What Document Do I Need to Sell My House Without an Agent?
Let’s face it. When you’re in the process of selling your home, it’s rarely an easy one. From working with a realtor to getting your home ready to list, there’s a lot to contend with. And perhaps one of the most frustrating aspects of a home sale is dealing with all of the paperwork.
As a homeowner, chances are good that you’ve already sat through a closing on the other side of the table and you have a fair idea of how much paperwork is involved in the process. At Bill Buys Houses, we help homeowners sell their homes fast, foregoing most of the hassle involved with traditional home sales including some of the paperwork.
In this post, we’re breaking down all of the documents you need to sell your home with and without a cash home buyer. To learn more about how we buy houses or request an offer, give us a call today!
Why So Much Paperwork?
One of the first things to understand about all of the red tape involved in a home sale is that it’s really up to your local government to determine what paperwork is needed. In Minnesota, you can download a PDF file from the Minnesota Attorney General’s office to find out everything you need to do when selling your home. This helpful book is filled with plenty of great advice to guide sellers through the process. Anytime you’re selling to a buyer who is working with a mortgage lender, you’re also going to have to deal with more paperwork.
When you work with a real estate agent or an attorney, they’ll talk you through the required paperwork and help you gather all of the documentation needed on your end. However, if you’re selling a home on your own without a realtor, you’ll need to gather everything yourself.
These are some of the documents you’ll need when selling your home:
1. Sales Contract
When you’re working with a real estate agent or a cash home buyer, you won’t have to worry about drawing up a sales contract. However, when you’re selling a home on your own, you’ll have to draw up the contract yourself, which means you’ll most likely need to hire an attorney to handle it. Although contract templates are available online, you want to make sure everything is in order so you’re legally protected as the seller.
At its most basic, a sales contract needs to include the names of the buyer and seller, the closing date, and the purchase price. It should also include a thorough description of the property’s address and lot size and any fixtures included in the sale, any contingencies, and financing information.
2. Inspection Report
When you’re working with a home buyer, their lender will require a home inspection as part of the process. After the buyer sets up an inspection, someone will come in to inspect the home thoroughly from exterior to interior.
After the inspection, they’ll compile a home inspection report that includes pictures. These are typically around 50-page documents that break down details about your home’s plumbing, fireplace, electrical system, structure, foundation, and more. Since this document is on the buyer’s end of things, you won’t have to worry about it.
3. Home Appraisal Report
Anytime you’re selling your home to a buyer with a mortgage lender, you’ll need an appraisal report for the sale. This ensures the lender that the asking price of the home is not higher than the home’s market value. These reports are usually around ten pages long and include details about how the appraiser arrived at the appraisal amount.
When working without a real estate agent, negotiating after the appraisal can prove challenging if the appraisal comes in low. However, if you’re working with a cash home buyer, they’ll handle the appraisal process before making a cash offer.
4. HOA Information
Is the home you’re selling located in an HOA neighborhood? Sellers are expected to provide the new buyer with a copy of all relevant homeowner’s association information including HOA covenants, rules, and dues information.
5. Maintenance Records and Warranties
When selling your home directly without an agent, you’ll need to provide your buyer with all maintenance records related to work on the home. Additionally, gather up warranty information on any materials or fixtures that are still under warranty if the warranty is transferable.
6. Property Tax Information
Sellers are required to provide property tax information to their buyers so the new homeowner can estimate property tax expenses ahead of the closing. As the seller, you’ll also need to find out if you’re responsible for paying any property taxes before selling your home.
7. Title Reports
A title report is a lengthy report compiled by a title company outlining any and all issues related to the title. This will include information about unpaid taxes, liens, or other title issues that could interfere with the sale. The title report is taken care of on the buyer’s or lender’s end.
Your deed is the actual document describing your property and giving you ownership of the home. During the closing process, the deed will be signed over to the new buyer.
Simplify Your Home Sale Process With a Cash Home Buyer
Selling your home can be a complicated process under the best of circumstances. But when you work with a cash home buyer from Bill Buys Houses, we cut out as much of the red tape as possible. With cash home offers within a week, you can be out from under your home faster. To get your offer, contact us on the web or give us a call at 651-270-9191.