If you’re looking to sell your home in the state of Kansas, then you might consider selling it on your own without a real estate agent. This method, known as “for sale by owner,” can save you 2.5% to 3% in real estate commissions. However, it also poses some financial and legal risks.
You may be surprised to know that 36% of FSBO sellers reported making legal mistakes. Additionally, research by Clever Real Estate finds that FSBO homes usually sell for 24% less than those listed with agents. This means that the money you’ll save on commissions may not offset the losses incurred from selling your property.
It’s important to understand the laws and regulations of the state of Kansas owner property sale in order to successfully sell your home. For example, state law requires home sellers to make certain disclosures to buyers. These include radon, sexual conviction, and special assessment disclosures. You must provide these disclosures before a buyer signs a purchase contract for the property.
Moreover, the law requires a seller to disclose any material defects within his or her knowledge that might affect the home’s value and desirability. Those that fail to do so could face lawsuits from prospective homebuyers. The Kansas Association of Realtors provides a sample form that sellers can use for these disclosures. However, you should consult with your lawyer to determine which forms and language are best for your situation.
Aside from these, Kansas law does not require a seller to disclose the presence of lead paint or asbestos. However, you should have your property inspected before selling it so that you can be aware of any issues that need to be addressed. In addition, you should be sure to disclose any liens or judgments against the property.
It is also a good idea to hire a professional home stager and photographer. Studies show that professionally staged homes attract more potential buyers and sell faster. Also, homes that are professionally photographed sell 32% faster than those that do not. Lastly, you should declutter and remove personal items from the home to make it more appealing to prospective buyers.
In addition to these steps, you should also create a compelling online listing that highlights the property’s unique features. Use high-quality photographs of the home and include details about its location, square footage, and number of bedrooms and bathrooms. You should also list the price of the home and the terms and conditions of the sale.
Moreover, you should also include a finance contingency in your offer so that the buyer can withdraw his or her offer if the home is unable to secure financing. Alternatively, you can require a mortgage pre-approval letter from the buyer before accepting a bid. This will give the buyer a chance to look for other financing options before the closing date of the transaction. Additionally, you should also add a property inspection contingency that gives the buyer time to have his or her home inspected before the closing date.