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There’s a variety of ways to sell a home. The traditional route involves hiring a professional real estate agent, and between finding a buyer, negotiating the contract and waiting for the financing to come through, it can take quite a while. Even in a popular area like Colorado Springs, Redfin data shows that homes typically spend nearly two months — 54 days — on the market before going into contract.
But if it’s a quicker approach you’re after, you might consider working with companies that proclaim “We buy houses!” These companies are convenient: They typically make all-cash offers on homes in just about any condition, they specialize in closing the sale quickly and they usually take care of all the paperwork, too. That can all be valuable if you need to relocate in a hurry, if the property requires heavy repair work or if you just want to get your money ASAP. But here’s the catch: These firms are not likely to pay full market value for your home. Here’s everything to know about “we buy houses” companies in Colorado Springs.
Types of companies that buy houses for cash in Colorado Springs
The Colorado Springs market offers many cash-homebuying options, including a handful of national chains and several smaller, locally owned operations.
National options
Among the national outfits is We Buy Ugly Houses, also known as HomeVestors. The company that goes by the brand name We Buy Houses also operates in Colorado Springs. The process for both is similar: You reach out to them with some basic info about your home, a representative comes to assess the property in person and then they make you a cash offer. Both buy homes in any condition, and both can close the deal within a few weeks.
Local options
There are also local or family-run cash homebuyers working in Colorado Springs, including the following:
- Sell My House Today: This family-run business lets you choose your own closing date and says they can close in as little as 24 hours. Like many cash buyers, they also cover all closing costs.
- Pink Real Estate: Buying as-is homes throughout Colorado Springs, Pink provides cash offers within 24 hours and can close in seven days — or on a date of your choosing.
- Pikes Peak Homebuyers: This company, run by a husband-and-wife team for more than 10 years, also makes quick cash offers on homes in as-is condition and can close within seven days.
- HBR Colorado: There are no commissions, closing costs or fees with this local company. They also purchase properties as-is and can close in around seven days.
iBuyers
Offering a similar business model to “we buy houses” outfits, iBuyers pay cash for your home and close the deal very quickly. However, these companies operate almost entirely online, and they typically do not purchase homes in need of serious repairs. In addition, they might charge steep fees for their services. iBuyers operating in Colorado Springs include two of the biggest players in the industry: Offerpad and Opendoor.
How do ‘we buy houses’ companies work?
The process of selling to a “we buy houses” company is very different from a traditional home listing. It begins with you contacting the company, either by phone, email or online, and providing some basic info about the property. After that, a representative will often visit your home in-person to conduct a walk-through and gauge its condition. Some companies will assess your home remotely, though, conducting research online with no in-person visit. You may also be asked to provide photos of your home.
After this, you can typically expect an offer within 24 hours, though some will take a bit longer and some might make the offer on-the-spot while the representative is there. You’re under no obligation to accept the offer — but don’t take too long in deciding, because it will probably only be valid for a short time.
If you choose to accept the offer, a closing will be arranged, often on a date of your choosing. Since these companies typically buy homes in any condition, you won’t be required to make any repairs, or even to clean up, and there are usually no commissions or fees to pay. However, in exchange for all this convenience, you are paying a price of another sort: The offer you’ll get will almost certainly not be as much as you’d get if you sold the traditional way.
The entire process of selling to a company that buys houses in Colorado Springs — from walk-through to closing day — can often be completed in a matter of two weeks or less. But don’t let yourself feel rushed: Be sure to read the fine print of any offer before you decide to proceed, and don’t sign anything you don’t fully understand.
Alternatives
Selling your home to a “we buy houses” company is convenient, but it’s not your only option. Here are some alternatives:
- Sell with a Realtor: The traditional approach of working with a local real estate agent will take longer, but it’s your best option for maximizing your profits. Redfin data shows that Colorado Springs home prices are on the rise, and nearly 30 percent of listings sold above their list price in February 2024.
- For sale by owner: Selling your home on your own, known as for sale by owner or FSBO, takes a great deal of work. You’ll need to host showings on your own and negotiate a sale price, as well as navigate the closing process. However, doing it yourself means you won’t have to pay a listing agent’s commission.
- Rent it out instead: If you’re not pressed for the immediate cash proceeds of a sale, renting your home is another option worth considering. Taking this approach can be quite lucrative, if you’re willing to be a landlord. According to data from Zillow Rental Manager, houses in Colorado Springs rent for a median of $2,375 per month.
Next steps
Selling your home to a “we buy houses” outfit has its benefits: speed, less hassle, no repairs. But it’s important to weigh your options carefully. A home is most people’s largest asset, and you aren’t likely to get fair market value when selling this way. If you decide to take this approach, try to obtain offers from multiple companies to ensure you’re getting the best price and sale terms possible. And remember, no matter how many offers you get, you’re not obligated to proceed. You can always choose to work with a local real estate agent instead, which will take longer but likely be more profitable in the end.
FAQs
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There are several options to sell your home quickly in Colorado Springs, including both local and nationwide “we buy houses” companies. Two of the biggest iBuyers operate in the market as well, which also provide a speedy approach to selling. Any of these operations will be able to close a deal in a matter of weeks, rather than months — but you won’t make top-dollar from them.
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Yes, most of these companies are legitimate real estate investment firms — they buy homes, renovate them and either resell them for a profit or keep them as rental properties. But it’s still important to do your homework before choosing to work with one. Before you commit to anything, research the company thoroughly, reading online reviews from past customers and checking with your local Better Business Bureau. And be sure to read all the contract details carefully so that you understand what you’re signing on for.
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Portions of this article were drafted using an in-house natural language generation platform. The article was reviewed, fact-checked and edited by our editorial staff.
Key takeaways
- A lien is a legal claim on a property by an individual or entity that the owner owes money to.
- There are two types of liens: voluntary and involuntary. Voluntary liens are ones that you knowingly agreed to, such as a mortgage, while involuntary liens are placed on your property by creditors or courts.
- A mortgage lien would not prevent you from selling, but involuntary liens on a property can cause issues.
Selling a home is complicated, and a home with a lien on it can complicate the transaction even further. Liens on homes are actually very common, and they don’t necessarily keep you from selling. But certain types are more — or less — problematic than others. Here’s what to know about selling a house with a lien on it.
What is a lien?
A lien on your home is a legal claim to your property by an individual or entity you’re indebted to. Liens are commonly used in collateralized debt arrangements. If you default on your mortgage and the lender forecloses, any party with a lien on the property might be entitled to some of the sale proceeds as a means of repayment.
There are two basic kinds of property liens, and one is far more worrisome than the other: voluntary and involuntary. As the name implies, a voluntary lien is one you sign up for — a good example is your mortgage, which is technically a lien but one you knowingly secured. An involuntary lien, however, is typically placed in scenarios where you owe money, and the entity who is owed, whether it’s a contractor or a tax collector, is attempting to collect what is legally owed to them.
Types of property liens
Various entities can legally place a lien on your home if you owe them money. This could be government agencies due to unpaid property taxes, credit card companies, other lenders for unsettled debts like medical bills or personal loans or contractors for non-payment of their services. Here are the kinds to know about:
- Mortgage: A bank or mortgage lender places a lien on any property they authorize a mortgage for. This is a voluntary lien — the homeowner owes them money due to the mortgage loan, but it’s not an indication of delinquency or wrongdoing.
- Tax lien: If you fail to pay taxes (including local property taxes), the government can put a lien on your home. This is an involuntary lien.
- General judgment lien: Another involuntary version — a creditor can choose to file for a judgment lien in court if you fail to pay what you owe them.
- Contractor’s lien: Also called a mechanic’s lien, this is another involuntary form. A construction company, contractor or builder can file a contractor’s lien if you fail to pay them for work they performed.
Can you sell a house with a lien on it?
The short answer is yes. Especially if it’s voluntary: Selling a home with a mortgage on it, for example, is very common. That’s because you’ll (ideally) be able to use the proceeds from the sale to pay off your loan balance and satisfy that debt.
The issues arise when it’s an involuntary lien. Tax liens will almost certainly have to be paid off before the home can be sold. In some cases, the buyer might agree to help: It’s possible to sell a home with a judgment lien, for example, but if you can’t resolve the lien yourself, your buyer would have to agree to pay it. This isn’t common, but it does happen with certain types of sales, such as homes sold through foreclosure auction. You can also take legal action to have the lien dismissed, though this option might prove too expensive if you already owe more money than you can pay back.
At the end of the day, it’s simplest to avoid selling your home if it has an involuntary lien, if possible. Wait to sell until you can clear things up — or, if you need or want to try anyway, it’s smart to have guidance from an experienced real estate attorney.
How do I find out if there are any liens against my property?
If the property is your primary residence, it’s unlikely to have any liens against it that you don’t know about. However, there are several routes you can take to check:
- Government records: You could examine local government records via your county recorder or assessor, or at the local courthouse. Bear in mind that this might require paying a fee.
- Credit report: Check your credit report — these often list liens in the public records section.
- Title search: Employing the services of a title search company is the most comprehensive method, but it’s also likely to be the most costly. These firms offer a full rundown of your property’s title history and pinpoint any burdens, ensuring any liens are identified before selling or transferring the property. A title search is a standard step in any real estate transaction.
FAQs
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A voluntary lien, such as your mortgage, isn’t considered bad, so long as you continue to repay it on schedule. Involuntary liens on a home, though, can present a serious challenge if you want to sell the property. To avoid headaches, involuntary liens like contractor’s, judgment and tax liens should be resolved as soon as possible.
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In some cases, liens do expire. The laws are complex and differ in each state, though. A real estate lawyer can help you determine if any liens on your home have expired.
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While it’s possible to sell your home with an involuntary lien on it, the buyer would need to agree upfront to take on, and pay back, the debt. In most home sales, a title search is performed, which would reveal any liens on the property — if the buyer does not find out there’s an involuntary lien on the home until this point, then yes, it might cause the sale to fall through.
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You can prevent an involuntary lien on your home by paying what you owe. For example, you could have a lien placed on your home for failing to pay property taxes or someone who did renovations — if these debts are paid in full, or according to an agreed-upon schedule, that prevents a lien from being put in place.
AleksandarNakic/ Getty Images; Illustration by Austin Courregé/Bankrate
Key takeaways
- Selling a home comes with a lot of documentation, most of which you’ll gather before listing the property on the market.
- One important document is the seller net sheet, which will detail your all-in costs and potential profit.
- Keep records of any major home improvements or repairs. This is not only helpful for the buyer, but also for your agent in pricing the home.
Selling a home is a complex process that requires a long list of documents from start to finish. From the initial listing agreement to mandatory disclosures, here are the key pieces of paperwork in the transaction.
Documents needed to sell a house
If you’re thinking of putting your home on the market, it can be helpful to understand the documents involved, some of which you can gather on your own and some of which will be provided by the professionals who facilitate the transaction. Here’s an overview of what you need to obtain, what you might see, and what you might need to sign during the transaction:
Pre-listing documents
Prior to listing your home for sale, track down the paperwork related to your ownership as well as any changes you made to the property while living there. This includes:
- Documents related to your purchase of the home: This will include the closing documents and a copy of the deed.
- Homeowners insurance policy documents: Keep a copy of your policy handy during the transaction, and be sure to maintain your coverage until the closing has taken place.
- HOA documents: If your home is in a homeowners association, gather up any documents related to the HOA, such as CC&Rs or due schedules to disclose to the buyer. The title company involved in the transaction will order a review of these and information like the HOA’s financials, as well.
- Major home improvement, maintenance and repair records: Aside from helping the buyer understand upkeep and any improvements to the home, these records can be used to more accurately price the home or dispute a low home appraisal.
- Manuals and warranties: This isn’t a requirement to sell your home, but it’s customary for the seller to provide the buyer manuals for the home’s major appliances and systems, plus any warranty documentation if the seller has one.
- Pre-listing inspection report: If you want to know what repairs a buyer might ask you to make, you can pay for a pre-listing home inspection. This report can help you prepare for these expenses, or even motivate you to make the repairs yourself before your home hits the market.
- Listing agreement: If working with a real estate agent to sell your home, you’re required to sign a listing contract. Here’s more on exclusive right to sell agreements.
- Comparative market analysis: “A licensed agent prepares a report of sold, pending and active listings in order to provide the seller with a sense of fair market value for their property,” says Tim Garrity, partner and broker of record at Copper Hill Real Estate in Philadelphia.
- Seller net sheet: Sometimes referred to as the seller’s estimated costs, this document breaks down all of the costs associated with selling a home, as well as what the seller stands to profit when all is said and done. “It provides the seller with a sense of what they could potentially walk away with,” says Garrity.
- Preliminary title check: Preliminary title searches help both the real estate agent and seller understand what’s owed on the property, as well as whether there are any issues impacting the title that could hold up the sale or reduce the home’s value. “Similar to CarFax for cars, a title search helps buyers and sellers understand more about a property before deciding to buy or sell,” says Garrity.
- Seller’s disclosures: This mandatory disclosure form provides information to buyers about any significant issues or defects related to the home. The requirements surrounding such disclosures vary by state.
- Mortgage payoff statement: The closing agent will request a mortgage payoff statement from your lender.
Listing documents
Once you list your home and receive offers, you’ll see the buyer’s proposed purchase agreement. This includes information regarding the method of payment (mortgage or cash), closing date and any contingencies, such as a financing or home inspection clause.
During this time, you’ll also receive the home appraisal report. If you had an appraisal done recently prior to listing, provide that documentation to the buyer, as well.
Closing documents
At the closing, you’ll work with the closing attorney or settlement agent to finalize the sale. You’ll see many documents, including an itemized closing statement of the closing costs and financials related to the deal, with any seller concessions you agreed to; the deed; and a proof of sale document.
FAQ
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Yes, you’ll need the deed to sell your home. But if you cannot locate this document, it’s possible to obtain a duplicate from your local recorder’s office.
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You’ll need a variety of documents in order to sell your home. Some of the most important include your mortgage loan documentation, mandatory disclosures and the deed.
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A proof of sale document is a record of the property’s transfer in ownership from the seller to the buyer.
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The Peach State offers numerous appealing features for homebuyers, including a relatively affordable cost of living and lower home prices than many other East Coast states. But selling a home is not 100 percent profit: Before listing your Georgia home in the hopes of an easy deal, it’s crucial to consider expenses associated with the selling process.
Here’s a deep dive into how much it costs to sell a house in Georgia, including closing costs, real estate commissions and more — as well as tips for reducing your costs.
Sellers’ closing costs
Sellers in Georgia, as in any state, need to be ready for closing costs, which are the various expenditures linked to completing the sale. Based on the latest information from ClosingCorp, the average closing costs in Georgia amount to approximately 1.3 percent of the home’s sale price (excluding real estate commissions). The median sale price for a home in the state was $350,000 in January 2024, according to data from Georgia MLS Real Estate Services. That would make the average closing costs in Georgia around $4,550 — however, that entire sum is not borne by the seller.
Here are some of the most common closing costs for sellers in Georgia:
- Transfer taxes: Sellers are typically responsible for the cost of real estate transfer taxes, the fee associated with transferring ownership of the home to the buyer. In Georgia, the rate is $1 for every $1,000 of value. Therefore, for a median-priced $350,000 sale, you would need to pay approximately $350.
- Legal fees: Unlike many states, the state of Georgia requires the presence of a licensed attorney at closing. The closing attorney is typically chosen by the buyer, but the seller may want to engage their own lawyer to safeguard their best interests. Legal fees will vary based on the transaction and are payable at closing.
- Title-related fees: Sellers may also cover expenses such as the cost of a title search and title insurance, which protects against other ownership claims. However, these costs can vary depending on the specifics of the transaction.
- Escrow fees: You may be charged an escrow fee for the management of transaction funds. This cost can vary, but it is often negotiable, allowing you to potentially split it with the buyer.
- Prorated property taxes and HOA fees: Sellers are obligated to cover their portion of property taxes for the duration of their ownership, right up until closing day. If the property is part of a homeowners association, the same holds true for HOA fees.
- Concessions: Despite generally favorable conditions for sellers in the Georgia housing market, it is still possible to make concessions to buyers (such as offering to cover a necessary repair) to enhance the deal. Sellers don’t have to agree to a buyer request, but it’s very common.
Real estate agent commissions
In a real estate transaction, both the buyer’s agent and the seller’s agent receive a commission, and it is the seller who covers these payments. While agent commissions are often open to negotiation, they typically fall within the range of 5 to 6 percent of the home’s sale price. For a Georgia home with a median price of $350,000, a commission rate of 5.5 percent would amount to $19,250.
It’s important to note that home prices vary across different regions of Georgia. In Atlanta, for example, the median sale price for January was $373,750, more than $20,000 higher than the statewide average. A 5.5 percent commission on this higher-priced home would be $20,556.
Preparation and moving costs
Preparing to sell your house requires thorough planning and financial foresight. To enhance the property’s appeal to potential buyers, you may choose to invest in minor repairs, staging, professional photography and professional cleaning, among other considerations. Recognize the significant impact of a positive first impression — it can encourage buyers to make offers more promptly. There are several affordable ways to boost curb appeal, such as cleaning windows, adding flowers or even just painting the front door. Your agent can provide guidance on what would be most beneficial in your specific situation.
Additionally, when you sell your home you’ll need to get all your stuff out of there, so don’t forget to budget for the cost of moving. This cost will vary greatly depending on how big the home is, how many boxes and items there are to move, how much it all weighs and how far you’re bringing it. Long-distance moves will cost significantly more than local ones, and seasonality matters, too: The same move will usually be cheaper in winter than it is in summer. And if you’re selling your house while also buying another, you may have to move twice — once into temporary housing and again into your new home when you close.
How much do I get from selling my house?
Your net proceeds will vary considerably based on numerous factors, such as the home’s final sale price, the remaining balance on your mortgage and the overall total of your closing costs. Add up all those costs, then subtract the total from your home’s final sale price to determine how much you’ll actually get from the sale.
If your home, like many properties in Georgia, has undergone significant appreciation in recent years, you may realize a substantial profit. If the dollar amount is high enough, it may trigger capital gains taxes, which would be another expense. Double-check with a tax professional if you’re not sure.
Reducing costs for home sellers
Sellers have various strategies at their disposal to potentially reduce their costs. Here are some options to consider:
- Negotiate a lower real estate commission. The difference between paying 5 percent and 6 percent could save thousands of dollars.
- Contemplate an “as-is” listing: Selling as-is means not having to invest money in repairs, upgrades or staging. This might be an especially good choice if the property is not in pristine condition.
- Shop around: Explore different service providers, like attorneys and title insurers, to secure the most favorable deals.
- Be honest with your agent: Be upfront about your desire to save money. A savvy agent can identify the most cost-effective methods for promoting your property and help you decide what’s worth spending on and what’s not.
Alternatives
Instead of following the conventional selling route, consider exploring these alternatives for potential savings:
- FSBO sale: A for sale by owner listing means marketing and selling your property independently, bypassing the need for a listing agent and thereby not paying a listing agent’s commission. However, you’ll still need to pay your buyer’s agent.
- Cash buyers or iBuyers: Companies that buy houses for cash typically offer quick deals with no commission fees. Major iBuyers like Opendoor and Offerpad operate in the Atlanta area, and there are numerous local “we buy houses” companies throughout the state. Keep in mind, though, that the prices offered may not be as high as in a traditional sale.
- Home equity: If you have built up a lot of equity in your home, you may be able to access the cash you need by tapping into your home equity through a loan or line of credit, rather than selling outright.
- Renting it out: If you can afford not to sell immediately, becoming a landlord and renting out the property is also an option. This can provide a steady source of income over time.
Next steps
If you’ve done your research and you’re ready to sell, enlist the services of a local real estate agent. Look for someone with a deep understanding of the market conditions in your Georgia town — and ideally, your specific neighborhood. An agent’s professional expertise can help you sell your house for the highest price and at the lowest cost to you.
FAQs
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The majority of your expenses as a seller will be in the form of real estate commissions, usually ranging between 5 and 6 percent of the home’s sale price. The current median sale price of a Georgia home is $350,000, so a commission rate of 5.5 percent would amount to $19,250. Other typical closing costs for sellers include transfer taxes and title and escrow fees.
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Yes. You don’t necessarily need a real estate agent to sell a home in any state — going without one is called “for sale by owner,” or FSBO for short. But keep in mind that managing a property sale independently entails a significant amount of work and a big time commitment.
Have a home to sell in the Los Angeles area? Good news: Real estate prices here are high and rising, according to recent sales data, so you’re sitting on a valuable asset. However, the pace of sales is slowing, and high mortgage interest rates are keeping many potential buyers on the sidelines. Is it possible to not only find a qualified buyer, but speed up the usual process so that you can sell your house in Los Angeles fast as well as turning a nice profit? Read on for all the details on selling in a hurry in L.A.
How fast can you sell your house in Los Angeles?
To figure out how fast you might be able to sell, it helps to first understand a bit about the California housing market, and the sprawling L.A. region specifically.
The Golden State boasts one of the country’s priciest real estate markets, which for you as a seller is both good (larger profits) and bad (fewer buyers who can afford it). According to Redfin data for December 2023, the median sale price in L.A. was $957,000 — higher than the statewide median of $756,800, and much, much higher than the nationwide median of $382,600.
Sky-high prices might explain why it takes a while to sell a home in L.A. The median days on market, or amount of time a home takes to go into contract, is a long 49 days here, per Redfin. That means it’s around a month-and-a-half to secure a buyer, after which you typically have to wait for the buyer’s financing to be approved before you can close.
Given that spring is typically the best time of the year to sell a house, that time frame may speed up as winter fades. But in a place with year-round nice weather like L.A., seasonality may not count for as much as it does in colder-climate cities.
Need to sell faster?
If expediting the sale of your house is a priority — for example, if you need the cash quick, or if you need to relocate in a hurry for work — consider these methods to speed up the process:
- Sell as-is: An as-is listing tells the buyer that they will be acquiring the property in its current state; what they see is what they get. This can save considerable time in back-and-forth negotiations over what needs fixing, and who will pay.
- Sell to a homebuying company: Consider selling your home to a fix-and-flip company that specializes in purchasing properties in less-than-perfect condition, renovating them and then selling them for a profit. Local “we buy houses” companies pay cash and close remarkably quickly, typically in just a few weeks. But in exchange for this speed, you’ll likely earn less on the sale than you would on the open market.
- Sell to an iBuyer: Similarly, iBuyers offer a near-instant cash offer and a swift closing. However, also similarly, you’ll receive a lower offer than you likely would with a traditional sale. Opendoor, one of the biggest players in the industry, buys homes throughout the L.A. area.
Find a trusted real estate agent
If you choose the traditional selling route, having a local real estate agent by your side will enhance your chances of securing a sale at or near the top of the market. A skilled agent plays a pivotal role in connecting you with potential buyers and takes on vital responsibilities such as marketing your home and negotiating for the best deal on your behalf. Look for someone with extensive experience in your specific neighborhood of L.A. and a proven track record of successful sales. And if speed is of the essence, be sure to let them know that upfront so they can plan accordingly.
Sell your home fast for fair market value
If you want to sell the traditional way, with an agent’s help, there’s a lot to consider before listing your home on the market. Discuss these five issues together to get started:
How should you price your listing?
First things first: How much is your house worth? To expedite a prompt sale, be prepared to establish an appropriate asking price based on local market conditions. Online home-value estimators can be a useful starting point, but it’s best to have your agent research local comps — nearby homes that are similar, or comparable, to yours — to determine a fair market value. Striking the right balance is crucial: You want to price fairly, but avoid overpricing to prevent turning buyers off.
Is it worth upgrading your home before selling?
The answer here, for large renovations like a full kitchen remodel at least, is usually no. Most major projects will not recoup their full cost at resale — and they’ll also delay your sale while you wait for contractors to finish the job. Instead, consider cost-effective solutions to boost your property’s value, like enhancing the curb appeal with some refreshed landscaping, a new coat of paint on the front door and perhaps a pressure-washed driveway or front walk.
What repairs should be tackled before selling?
Obvious issues, like broken window panes or dripping faucets, will turn off buyers right away. Small things like that should be fixed, in service of making a good impression. But you don’t have to fix it all. Your agent can guide you in what issues need addressing and what not to bother with.
Should you pay to stage your home?
How inviting would your home look to a stranger? Overstuffed rooms make buyers notice the stuff cluttering up the space, rather than the space itself. If your home doesn’t allow buyers to easily envision themselves living there, investing in professional home staging can help. Services range from simple reorganization to improve the flow to a full furniture rental for an empty home you’ve already moved out of. Again, your agent can help you decide whether staging is worthwhile.
What information must you disclose to the buyer?
For most California home sellers, completing the state’s lengthy property disclosure form is mandatory. This involves providing information on any known defects that could impact the home’s value or safety. Transparently communicating issues such as past roof damage, leaks, termite damage, electrical problems and more is essential. Additionally, for properties under a homeowners association’s jurisdiction, you’ll need to gather all relevant documents, including bylaws, recent meeting minutes and financial documentation.
Closing day
On closing day, you’ll finally conclude your transaction and receive your proceeds from the sale. But not before you settle all your closing costs, which for a seller will include a hefty agent commission fee. Here are some typical closing costs for California home sellers:
- Commission fees: The commission fees for both your agent and your buyer’s agent will typically come out of your sale proceeds. This usually totals somewhere between 5 and 6 percent of a home’s sale price. For a median-priced $957,000 Los Angeles home, 5.5 percent is a very significant $52,635.
- Title insurance: Title insurance protects in case ownership issues are found with the home’s title. In many states this is paid for by the seller, or split, but California sellers are in luck: Here, it’s customary for the buyer to cover the expenses associated with title insurance.
- Transfer taxes: However, you won’t be able to skip the real estate transfer tax, or charge for transferring the property’s ownership. In Los Angeles, this involves a base tax rate of $2.25 per $500 for homes priced up to $5 million. On a median-priced home, this works out to $4,307.
- Attorney fees: Hiring a real-estate attorney is not mandatory, but having a legal professional review complex contracts provides reassurance and peace of mind, especially when there’s this much money on the line.
- Seller concessions: Any concessions you may have agreed to during negotiations, such as paying for a repair or covering a portion of the buyer’s their closing costs, will be due at closing as well.
FAQs
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Selling to an iBuyer or a cash-homebuying company is by far the fastest way to sell a home in L.A. These companies can close a deal in a matter of a few weeks or less, whereas the typical open-market listing takes 49 days just to go into contract, per Redfin. However, you will not be offered as high a price from these companies as you’re likely to get with a traditional market listing.
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Yes. If you let your agent know from the get-go that a speedy sale is your top priority, they can list and market your home with that in mind. However, even the most skillful agent likely won’t be able to close a deal as quickly as an iBuyer or cash-homebuying outfit could.
The decision to sell your home is a big one. Even in a seller’s market, it can be stressful — especially if you’re still living there while it’s being shown. How do you prepare for a parade of strangers, all potential buyers, traipsing through your home while you’re still holed up there? And stay sane in the process? Read on for tips on how to sell your home while still living in it.
Declutter, deep clean and depersonalize
Before hosting your first showing, take the time to make it ready for the spotlight. There are several steps you can take to make your home more appealing to prospective buyers. Home shoppers want to be able to visualize themselves in your space, so start by depersonalizing it. That means removing family photos, kids’ toys, vacation souvenirs and more. The goal is to make your home look neutral so that buyers can imagine how they would use and occupy the space.
First appearances are also critical when selling your home, so you may also want to freshen up the landscaping. Not all updates and repairs are worth making when you list your house, but sprucing up its curb appeal doesn’t have to be expensive — just a few potted flowers and fresh paint on the front door can go a long way toward making house-hunters feel welcome.
Of course, the interior matters, too. Having your home professionally cleaned will help it look its best to buyers. And it’s tough while you’re still living there, but try to maintain that cleanliness throughout the selling process. You want to keep the home photo-worthy for as long as possible, even after you’ve had those professional photos taken for the listing.
Storage options for items you need to stash away
Don’t approach this part of your home-selling process as drudgery. Think of it as a bonus round of advance packing — a gift to the future you, who just sold your home and is ready to pack up and move out. Box up as much as you can while you’re prepping your home to be viewed by potential buyers, and make a plan for where you can keep the boxes for a while. Storage units and friends’ and relatives’ basements or attics are all good options. The main thing is to get the boxes out of your own house, if at all possible.
Prepping your home to sell while living in it
We all know the principles of home staging, even if we don’t know the specific term. Thanks to Marie Kondo and HGTV, the idea that a clean, clutter-free space translates into peace of mind is entrenched in our cultural psyche. Super-size this concept with some broadly appealing styling, and you’ve got the marketing tool known as home staging. Employed effectively, it can make a property sell faster, and for a higher price.
But that’s in vacant properties. What if you are still living there? What can stay, what should be hidden away and what absolutely must go?
What you can keep on display
To give your home the best shot for a top-dollar sale, it needs to be picture perfect — literally. Before potential buyers visit your home, they’ll evaluate it based on online photos. So, before listing photos are taken, pare everything down to your essentials.
It’s OK to keep furniture and artwork in place, so long as they don’t feel dated or quirky. But be sure to hide away items that are clearly personal. “Potential buyers want to be able to see themselves living in the space, not you,” says Birgit Anich, CEO and creative director of Connecticut-based BA Staging & Interiors. Anich recommends ditching small accessories and tchotchkes, too. “Bigger objects read so much better in a photograph,” she says. “Little things distract the eye, so the brain is not focusing on the most important components of the room.”
Of course, it’s not possible to pack away absolutely everything. Some rooms, like the kitchen, still need to function in an everyday way. Anich suggests choosing one or two appliances that you truly use on a daily basis to stay out on the counter — a coffee maker and a toaster, for example. And they should be sparkling clean. “Every object tells a story,” she says. “If the toaster looks banged-up and old, that will make a negative impression on potential buyers. They may think to themselves, ‘If the seller isn’t taking care of the toaster, what else isn’t being taken care of?’”
What you should hide away for safekeeping
With lots of people coming in and out, you likely have some items that you’ll want to not just stash away but lock away. Think things that have special value, whether sentimental or monetary, and that pertain to privacy and safety: jewelry, documents with identifiable info, prescriptions and more.
Another item that should be locked up: your kitchen knife block. It may seem extreme, but for the safety of the real estate agent showing your home, it’s an easy precaution to take. “I always say, ‘Out of sight, out of mind,’” says Anich.
What you should never, ever have in the house
Apologies to all the animal lovers, but the top thing to never have in your house while it’s being shown is a pet. Many potential buyers do not love Rover the way that you do. And they won’t love any signs of him, either: Make sure that food and water bowls, litter boxes and any pet-related things are well out of sight before buyers visit your home. And vacuum well to get rid of any pet hair. “You want to minimize any touchpoints that might remind potential buyers that pets live on the premises,” says Anich.
Other things to never have in your house while you’re selling it include objects with any religious or political affiliations. However strong your convictions, buyers may not share them, and these items may prevent them from being able to see the space as theirs.
Likewise, remove anything that might make it seem as if you’re concealing a problem. Multiple scented candles or air fresheners, for example, could be construed as red flags, making buyers wonder what odor they are covering up.
Reducing stress while showing your home
Try not to think about the showing process as people invading your space. Consider the house a product for sale rather than your home. Packing and storing a lot of your stuff is actually a good thing — it’s hugely helpful to adopt the mentality that, essentially, you’ve already moved out.
During this transitional period, be vigilant about having minimal impact on a room when you use it, and clean up after yourself as you go. Get family members on board, too, if possible.
It helps immensely to have a pro guiding you through the showing and selling process. Work closely with an experienced local real estate agent: Agents don’t just understand the housing market’s ins and outs, they also understand the ins and outs of how to make your home look its best and appeal to prospective buyers. And they can coordinate with your schedule to make the showings as non-disruptive to your daily life as possible.
FAQs
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There are some advantages to private showings. Open houses often attract people who are just curious but have no interest in buying, whereas someone who takes the time to schedule a one-on-one showing of your home is more likely to be a serious buyer. An open house can still be useful for getting the word out, however, especially if there hasn’t been a great deal of traffic for private showings.
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One important final step to take before house-hunters arrive is to make sure window shades are open to let in as much natural light as possible. It’s also a good idea to ensure all trash has been emptied and surfaces have been cleared, including kitchen countertops. Wipe down bathroom sinks, close toilet lids and remove any pet food bowls as well. Ask your Realtor if there’s anything you feel unsure about.
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No, clearing out is the best approach. Buyers generally don’t feel as comfortable viewing a home when its owner is there, and they may feel guarded in what they can say or ask in your presence. In addition, staying during showings raises the risk that you could inadvertently say something that may negatively influence prospective buyers.
If you’re thinking of selling your house in Dallas, you’re sitting on a valuable asset. Some neighborhoods in the Dallas–Fort Worth metro area have seen home values increase by 270 percent over the past decade as more people look to plant permanent roots in North Texas. And while high mortgage rates are creating headwinds for the housing market, Redfin data shows that median home prices in Dallas are still rising sharply — up by 19.7 percent compared to last December.
While that’s all great news for sellers, there is bad news, too: Homes may eventually sell for a good price, but it takes a long time to get there. Homes here spend a median of 41 days on the market before going into contract, per Redfin, and that’s not including the time it takes to close after that. If you’re anxious to move a bit more quickly, you do have options though. Read on for everything you need to know about how to sell a house fast in Dallas.
How fast can you sell a house in Dallas?
If you’re in a rush to relocate, keep in mind that a traditional home sale takes longer than you might think. According to data from the MetroTex Association of Realtors, homes in Dallas County spent 44 days on the market in December 2023, with an additional 30 days after that before the transaction closed. That’s 74 days total, about two-and-a-half months from start to finish.
If you need to sell your house faster — for example, if you need the cash quick or you need to relocate for work immediately — the quickest route is probably selling to a cash homebuyer. There are many national, local and iBuying outfits to choose from in the Dallas area. These companies offer a remarkably fast and hassle-free deal, often closing in a matter of just a couple weeks and even buying in as-is condition, so you don’t have to make any repairs or upgrades to the home. But there’s a big downside: You’ll make less money on the sale than you would on the open market. If you have the time, you’re much more likely to make a better profit using an agent.
Things to consider when selling your house in Dallas
If you choose to sell the traditional way, with a local real estate agent, here are a few key questions to consider before you list your home:
How should you price your home?
Your agent will be the best source of advice when it comes to the biggest question in the selling process: How should you price your home? You can get a very basic idea of how much your house is worth online, but an agent will help you review similar properties that have recently sold, and can prepare a detailed comparative market analysis. Understanding what other buyers have been willing to pay for homes similar to yours will provide a good baseline for your own listing. Remember that the market is constantly shifting, and you may not be able to get the same price your neighbor got, or the same price that you might have gotten last year.
What kind of shape is your home in?
Selling a home is like going on a first date: You want to make a great first impression. A professional home staging service can deliver a love-at-first-sight look for your home. You could pay just a few hundred bucks for light decluttering and organizing, or more for a bigger project, such as long-term furniture rental. However, it can pay off in a big way by helping buyers envision themselves in the space.
In addition, many sellers are tempted to make big upgrades before listing, with the assumption that a new kitchen or a revamped home office will inspire a buyer to hand over a bigger check. That’s not usually the case. Most major remodeling projects fail to recoup their costs at resale, so you’re better off considering cheaper and easier ways to boost your property value, like upping the curb appeal or repainting.
It’s also important to think about repairs. Some things should be brought up to speed before you hit the market, but not everything needs to be fixed. For example, buyers won’t want to inherit an air conditioner on its last legs before another hot Dallas summer. However, they might be OK with scuffed hardwood floors or a dishwasher that has seen better days. Your real estate agent can help you gauge what projects are worth taking on.
What’s the market like in your neighborhood?
When you’re selling a house in Dallas, it’s important to think about where specifically in this sprawling metro area your home is located. Buying activity in your specific neighborhood is more relevant than overall Dallas–Fort Worth statistics. The time it takes to sell, and the amount you’ll sell for, can look very different depending on your location, so it’s important to work with an agent who knows your specific neck of the woods well.
What will you need to disclose to buyers?
Texas state law requires that you fill out a seller’s disclosure notice, which includes knowledge of any defects that could impact the property value or the safety of anyone living there. And if your home is part of a homeowners association, make sure you request documentation about the financial health of the association and its bylaws in advance. You’ll need to provide that information to buyers as well.
How much will all this cost?
Before you start tallying up your potential profit from the sale, don’t forget to think about how much it costs to sell a house. While you’ll benefit from the fact that there are no real estate transfer taxes in Texas, there are still some closing costs and fees for Dallas sellers to consider. A few common examples:
- Realtor fees: This represents the biggest chunk of cash that eats into your profit potential. Home sellers are responsible for paying their own agent’s commission fee as well as their buyer’s agent’s. These usually total somewhere between 5 and 6 percent of the home’s sale price. On a median-priced Dallas home, which is $407,000 per Redfin, 5.5 percent comes to more than $22,000.
- Title insurance: Sellers are usually on the hook for paying for the owner’s title insurance policy in the Lone Star State, although you might be able to negotiate splitting it with the buyer. If you do pay for it, budget somewhere between 0.6 percent and 0.9 percent of the sale price.
- Unpaid property taxes: Any outstanding property taxes up until closing day will need to be paid before you can finalize the deal. The same goes for HOA fees, if you’re part of a homeowners association.
- Attorney fees: You aren’t required to hire a real estate attorney in Texas, but you should anyway. It’s wise to invest in legal expertise to navigate the complexities of a real estate contract — there is a lot of money on the line, after all.
- Concessions: As buyers get a bit more bargaining power in today’s real estate market, and seller concessions — or offering to cover a portion of the buyer’s closing costs in order to sweeten or speed along the deal — are not unusual.
Closing day
Once you sign your name on the dotted line of a purchase agreement, you still have a few responsibilities on your shoulders. Time is of the essence, so respond to questions from your agent and your attorney as quickly as possible. You’ll also have to make sure the home is ready for the new owner. Be sure to schedule movers well in advance of the buyer’s final walk-through, and consider hiring a cleaner to make sure it’s in pristine shape. Review the closing statement to verify all the costs you’re slated to pay are correct. Once all the funds are transferred and the paperwork is signed, the deal is done. Whether you’re moving to a new neighborhood in Dallas or relocating to a new part of the world, you’re ready for your next adventure.