The easiest and most cost effective way to sell Myrtle Beach Homes is by utilizing the help of a qualified real estate agent, but some homeowners feel they will save money by handling the transaction on their own.
This process is referred to as “for sale by owner” or FSBO and it requires that a Myrtle Beach homeowner not only be knowledgeable in how to market their Myrtle Beach home but also know who is their target market and they must also understand how to handle the paperwork involved in a Myrtle Beach real estate transaction. Pricing Myrtle Beach homes for sale is not an easy process and you could be leaving money on the table by trying to sell your home yourself.
Services For Selling Myrtle Beach Homes
Yes, there are services that assist with providing FSBOs with the necessary tools for selling Myrtle Beach homes. These services usually charge a percentage of the sale or in some cases a flat fee to cover their expenses. The services provided for selling Myrtle Beach homes include flyers, signs for the yard, contracts and an internet link on the service company’s website. These services do NOT provide information on how to market the home in a way that will attract potential buyers for Myrtle Beach homes.
If you are considering trying to sell your Myrtle Beach home yourself, you will need to take into consideration the steps that need to be taken to sell a Myrtle Beach home and meet the legal and tax requirements. Here is a list of items needed to sell Myrtle Beach homes (this is not an all inclusive list):
- Binding and legal contract forms for selling Myrtle Beach homes
- Disclosure forms which are mandated by federal law
- Disclosure of any defects in the home
- Disclosure of any tax implications, including IRS capital gains requirements
- Who is responsible for real estate taxes
- Any liens against the Myrtle Beach home or any deed restrictions
- Home owner association restrictions
Forms For Selling Myrtle Beach Homes
Many states will make these forms available for home owners who want to see their homes. You can also find some of these forms at your local office supply outlet. You will always want to have an attorney review all forms to verify they are legally binding contracts and that they protect you the seller. An attorney can also determine if they meet all state and federal guidelines.
Keep in mind there are federally required forms such as the Led Based Paint Disclosure form which will result in fines to the Myrtle Beach homeowner if they are not included in the transaction.
Possible litigation issued by angry buyers of Myrtle Beach homes after the closing is a big risk for FSBOs. This litigation could be initiated due to the failure to properly disclose any needed repairs – even if they were unknown to the seller. For this reason a Myrtle Beach homes seller should have a home inspection prior to listing their home for sale. A wise Myrtle Beach home buyer will request an inspection, so knowing what repairs are needed in advance is in your best interest.
If you are a Myrtle Beach home owner thinking about listing as FSBO, you will definitely want to contact a tax professional to determine the consequences of selling your home. You will want to ask about capital gains that may result in additional taxes being due at the end of the year. If you have unpaid real estate taxes, you will want to find out who is ultimately responsible for the payment of these taxes.
Yes selling Myrtle Beach homes by you the owner is possible, but there are many issues that will need to be resolved to be successful and legal with your Myrtle Beach home sale. Be sure you:
- Contact the right professionals
- Understand all state and federal laws with regards to the sale of your home
- Fully understand the tax consequences of selling your home
We encourage you to give us a call to discuss your listing before you decide to sell your home yourself. We are the area specialists for selling Myrtle Beach homes. All consultations are free and confidential.
Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577