Are you considering selling your house for sale by owner in Tucson? If you’ve never sold a home “For Sale By Owner” then the process can be somewhat daunting! In today’s post, I will share with you the answers to the four most common questions commonly associated with selling a house for sale by owner in Tucson! Let’s talk about them!
Are There Closing Costs When You Sell A Home By Owner?
One of the very first questions that people ask is with regards to the closing costs associated with closing their home. When selling your home here in Tucson Arizona, I typically recommend that people figure approximately 1.5%-2% of the sales price as your typical closing costs. If you are using a Realtor in some fashion, you can typically add another 3%-6% commission in addition of your regular closing costs. Keep in mind that commissions are 100% negotiable, and often are.
Many times, a Buyer may request for the Seller to pay some of their closing costs.. and this isn’t unusual. There are many ways to negotiate this and it doesn’t necessarily have to be a “deal breaker.” Avoid a common mistake homeowners make. Do not assume that because a Buyer is asking for closing costs that they are a weak buyer. Many buyers today have enough money to save up for the downpayment, but may not necessarily have enough saved up for closing costs. As prices have increased over the years, the amounts of closing costs have gone up as well. Thus, it isn’t the same as when you bought your property! Simply negotiate with your potential Buyer about potential closing costs, and if necessary inflate the price to cover the amount. This is a potential solution, and there are many other ways to handle this issue.
How Do I Sell My House For Sale By Owner?
When you are deciding to sell your house by owner in Tucson, be sure that you are clear on the pros and cons of using a Realtor . Even if you are planning on selling your home yourself, it is going to attract the attention of Realtors throughout Tucson. You may want to consider some form of commission to agents who bring a buyer. Additionally, you may want to consider hiring an agent on a limited service basis. This type of service will allow you to represent yourself, while having all the benefits of having your home on the Multiple Listing Service. Typically, you will be able to have your home on the MLS, the use of a lockbox, contracts, and more for a single flat fee.
Secondarily, you will want to establish a fair price. Pricing your home is more than starting with Zillow and working your way backwards. That is a great recipe for leaving money on the table! You will definitely want to get an updated Market Analysis from the Tucson MLS so that you will know what is going on in your immediate neighborhood.
Next, be sure to prepare your property for showings. Remove clutter, personal items, and anything that would detract from the sale. If you are trying to make the most money possible, then approach this professionally! Don’t assume that Buyers will just see past your clutter! When you are selling your home for the most you can in Tucson, it is a “Price war, in a beauty contest!”
Obviously, act professional. Don’t react angrily to every person who calls. It might be a Realtor wanting to list your home.. or it might be a potential buyer! Don’t automatically assume that just because they are a Realtor, that they also can’t be a Buyer! People like me who are Realtors as well as Investors frequently call For Sale By Owners directly looking to buy property!
Finally, when selling your house for sale by owner in Tucson, ensure that your Buyer is a qualified Buyer. There is nothing worse than having your Buyer fail on you the moment you need them to close!
Can I Sell My House Without A Realtor?
The next question that comes up is “Can I sell my house without a Realtor?” Oftentimes, this question comes up because people are uncertain about two things. First, the amount of time needed to sell their house, or two to obtain a specific amount of money for their home. Since statistically speaking, agents are able to sell your home faster and for more money than you can, it becomes a question about convenience. Do you need a Realtor to sell your home? The answer is no. However, do you want what a Realtor can bring to your sale? Convenience, advocacy, or representation?
What Paperwork Do I Need To Sell My Own Home?
The final question that I most often hear when it comes to selling your house for sale by owner here in Tucson is “What paperwork is involved with selling my house by owner?” To put it quite simply, you need only a few things.
First, you need some form of contract. While there is no law that states how the contract is to be written, in order for it to be enforceable, it must be written. For this reason, I recommend that you use an Arizona Residential Real Estate contract. It is written by attorneys, and provides the necessary protections you need as a Seller.
Additionally, you will want to include any disclosure forms that are required by law. If your home was built prior to 1978, you must disclose any known presence of Lead Based paint in your home on a Federal form. This form must be signed by both the buyer, as well as the Seller, in addition to any agents that might have participated in the transaction.
It would be a good idea to include some form of written disclosure form from the Seller to the Buyer about any known defects. While the Buyer has the obligation to look for defects during their inspection period, it doesn’t relieve the Seller of any obligation to disclose known material defects.
Be sure to include all contact information for all parties before delivering the executed contract, and all earnest money from the Buyer to your local escrow company as they will be reaching out to all parties to prepare the closing documents.
The Hardest Part Is Closing
Keep in mind that the hard part of real estate isn’t getting a property under contract. The hardest part of real estate is getting it closed. Many times, the Seller and the Buyer have disagreements over repairs, appraisals, closing costs, or any number of other issues. Even on the Tucson Multiple Listing Service less than half of the properties sell within the first 30 days.
If you are wanting to avoid the hassle of having your home listed, and you would just rather have a fast, fair offer on your unwanted home; then contact me today!
As an Investing Realtor, I know just what to do to help ensure you get a smooth closing, on time, every time! Call me today at (520) 403-6227 or fill out the form below!