Selling your house in today’s times has become both simple and pricey and if you choose to sell a house without a realtor, it might just save you a couple of bucks.
In a place like Texas, selling a house without the assistance of a real estate agent is feasible in Texas, and it might save you a lot of money in agent commission costs—where typically realtors charge hefty commission rates ranging anywhere between 4.50 % to 6.00 %.
While homeowners want to save as much money as possible from the sale of their property, there are a plethora of questions at the back of their minds— are the documents in place? Am I pricing my property too high or low? Should I sell during the winter season? How do I market my property? And much more…
If this sounds like you when you’re selling a property in Texas, then stick around to the end of this article and find out all the answers to your queries and start selling a house in Texas like a seasoned professional.
Without further ado, let’s dive straight in.
Step 1: Time it right
When it comes to selling a house in Texas, timing and pricing go hand in hand. Several reasons might cause considerable fluctuations in sale prices. Understanding real estate trends will assist you in striking while the iron is hot.
Some studies also suggest that June is one of the hottest months for property sales. The best way to figure out the best time for selling a house in Texas is to gain more knowledge about your specific region and understand the anthropogeography.
Step 2: Pricing it right
When it comes to attracting potential buyers for your house, pricing is crucial. If you price your house above the market price, chances are it will sit idle on the market for a while. On the other hand, if you price your house below the market rate, although it will sell fast, you end up disappointed at the end of the sale.
To establish a competitive price for your property, we strongly advise you to keep abreast of the current market circumstances in your region of Texas, as well as evaluate the past performance of similar homes in your neighborhood.
When selling a house in Texas, a comparative market analysis, or CMA, is a neat method many seasoned professionals use when it comes to pricing. It helps to get an approximate price range for the houses in your region
This is subjective especially when multiple offer scenarios, are likely to raise your ultimate sale price over the market price of that property.
Step 3: Start preparing your home
Prior to advertising your house, we strongly urge you to set aside funds for any required repairs and renovations to your property before presenting it to potential buyers. By doing so, you turn the tables in your favor by increasing your property’s overall value and ultimately get a higher offer.
Since Texas has exceptionally hot summers (and warm weather for the majority of the year), having an updated HVAC system in your home is critical, and prospective buyers will inquire about certain details regarding the unit. Investing in a new and updated HVAC system will pay dividends when it comes time to sell your Texas house.
Also, remember that Texas is prone to flooding houses (due to tropical storms and hurricanes); you’ll want to make sure your roof is in good shape. Use this opportunity to replace any missing roof shingles and address any structural issues with your roof.
Step 4: Leverage the power of marketing
The whole world is moving digital—that goes for the real estate industry as well. Aside from basic repairs and upgrades, you’ll want to concentrate on a spectacular online listing for your house to pique the interest of buyers.
Make sure to get professional photographs taken of your house and compose an excellent property listing description.
When your site listing is live, you should optimize its online visibility by listing it on several leading and local MLS or Flat fee MLS, sharing it on various social media platforms, and advertising your house on other realtor websites. If your imagination has arrived at a dead-end, seek help from a real estate agent and ask them for advice.
Step 5: Schedule an open house
You want potential buyers to feel welcome when you show them your property. Although they are now visitors to your house, there is a possibility they may be the next owner.
Make them feel as welcome as possible by providing refreshments at the front entrance for them when they arrive. Welcome them into your home graciously before leaving them alone to explore and visualize themselves in your house.
Open houses are a great way to stimulate buyer interest. Ideally, schedule them on a Sunday afternoon, and keep a time of at least two hours.
Pro tip: You may want to check the weather forecast before scheduling your open house a few days before; a bright sunny day is ideal weather where your chance of attracting more prospective buyers increases.
Step 6: Negotiate the offers
So you’ve got a warm lead for your home that’s almost ready to buy your house, but you’re not there yet. Once a potential buyer has placed an offer on your house, you have the option of submitting a counteroffer if you believe changes should be made.
A counteroffer can carry on forever until both parties reach a mutual agreement or one party decides to back off and the process repeats with another potential buyer.
A buyer may also delegate authority to his or her agent to accept delivery of the signed offer.
If the name of the buyer’s agent is not entered and the box is left unchecked, the offer will not be deemed delivered until the buyer physically gets it. Since that time limit might cause the contract to expire, many brokers choose to accept delivery on behalf of their buyers.
Let us not overlook an important point: as the seller of the property, you are under no obligation to reply to an offer. If the offer has shocked your expectations, or there are unacceptable terms, you have the right to decline or dismiss it totally.
As overwhelming and exciting as it may be when you’re flooded with offers, evaluate with a keen eye. Look for important aspects such as the price, conditions, and closing capabilities. Taking all of this into account, you can effectively handle many bids on your home and sign the best contract.
step 7: Time for appraisal and inspections
Appraisals are comprehensive reports created by qualified appraisers. An appraisal is the sole value assessment considered by a lender when considering whether or not to lend money.
In certain cases, the buyer pays for the assessment when the loan application is submitted. The appraisal charge is sometimes included in the settlement statement and paid at the time of closing.
When it comes to Texas, sellers are under no contractual duty to undertake any repairs. All properties are sold “as-is.”
A seller, on the other hand, might refuse to cooperate with a buyer on terms regarding repair, putting the buyer out of the contract and looking for another house in better condition or with a better price or condition.
step 8: Get your paperwork in order
There is a mountain of paperwork involved in selling a house. While it is beneficial to be aware of all of the documentation that may be required to close on your property, always consult your agent or attorney before signing or filing anything. They can help you with all of the paperwork and make sure you have all you need for your scenario.
Keep these documents ready:
- 2 ID Forms
- Closing Statement
- Signed Deed
- Purchase Agreement and Addendums Copies
- Bill of Sale
- Home Warranty Information
- Copies of Trusts, Relevant Wills, or Power of Attorney Letters
- Affidavit of Title
- Information regarding Loan Payoff
- HOA Forms and Guidelines
- Survey Results or Survey Affidavits
- Home Inspection Results
- Proof of any Repairs or Renovations
- Other Relevant Affidavits (Name Affidavits, Non-Foreign Affidavit under IRC 1445, etc.)
- Statement regarding Flood Zone
- Lead-Based Paint Disclosure
- Correction Statement and Agreement
- Closing Disclosure
- Sellers Disclosure in Texas
Step 9: Close the deal
After you have successfully sailed through the above steps, the final process is the closing process —which typically takes several days to a week to complete. Unlike in attorney review states, the transaction is usually not completed with all parties seated at the same table.
Closing in Texas, an escrow state, consists of numerous processes. First, the buyer’s lender provides final loan paperwork to the escrow agent, and the closing date is set. The closure takes place in an escrow agent’s, closing agent’s, or Title Company’s office. In most cases, the seller signs the closing paperwork first.
Following that, the buyer signs all closing paperwork, including the hud-1 and final financing documentation. The buyer pays the remaining monies for their down payment and closing charges to the escrow agent, closing agent, or title company representative (by cashier’s check).
The transaction is completed when the deed is recorded with the proper municipality. Finally, the buyer receives the keys and formally takes ownership of the property.