Utah Housing Market Guide for Selling a House
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For many people, selling a property often involves a realtor. This home selling process follows a process that requires listing, marketing, staging, inspection, and price negotiation.
It also comes with an additional realtor commission ranging from 5% to 6% of the property value. Homeowners who don’t want to incur this extra cost will often sell the property themselves through the For Sale By Owner (FSBO) option.
By selling directly, you have control over how the house is sold, the pricing strategy, and the negotiation process. It’s also possible to cut down the inspection fee, repairs, or renovation costs, or speed up the process by selling to local real estate investors or home buying companies.
Preparing, Marketing, and Pricing Your Home
Whether you’ll sell your property with a realtor or by yourself, house preparation, marketing, and pricing are necessary. Once the house is vacant and ready for the new owner, you need to list your offer with different sites. A proper pricing strategy is also essential to ensure your offer is competitive in the market.
When listing your home with a realtor, the negotiation process will often occur between your agent and the buyer’s agent. This process may take time before they both reach an agreement. Similarly, the buyer will pay for an independent home inspection and may request some repairs or renovations. However, this isn’t often the case when selling directly to local investors and home buying companies.
Some home buying companies in Utah, such as Family Home Solutions, will buy your home as it is, meaning there’s no need for repairs and costly renovations. They also buy the property for cash, making it an attractive option for owners who want to close quickly and move out at their convenient time.
Once you’ve found a buyer for your property, it’s time to close the deal. If you don’t involve any realtors, you’ll need to navigate the paperwork by yourself. For those new to the housing market, the process can be lengthy but not very hectic. Here are the requirements.
- Two forms of ID such as a driver’s license and a valid passport
- A copy of the original and signed sales agreement and any agreed-upon changes
- A closing statement with all the costs incurred and indicating who pays them
- A signed deed to legally transfer the property to the buyer
- A bill of sale with both your information and that of the buyer. This document lists the final price and what’s included in the sale
- An affidavit of title stating that you own the property and there are no liens. It also notes that you aren’t simultaneously selling the property to another person
Other documents you’ll need to have or present to the buyer include the loan payoff information, survey affidavits, Homeowners Association (HOA) forms and guidelines, and home inspection results. If significant repairs are done to the property, you’ll need to provide the buyer with proof of repairs or renovations.
Closing disclosure forms are also needed, especially if the buyer is taking a mortgage and you’ve agreed to some seller’s concessions. Utah disclosure forms include the Flood Zone statement, the buyer due diligence checklist, seller’s property condition form, and lead-based paint disclosure form.
Depending on how quickly you want to sell your property and your willingness to navigate the paperwork, there are different ways you can find qualified buyers in Utah to close the deal. Using a realtor takes long, but it gives you some peace of mind and perhaps quality offers, depending on the market prices and the property value.
FSBO options come with reduced expenses and more control of the selling process but require that you understand the market and navigate everything independently. Another option is selling to local investors, which guarantees quick cash without realtor fees or renovation and inspection costs. It’s also less hectic as the buyer company will help with paperwork.