Selling from afar
Many homes are sold by owners who are out of state. This may be an inherited property, a vacation property that is no longer being enjoyed regularly, or because a career move requires immediate relocation. In each of these instances, the seller is not living in the property when the home goes on the market. While not an entirely unique situation, not everyone understands what to do to make this process easier.
Here are some tips to help you with an unfamiliar process.
Hire the right professional. This cannot be emphasized enough. When selling at a distance, one important qualification is that your Realtor has either property management experience or works closely with a residential property management company. Your Realtor should also have previous experience working with out of state sellers. This person should be highly organized and detail oriented.
Make sure you and your Real Estate Agent have clear, open lines of communication. You will need to depend on them to protect your best interests, and they will need to understand resources are available to them so that they can manage any issues that arise in and on the property.
Document the condition of your home and property. It is worth one last trip to video record and take notes about the house. If you can not do it, have your Realtor or Property Manager do this for you before the house is open for walkthroughs and viewings.
Prepare for any necessary repairs or updates to the home and how these issues will be handled in your absence. This is the time to discuss the prospect of listing the home “As Is” and making sure you understand any implications of marketing the home this way.
Gather all the important information about the home and keep them together. Information such as tax bill, HOA fees, recent assessments, and easements will inform your Realtor and potential buyers. If the property is a rental unit or income producing, gather information together such as operating costs, leases, rent rolls, and the most recent mortgage statement.
The final piece to consider in a transaction from afar is ensuring you work with an attorney or settlement agent who provides remote closing capabilities. This will keep you from having to make a trip back to sign documents.
A experienced Realtor with Property Management experience understands how to streamline the transaction process to make selling from afar efficient and easier for the Sellers. Ultimately, they will safeguard your interests and ensure that the property is maintained in your absence. They will help you negotiate the offers and contingencies, and keep things moving through settlement. A little work at the beginning to find the right professional to work with you will bring your home sale to a very happy conclusion.