So you've decided to sell your out of state house, but don't know where to start? Well, I have great news for you! You can sell your house out of state property from anywhere! No need to leave the comfort and convenience of where you currently reside. Here are some steps on how to sell your house fast without having to leave your couch.
Decide How You Will Sell Your House:
The first step is to consider how you will sell the property, as-is or turn key. There are pros and cons to each.
Sell Your House Out Of State Turn-Key:
By selling your house turn-key you are essentially hiring a property management company to handle the sale of your out-of-state home. Either you or the company will repair the property, put the house on the market, list it with an agent, show, negotiate offers and oversee closing. The benefit is that they will take care of everything so all you have to do is sit back and wait for the money to come in. You can also be more selective concerning who gets the keys. Another pro is that if there are any issues during showing or repairs need to be done before closing you will have an opportunity to solve them before anyone moves in! Some cons are that usually listing with a local agent is required and that can be expensive. Another con, albeit a very small one, is that you will need to work with someone else if you want to sell your house turn-key. Even if you have a management company taking care of the property for you they will still need to constantly call you for decisions, what paint colors, buyer demands, and every other issue.
Sell Your House Out Of State As-is
When selling your house out of state you can take the fast and easy route, selling your house as-is. When you sell your house as-is, especially to a cash home buyer, the buyer will close on your house, and soon after they will perform whatever repairs are necessary. What this means for you is that you won't have to do any repairs or painting. You also don't need to find an agent either and can skip quite a few steps. The benefit of selling as-is is that there's no hassle.
Decide Who Will Sell Your House Out Of State
Now that your out of state house is ready to sell it is time to decide how you want to sell, with an agent or direct to the seller. Both routes have their perks, while an agent will market your house and handle the logistics of selling it for you, direct to the seller could potentially get you the highest number. Both have their cons so let's discuss which one is right for you.
Listing with an agent has the benefit of significantly broadening your market. By marketing your house to a much larger group you will have better chances of selling your house for a higher price, plus you avoid the hassle of selling it yourself and being responsible for everything that comes with it. Agents typically will want your house to be in perfect condition so, if you are looking to sell it without doing the necessary repairs this may not be the route for you. The cons are that agents usually take a large chunk of the sale price as commission, sometimes up to 6%. They also require 1-3 months' worth of mortgage payments in case your buyer isn't able to secure financing right away. This means you will have to manage a house out of state longer.
For Sale By Owner
If you are selling an out of state house, selling it by owner is probably not a good idea, unless you are selling to an experienced local investor. There are many logistical matters that if not handled correctly, could result in a failed sale or worse.
Show The Property
Now it's time to show your out of state property to prospective buyers. Since you won't be able to show the property yourself decide how buyers will be able to view your property.
If you have hired an agent to sell your house showing the property will be simple, they can handle everything for you. The agent will probably put a lockbox on your house, which means they will have a key that gives them access to the property. That way any buyer can come by and see it without bothering you. They can also show your house as many times as needed, plus since most buyers are not local an agent is especially beneficial because there are fewer time constraints.
For Sale By Owner
If you plan on selling your house out of state this will be a tricky part, but don't worry we have a few solutions.
Put a lockbox on your property. That way you won't need to meet the buyer, they will be able to communicate with you directly. You can also let them know which hours are good for viewing and how many people can come by at a time.
If you really want to save money on marketing costs, this may work out well for you, but it will take some work. You can host an open house, but that way all the people who come by need to be notified of the dates and times in advance. Make sure to take lots of pictures and show off all your property's best features like the amazing view, the large backyard, the kitchen, etc. Plus have a trusted friend or relative greet people at the door and answer questions. Open houses can be an effective way to market your house as well as gain a better understanding of what type of buyers are interested in your property.
Neighbor or Relative
Instead of hiring an agent have a neighbor or relative show the property for you. There is a risk that they might not portray the property as well as you would like but it will be significantly less expensive than hiring an agent.
You can find people locally who are trying to do some odd jobs for extra spending money by putting up signs or running an ad. Offer them some money to show the property for you, plus have them take pictures and do some light cleaning on it before showing it. This will be cheaper than hiring an agent but you won't have anyone really looking out for your best interest. You can find someone to do this on websites like Task Rabbit. Be careful, remember you will be giving this person the keys to your house. This tip can be risky so only do so if you have properly vetted and trust this person.
Sell To a Local Cash Home Buyer
If you plan to sell your house out of state by owner your best bet may be to sell to a local investor. They often have a real estate license so they can be trusted, any issues you have you can report to the BBB or NAR. These investors are more flexible with the demands of their clients. They can show up on short notice, make arrangements for viewing your property alone, and do all the groundwork. At Illinois Real Estate Buyer we often do this for our out of state clients without a hiccup.
Sign A Contract
Now that you are ready with your buyer you obviously won't be able to sign a contract in person. With technology today it is very simple to sign documents remotely, even from your phone.
The easy way to get everything signed is with an online secure document signature platform like DocuSign, that's what we use. This is an easy way to get everything signed. Have the buyer sign the document online or download an app on their phone that allows them to sign it. The Annual subscription is a bit pricey but well worth it.
You can also sign the contract and mail it in, the old fashion way. Make sure to notify the buyer that you are doing this so they don't think you are trying to pull a fast one. If anything goes wrong, make sure to keep track of everything and hold onto all your documentation. Have the buyer acknowledge receipt of documents via fax or email.
Sign, scan and email the document for completion. Have the buyer sign and send it back via email. This way you will have an electronic record of everything and can't dispute what was sent and when.
Sign The Closing Documents
Now that you have everything in writing let's get you ready to close. The Title company will require you to sign most of the closing documents with a wet signature and original signed copy, sorry no DocuSign, email, or fax.
The way we usually do our closings is by signing and mailing in our documents. The reason we do this is that once everything has been signed and turned into the Title company it's a done deal, less time spent off work and with family.
Power of Attorney
Another great way to get all the originals signed is with power of attorney (POA). This has the same effect as mailing in your documents but it is often simpler to get paperwork completed when power of attorney (POA) is involved. Have your spouse/friend/relative handle all the closing details while you are out of state. They will need a notarized POA form which you can ask your title company or attorney for.
Get Your Cash
Now that you have officially closed it's time to get your money. For this, you will need to contact the title company directly. The funds are usually held in an escrow account until the closing documents have been signed and turned in. At Illinois Real Estate Buyers we can wire the money or issue a check.
When you have a check, it is not fully yours until it has been cashed at the bank. Have the title company cut a cashier's check and place it in an envelope for your personal records with a receipt.
Directly wiring the money is the easiest way to get your cash. The title company can wire you any amount of money at any time. They will require routing numbers, account information, and your personal information for direct deposit into your bank account. Your bank may charge you a small fee but you can often get the money in a few hours and you can celebrate the sale that night.
If you are looking for a way to sell your house out of state fast, get in touch with us today. We have the experience and resources needed to make this happen quickly. Our team is ready to help you find solutions that will work best for your situation so feel free to contact us at any time!