurately compare the features of those homes versus yours?
The worst thing an agent can do for you is to overprice your house. In these instances, the house doesn’t sell, so you lower the price. Now it has been on the market longer than desired and people will think either there is something wrong with your house, or you will be open to a lowball offer. In this way overpricing may ultimately lead to a lower sale price!
Time spent in carefully selecting your agent will always be a good investment.