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Selling With Renters Inside

Selling With Renters Inside

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

Curious what your rental property is worth?  Give us a call anytime, 24/7 or fill out the short form on our website’s main page here.

Leave Behinds

Leave Behinds

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. 
Get a free, no hassle quote on your house fast! Give us a call anytime, 24/7 or fill out the short form on our website’s main page here.

Additional Inspection Services

Additional Inspection Services

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.
Thinking of what your house might be worth as-is? Give us a call anytime, 24/7 or fill out the short form on our website’s main page here.

Homes Like Yours

Homes Like Yours

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. 
We make offers based on comps. Looking for an offer on your house?  Give us a call or fill out our website’s main page here.

Moving On & Support

Moving On & Support

One of the most frequent requests we get from home sellers is for advice on moving. From recommendations for moving companies to thoughts on whether a garage sale could help clean out the clutter, people seem to need guidance in this area and it’s often uncomfortable to respond without knowing the answer to one big question. How much support do they have from family and friends?
Whether they’re selling their house on the MLS with the obligation to turn it over “broom clean” at closing, or selling as-is to an investor that’s prepared to throw anything they leave behind in a dumpster, the question about the support they have is critical to understanding what advice may be most useful. For those with great support, simply providing the name of a few moving companies and tips on packing boxes will probably suffice. For those without much support, much tougher words of wisdom will likely be needed. It can be a daunting process moving on from a long term home, and seemingly without much hope of ever getting through it.
Moving on from a current home is a great opportunity for many people to leave behind years of accumulated junk or just things they don’t need anymore. Bringing in a dumpster, or in areas where it’s available the big green bag known in many markets as a Bagster, is likely the best way for anyone to start who has a full house. A dumpster will give them a place to start pitching out what they don’t want and it’ll be clear as they start to throw things away what’s left that could possibly be donated. From this starting point we’ve seen many people who don’t have great support see a more clear path to how their move should go, and some light at the end of the tunnel.
Thinking of what your house might be worth as-is? GIve us a call anytime, 24/7 or fill out the short form on our website’s main page here.

Parts of the “Best Offer”: Clean Break vs. Broom Clean

Parts of the “Best Offer”: Clean Break vs. Broom Clean

If you’re listing your house on the market, you will likely be getting offers from buyers with an implied or explicit agreement that you will give them possession of the property “broom clean”. Roughly speaking that means that you’ve removed all personal property, trash, and debris and you’ve vacuumed or swept the inside living spaces including the garage. 
 
Selling as-is to an investor, you may be able to negotiate an agreement that allows for you to do the opposite, and make a “clean break” from the property, taking only what you want and leaving behind anything else for the buyer to sell, donate or dispose of. If you’re interested in a fresh start at your new home a clean break agreement gives you the best opportunity for that. 
Thinking of what your house might be worth as-is? GIve us a call anytime, 24/7 or fill out the short form on our website’s main page here.

Parts of the “Best Offer”: Closing & Possession Date

Parts of the “Best Offer”: Closing & Possession Date

Two critical parts of any purchase agreement you negotiate are closing and possession dates. For the most part, if you’ve listed your house the buyer will expect to receive possession at closing. When that closing occurs will be based on a date that both parties agree to upfront. A seller may need to pack up and move or even find a house to move to. A buyer may need to get their loan application completely processed by their lender who will fund the purchase. Both sides may need to take into account vacations or move in/out dates for apartments or other rental properties. 
 
An investor purchasing the house may agree to take possession of the house a week or two after closing with a security deposit held by the title company, possibly longer if some kind of rent-back situation needs to be arranged. In this scenario a seller gets the benefit of having most of the money from the sale to help with moving and relocation expenses, they also get to put the closing behind them which can be a stressful event to look forward to on the calendar. 

Get a hassle-free, no-obligation, quote on your property within 24 hours. Give us a call or fill out the short form on our website’s main page here.

Parts of the “Best Offer”: Seller Net

Parts of the “Best Offer”: Seller Net

As a seller you’ll likely receive an offer that is a gross price to purchase your home. That is the price the buyer is offering to pay from which debits will be deducted by the title company in order to calculate your net proceeds amount, which is the money you as the seller will receive at closing. The debits will include everything owed on the house including mortgages, lines of credit, back taxes and liens as well as title company fees, state and country taxes, any commissions owed to real estate agents and any contributions you have be asked to make to the buyer’s closing costs. If you’re working with an agent either listing or facilitating your sale, ask them to prepare an estimated seller net sheet so that you can get an idea of what you proceeds will be at closing and so that you can compare selling scenarios or multiple offers “apples to apples”.
If you own a home that’s paid off and are pursuing an as-is sale to an investor, you may consider asking for a net offer. Roughly speaking that means a price that the buyer will ensure you walk away from at the closing table. Your settlement statement may still show debits for items like state and county taxes, however the buyer can give you a credit via the settlement statement for those items so that the agreed price is what you walk away with. Keep in mind that an investor may be unwilling to make a net offer on the spot, because they’ll need to research how much additional money they’ll be spending for the house based on covering your expenses and fees. Net offers while rarely given and agreed can give you an easy view as to the money you’ll get at closing and the simplest way to compare multiple offers.
Thinking of what your house might be worth as-is? GIve us a call anytime, 24/7 or fill out the short form on our website’s main page here.

Too Hot To Handle

Too Hot To Handle

Sellers, buyers, and agents may have remarkably different experiences throughout the buying and selling process depending on where they are. In some “hot” markets in particular the west coast, making an offer contingent on inspection may mean your offer won’t even be considered. Elsewhere in those hot markets, you may be able to have an inspection and inspection contingency, but you can’t expect the sellers to be too keen on making repairs or concessions if you approach them about it after you’ve reviewed the inspection report. In particular, if homes in the area are selling in less than a week they will often prefer to put the house back on the market.
 
In this information age where the experiences we go through are often shared, keep in mind that real estate is local. Current expectations and practices will often vary from city to city.
Curoius about the current market in your area? We buy houses in any condition, so you don’t need to make repairs in order to sell. Give us a call or fill out the form on our website’s main page to get a fair cash offer on your property!

Low-ball Offer

Low-ball Offer

“Low-ball offer” can be a divisive term and it’s a common one too. How a “low-ball offer” is considered depends greatly on whether you’re on the selling or buying side, an agent or an owner. While some offers may be made purposefully low with the hope by the buyer’s side of getting a great deal, it’s much more common for the offer amount to simply reflect the value that the property has for a particular buyer. The intended use of the property ranging from a prospective owner & occupant to an investor is going to result in different views of the value. Try not to be offended by “low-ball offers” if on the selling side and don’t be afraid to make them either if you’re on the buying side. While the money and impact of real estate on people’s lives can be great, at the offer stage it’s just business and a considered counter to a low offer is a reasonable expectation for all sides to have.
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