If you’re selling a house with renters inside they will need to be a primary consideration in how you sell the property, and you will need to have a plan for what information you’re communicating with them. Renters have rights to continue to live at the property past the point of any sale based on their leases, and during the time you may be showing the property there are rules for landlords that you must follow for notifying the tenants in advance of any showings. Communicating your intention to sell right away may seem like the best course of action, but until you have a reasonable assurance that you can sell the property at the price and in the manner desired it may be wise to wait until you’ve talked to some investors looking to buy or a real estate agent if you’re considering listing the house. That can help avoid the risk of scaring renters into thinking they have to make their own decision to move which can leave you with a vacant property.
Landlord & Tenants: Rights & Responsibilities: https://www.ag.state.mn.us/Consumer/Handbooks/LT/default.asp
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Don’t assume anything about what type of home improvement materials may be left behind at a house. If you’re selling a house to an investor you can likely strike a deal to leave behind whatever you don’t want. But if you’re listing the house, buyers may not want old cans of paint, varnish, trim and siding that you have stored thinking they would come in handy some day for you or a new owner. It’s important to ask whether they want to inherit hose things with possession of the house. Some will appreciate your asking and the materials themselves, but if they don’t it will be your responsibility to dispose of them however that it done in your community.
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Sellers should be prepared for the likelihood of buyers hiring a home inspector to inspect the property if it is a market listing. These days there are additional inspection services buyers may choose from to have performed including radon testing, sewer line scoping (camera inspection) and an examination of any fireplaces and chimneys. These may all take place on the same day or over the course of several days, with a radon test requiring that equipment be dropped off and left running in the home for a minimum of 48 hours. These additional services performed may result in more specific repair/remedy requests that buyers request of sellers or a specific dollar adjustment in price or concessions in order for the agreement to move forward to closing.
Many people understand that the value of their home is primarily tied to the house’s location and size. But in determining the market value there are nuances and details that need to be considered. Market value, whether suggested by a realtor, appraiser or an investor attempting to buy your home, should primarily be determined through the identification of recent closed sales of properties similar to yours. These are called “comps”, short for comparable properties to yours.
Reliable comps should come from sales as close to your home as possible, usually within 1/4 – 1/3 miles in urban areas and within 1/2 – 3/4 mile in suburban areas. The presence of major roads or freeways should be considered if a comp is within that radius but on the opposite side of such a dividing line. Unless you have an architecturally unique house, reliable comps should be of the same construction style, in other words ramblers compared to other ramblers, 2-story houses compared to other 2-story houses, etc.
Even further drilling down to an accurate market value analysis based on comps will be adjustments based on square footage, bed and bath count and features. For example, finished square footage above ground may be worth $30/square foot, a bathroom $8,000, a recently remodeled kitchen $10,000 or more.
Keep all these items in mind when starting to figure out the market value for your home. What your hear from neighbors and friends about what houses “go for” in your neighborhood may be a rough ballpark but will need to be considered carefully against an accurate set of comps for properties that are truly similar to yours.
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