Are You an Out of State Seller?

If you are ready to sell a piece of property you own but are worried about the out-of-state implications, it’s a legitimate concern to have. This is because there are unique challenges to consider that likely stray from the local processes you are used to. Often, one of the first questions a realtor or real estate attorney will ask is: Are you an out-of-state seller? The answer to this question will heavily impact how they conduct the next parts of the process.

Having the right strategies and support in place can help ensure the process will be as smooth and successful as it would be in-state. Regardless of what type of property you are ready to sell out-of-state, taking the following tips into consideration can help simplify the process.

Choose a Reliable Local Real Estate Agent

Selecting a local real estate agent is a highly recommended first step to take after deciding you want to sell a piece of property out-of-state. Having a resource like this who is more familiar than you with the specific conditions of the local market can remove any issues that may arise from you being unfamiliar with this information. The agent can also handle local showings and negotiate with buyers on your behalf without needing your physical presence.

To maximize your odds of success, find someone in the area who has been highly rated and has years of successful experience. When looking for the right agent for the job, check out online review sites like Zillow and Google for insights from past clients. Asking for recommendations from family or colleagues who have also recently sold property in the area can be advantageous.

Before hiring someone, be sure to set up an interview to gauge their experience and ensure you feel comfortable with them handling the selling process when you are not physically present to supervise the situation.

Leverage Technology for Marketing and Communication

In addition to your real estate agent, technology can also help to bridge the gap when you are not able to be physically present. Using features like video calls for tours and digital signatures can help streamline communication between you and your prospective buyers to speed the process along. Your local agent can use these tools to create high-quality tours and online listings to attract as many interested buyers as possible.

Set a Realistic Price

You want to make sure you are pricing your property strategically to attract legitimate buyers and close the sale. Meet with your local agent to conduct a comparative market analysis and figure out what the most competitive listing price could be. While you may be tempted to overprice your home to see if anyone is willing to purchase it at that price, you risk a prolonged listing period, which would end up hurting your profits.

Prepare for the Sale

Take time to make sure your property is in good condition to enhance its marketability and sale price. Hire a professional inspector and take care of any repairs proactively. Clean the location thoroughly to enhance both the home’s internal and curb appeal. You want people to not only imagine themselves living in the home as they tour but also desire to live there as soon as possible. Professionally staging the home can also make the home appear more desirable.

Be Prepared for Negotiations and Closing

One of the most critical parts of the selling process is the negotiation and closing stage. You want to be prepared to respond to an offer promptly with a strategic counteroffer. Leveraging the wisdom of your agent will be crucial to negotiating terms that align with both your and your buyer’s goals. For out-of-state sellers, the closing process can also be handled remotely using services like a mobile notary or mail-away closing services.

FAQ

What Does It Mean to Be a Remote Seller?

A remote seller can either be an individual or business planning to sell a piece of property from a location different from where the buyer is located. This process will consist of remote transactions and virtual communications in lieu of traditional in-person engagements. It’s important for remote sellers to understand what laws and regulations differ from what they are used to in their primary area of residence. Hiring a local agent and attorney can bridge this gap.

Do I Need to be Physically Present at the Closing if I am an Out-of-State Seller?

If you are selling real estate out-of-state, you do not need to be present physically. This is because many aspects of the closing process, such as signing closing documents, can be accomplished digitally. If it makes you more comfortable, you can also assign a power of attorney to sign items on your behalf. Be sure to check in with your real estate agent prior to closing remotely to ensure all legal requirements will be met.

What Are the Implications of Capital Gains Tax for Out-of-State Sellers?

All out-of-state sellers need to consider how capital gains tax could impact their real estate transactions. Capital gains tax is based on the difference between the selling price and how much it was originally purchased for. In South Carolina, up to 7% of any apparent gain from the sale could be withheld. Consult with a tax professional and your attorney to accurately predict these costs and incorporate them into your budget.

Contact Mack & Mack Attorneys Today

Navigating the ins and outs of selling property out-of-state can be extremely overwhelming. The process can be simplified with the right help. The team at Mack & Mack Attorneys has spent years understanding the specifics of real estate transactions to bridge the knowledge gap between local regulations and our clients. Our team works closely to guide each client through every step of the process to ensure your sale is compliant and successful.

Don’t let distance be a barrier to securing your next successful real estate transaction. Contact us today to begin the process of selling your out-of-state property and see how we can help you during this potentially difficult time.