Selling a house in Tennessee can be stressful, complicated, and cumbersome, especially if it is your first time. There are specific procedures, laws, and rules that you need to understand to have a stress-free sale. Therefore, if you are planning to sell your house in Tennessee, there are factors you need to consider and know about the local market. Consequently, we have come up with this concise guide on selling your house to cash home buyers in TN.
General Steps to Selling Your House
1. Decide on How You Want to Sell Your House
If you are going to have a stress-free sell, the first thing you must resolve within yourself is to figure out the best way you would like to sell your house. When it comes to selling your house in TN, there are different options at your disposal. Therefore, you need to carefully analyze each of the options and choose the one that best suits you. The choice you make will affect how the selling process will go. That is why you need to make the decision carefully.
One of the first options to consider is to list the property with a real estate agent on the open market. This is one of the most common ways many people in Tennessee sell their houses because real estate agents are believed to be more experienced at selling homes. Moreover, agents understand how the process works. They can reach an agreement with the homeowner quickly and handle all the paperwork associated with the house’s sale. A good real estate agent will guide you on how the Tennessee housing market operates. For the services they render, real estate agents in TN charge a commission fee between 5.2 to 6% of the sale price. You are also typically responsible for all closing costs associated with the sale of the property.
If you are not okay with the idea of paying commission fees to real estate agents for helping you sell your house, then you can opt-in for the option of selling it yourself. In TN, this system is known as FSBO (For Sale by Owner). By implication, this invariably means you are solely responsible for the selling process, from start to finish. It will save you cost, but it is more strenuous as you will have to do all the paperwork, marketing and negotiations yourself. The downside of the FSBO method is that you might not make as much money from the sale as you would if you had used an experienced real estate agent.
The third alternative you have is selling your house to cash home buyers (like Aniya Equity LLC) directly rather than selling it on the open market. Not only do you avoid agent fees, but you also get to sell your house instantly and get your cash offer within a few days. Also, by selling your home directly to a real estate investor, you do not need to bother yourself about the pitfalls that come with selling your house on the open market. This is the best method to adopt in selling your home, especially in cases where there are damaging issues (code violations, flooding, and foundation problem) or financial problems (foreclosure, tax lien) that could make selling the house extremely difficult.
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For a free, no-obligation consultation call: 615-669-1610, or Fill Out This Form For Your FAIR Offer
2. Setting Your Sale Price
If you decide to list the house on the open market, the next thing to deal with is how to set your sale price. Setting your sale price is nothing but finding your fair balance between the Tennessee housing market conditions and your expectations. If you do not reach a consensus quickly, your house will remain on the open market longer than you anticipated.
One of the smartest things to do to set a fair sale price for your house is to do a quick market survey. Do a brief background survey on how much similar homes are sold in the neighborhood. This will give you an idea of how much you should set as the price of your house. Also, reach out to homeowners who have sold their homes recently & inquire about how the process went and the price. You will gain a better understanding of the current value of your house.
Read More: Sell Your House in Oak Grove KY
3. Consider the Home Appeal and Inspection
If you want to attract a handsome fee for the sale of your house, you need to make the house appealing to potential buyers’ eyes. To achieve this, you must clear out the house and give it a neutral setting. Before making an offer for your house, you might want to consider getting a home inspection company to do a pre-sale inspection. This is a vital part of home selling that potential buyers take seriously.
Although a thorough pre-sale inspection can be costly, it is worth every penny spent, as it will help you avoid so many costly surprises that may arise once the house is sold without inspections.
Furthermore, most states, including Tennessee, have disclosure rules that warrant you to disclose known repair areas in your home when potential buyers ask directly. The best way to learn about areas that need repairs is by doing a thorough pre-sale inspection.
If you are working with a real estate agent to sell your house, request a pre-sale inspection before the selling process kickstarted. If you are selling the house yourself, then you should get a house inspector yourself to do the pre-sale inspection. Get a detailed report from the house inspector at the end of the inspection. The report should contain a detailed analysis of the property’s condition and possible areas of problems and repairs (if any).
One of the advantages of doing a pre-sale inspection before selling your house is that it allows you to make quick repairs on areas that could disgust potential buyers if left unrepaired. Unlike Aniya Equity LLC, which does not need to inspect your house before proposing an offer; other potential buyers will carry out their inspection. If they find any problem, it might reduce the value of your property or cause them to walk away. Therefore, having a pre-sale inspection puts you one step ahead of the potential buyer and speeds up the selling process.
4. Make Some Repairs
After the pre-sale home inspection, if there are serious fixes that need to be done, do not hesitate to make the repairs and upgrades. This will help hasten the selling process because, most times, negotiating repairs with your buyer will delay the whole transaction. Do not try to conceal problems and repairs discovered during the home inspection. Even if you do, it will be found during the buyer’s assessment, and it may be to your detriment. You must either fix all the problems ahead of time or set the property’s price below market value to account for the repairs and problems. Or, you can list the house at a standard price and offer the buyer a good discount toward fixing the repairs.
Our candid advice is that if you want to sell your house stress-free and fast, always fix all the repairs yourself or by a professional before listing the property. This will generally increase the value of your property and attract high-paying buyers. Moreover, people prefer buying houses with no repairs (ready-to-move-in houses). Nonetheless, do not waste your time, energy, and resources trying to go overboard with upgrades and repairs. Consult real estate agents and understand what potential buyers in the real estate market need. This way, they can help increase your property’s value before the sale by giving you the best upgrade ideas.
Focus on minor repairs that will give potential buyers a welcoming first impression. Some of the areas you need to upgrade before selling include the kitchen and bathroom. Also, ensure the HVAC system is working well and fix any damaged roof and cracked ceiling or walls.
5. Decide Your Asking Price
Whether you wish to sell the house yourself, sell it with the help of a real estate agent, or sell it directly to a real estate investor, you need to set your asking price. Setting an excessively high price can scare off potential buyers. Similarly, underestimating your property’s worth may cause you loss of money. Therefore, it is important to set the right price from the beginning. To determine the most suitable asking price for your property, there must be a balance between Tennessee’s real estate market condition and your expectation.
Therefore, you need to be objective in figuring out the worth and value of your house as referenced in number 3 (setting your sale price). If you want to sell your home fast, the best thing is to conduct a comparative market analysis (CMA). Moreover, every potential buyer will first conduct this analysis to determine a fair price to offer for your house. Therefore, as a seller, you should do this also to determine a reasonable asking price.
If you are working with a real estate agent to sell your house, that agent will conduct the comparative market analysis for you free. However, if you are selling the property yourself without a real estate agent’s help, you have to do the analysis yourself. Different online tools can help you run the analysis faster.
6. Stage the House for Sale
After all the necessary repairs and upgrades in the house are done, the next step is to prepare the house. This process is known as staging. This starts with cleaning up the house and getting a photographer to capture the house’s main features and displays. Potential buyers will examine and access every room, shelf, and surface. Therefore, you need to prepare for that. You need to start thinking like a marketer and quit seeing the house as your property. Instead, you should start seeing things from the perspective of a potential buyer.
Home staging will help potential buyers buy your house quickly. The main rooms you should stage for the home staging include the living room, master bedroom, kitchen, and the master bathroom. Consider outfitting with the furniture as empty houses are difficult to sell. This step aims to help buyers have a first-hand experience of seeing your house as theirs.
According to a real estate survey conducted in 2019, houses with professional photos and home staging sell 40 percent faster than houses without photos in their listing.
7. Draft a Listing
To prepare a perfect listing for selling your house, you need to gather important facts and data about the home. This consists of quantitative details about the house, like the year it was built, the number of bedrooms & bathrooms, lot size, interior square footage, and the asking price. Other important information includes the address & neighborhood, parking arrangements, and cooling and heating configuration.
Your listing will be incomplete without having photos. One of the first things that attract potential buyers to your property is the pictures. Therefore, you must hire the services of a professional photographer who specializes in real estate photography. Another critical section of your listing is the real estate description, which should give more emphasis on the selling point of your property. The description should be simple, creative, concise, persuasive, and convincing. Focus on highlighting the unique features of the house that will attract potential buyers to the property.
8. Market the Property
To attract potential real estate investors and buyers, you need to market your house. You can adopt different marketing strategies, including print media, local flyers, magazines, newspapers, for sale signs, and social media (such as Instagram, Twitter, Pinterest, Facebook, and WhatsApp). If you are working with a real estate agent for the sale, the agent will be responsible for the marketing process.
However, if you are selling it yourself, you have to do the marketing yourself or search for top cash home buyers (like Aniya Equity) who will buy the property from you without hassle.
9. Receive Purchase Offers and Begin the Negotiation Process
At this stage, you should have received tons of offers. Purchasing offers are sent to you directly or submitted by the potential buyer’s agent to your agent (if you are selling through a real estate agent). If you are lucky, you will receive multiple offers making it difficult which to accept. You will need to review them and sort out the best that suits you.
When you receive a purchasing offer, you have a few options. You can either accept the offer, file for a counteroffer, or reject the offer outright. A counteroffer is an offer you send to the potential buyer when their bid is lower than your asking price. You must be very careful when reviewing the offers you receive; you might be tempted to pick the highest offer blindly. While this is not bad in itself, there are still other factors you need to consider other than the price, like:
- down payment
- closing cost
- pre-approval letter
- mode of payment (bank financing or cash)
- proof of funds to pay the full purchasing price
- seller’s concessions on title insurance and inspection fees
- buyer’s contingency (whether the buyer will sell their current house before paying)
10. Accept an Offer, Close the Sale and Complete the Paperwork
Once you have determined which of the offers is best suitable for you, you need to move to the final stage – closing the sale. You need a title company or an escrow attorney to help in the closing process. This title company or attorney will serve as a third party to witness and facilitate payment between the seller & buyer and gather all the necessary documents. Once your property is in escrow, running a property title report confirms the house’s legal owner (which is you).
Unknown issues with title reports can delay the selling process. Apart from the title report, your title & escrow company or attorney will also secure and forward other documents, like property information statement, state-specific forms, grant deed, etc. Once all the documents are cleared, all that is left is for you to sign them and receive your money.
Read More: Where to Invest Money from Selling a House
How to Sell Your House to a Real Estate Investor in Tennessee
One of the best options you have is selling your house to cash home buyers like Aniya equity. We buy houses in Kentucky and Tennessee. We buy houses in any condition, no questions asked; and make the selling process easy for you. We charge no expensive broker commissions and fees and do not require home inspection or cleaning. Our dedicated team of real estate professionals is ever ready to buy your house. They will walk you through the whole selling process (initial consultation, making a perfect offer for the home, paying off your existing taxes & mortgages, and closing the offer). When we buy houses from homeowners, we make the process super-fast and stress-free. Contact us today, and you will receive a fair offer in less than 24 hours.
How Much Will a Real Estate Investor Pay for my House?
You may receive different purchasing offers from several cash home buyers. The offer you receive depends on the type of investor making the offer. For instance, in Tennessee, the main types of real estate investors that exist include local cash buyers, flippers, wholesalers, and out-of-state investors. You should always deal with local cash buyers; they are the best type of cash home buyers to sell your house. They are more likely to be trustworthy, fast, offer fair prices, and meet all the requirements you seek in an investor. How can you expect an out-of-state investor to handle all the local processes involved in selling your house to cash home buyers?
How much you get to receive depends on so many factors like the current market condition and your home condition. Therefore, if the market is bullish at the time of your sale, expect to receive high offers. Cash home buyers may offer less than retail, but by selling your house to cash home buyers, you will not be charged the commissions required by agents. This saves you an average of $6k for every $100k. Plus, you do not have to pay any closing fees. The cost can really add up when you forego the option of selling to an investor.
The Benefits of Selling Your House to a Real Estate Investor
- AS-IS Purchase
Investors are not buying your home because they want to live in it. Therefore, the company does not care whether your bathroom or kitchen is updated. In fact, most cash home buyers like to buy old and outdated homes so they can fix and resell or rent them.
- Quick Closing
Selling your house to cash home buyers helps you save time, especially when you need cash immediately. Local cash home buyers in TN offer cash; therefore, you are sure of receiving your payment if you accept their offer based on your house’s condition. All things being equal, it takes 5-7 days to close with a real estate investor. When you close early, you stand a chance of avoiding expensive costs like extra months of mortgage payments, maintenance costs, and utilities.
- No Extra Cost
With a real estate investor, you do not need to pay any fees, closing costs, or commissions. And can stop maintenance and tax payments instantly. It will also save you the stress of trying to remodel the house yourself.
Cash home buyers are companies or individuals who want to purchase your home as-is to make a profit. Therefore, the negotiation and selling process will go faster and easier than when you are negotiating with first-time home buyers. Selling your house to cash home buyers is not for everyone. If you feel you have the time, energy, and resources to sell the home yourself, then opt for FSBO.
However, selling your house to cash home buyers comes with ease and swiftness. Carefully review all the offers you receive from various investors and choose local cash buyers who are honest. Keep in mind that how much you eventually receive for your house depends on your home’s condition and the current market condition.
Sell Your House Fast | We Buy Houses
For a free, no-obligation consultation call: 615-669-1610, or Fill Out This Form For Your FAIR Offer