How to Sell a Home Remotely

Are you an ‘accidental landlord’—someone who had to move many miles away but couldn’t afford to sell your home due to the low home values in recent years? If so, you might be thinking about finally offloading your property, now that the market is bouncing back. But being a remote seller brings a whole set of concerns, questions and uncertainties. Here’s how to sell a house remotely.

1. Talk to your tax pro. There could be negative or positive tax implications based on when you sell, when you purchased, and when you last lived there. Talk to your CPA well before you plan a sale; it can save you time and money. For example, it might be that selling your home will result in a loss, which could help your taxes, but you want that loss to happen in the next tax year.

2. Leverage your agent. The best real estate agents maintain contact with previous clients. A good agent may even help you obtain new tenants, come to the aid of your current tenant, or be your remote “feet on the street” when you’re trying to sell a home from many miles away. By maintaining ties to your agent, it will be easier to turn to them when you’re ready to finally offload the property and get the ball rolling.

3. Plan a long weekend back to your previous home. Plan a trip to see your property months in advance before selling, if possible. While there, meet face-to-face with the tenant and notify them of your desire to sell. Assess whether the home needs work. If so, meet with the necessary painters, carpenters or stagers. Identify exactly what needs work and get bids. Also interview agents if you don’t have one already. If you already have an agent, meet with them, preferably at your property. Introduce your agent to your tenant, too, if possible.

4. Visit the comps. While back in town, get a feel for the most recent comps, either with your agent or by going to open houses. Try to understand your property’s baseline home value, based on what you see.

5. Treat your tenant well. As stressful as it is on you to sell the home remotely, the tenant has to find a new home, potentially pay more in rent, and physically move.

So treat your tenant well from the very first time you discuss the selling option. Giving them enough advanced notice will benefit them and you. If the property shows well, incentivize your tenant (provided it’s a ‘good’ tenant) to stay in the property during the marketing period by offering to reduce their rent. A “staged” or lived-in home sells faster than a vacant one. Once you have an offer from a buyer, coordinate with the tenant on the timing of a closing. By reducing their rent, you can also ask them to cooperate with showings, open houses or inspections.

If they aren’t a great tenant or the home doesn’t show well with their stuff there, give them enough advanced notice to move out so you can do any necessary work. Be sure their lease has officially ended, that they receive their security deposit back, and there aren’t any loose ends.

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