Checklist for Selling a House or Investment Property
Ready to sell your home or investment property? Here is a checklist of 5 things you’ll need to prepare.
1. Truth in Sale of Housing Report
If you have a single-family home, condo, townhome or duplex located in Minneapolis or St. Paul you will need to have a Truth in Sale of Housing (TISH) report completed before listing your single-family home or duplex for sale. The average price for a St. Paul or Minneapolis Truth in Sale of Housing report is around $250-$275 and must be completed by a licensed evaluator.
The City of St. Paul Truth in Housing also accepts the following alternative disclosure reports if they are less than one year old:
A valid certificate of code compliance.
Orders from a certificate of code compliance inspection as set forth in section 33.06 of the Legislative Code.
A current Certificate of Occupancy issued by the Department of Safety and Inspections Fire Prevention Certificate of Occupancy Program.
Triplexes and fourplexes in Minneapolis and Saint Paul do not require a TISH report. If your duplex, triplex or fourplex is located in another city, check that specific city’s website for specific rules and regulations in regard to a TISH report.
2. Selling rental property with existing tenants and leases (if applicable)
In general, it is better to have one vacant unit when you are planning to list your property. The two most important reasons for this are:
Ease of showing the unit to prospective buyers
You eliminate a large pool of buyers if they are unable to move into the property.
If you do not want to have a vacancy, another good option is to switch all leases over to month-to-month ahead of when you plan to sell your home. You’ll also want to have the leases updated to reflect current terms and have them ready to share with a prospective buyer after you have accepted an offer.
3. Average utility costs
Prospective buyers will do a financial analysis of the property. Put together an accurate, up to date list of current utilities amounts that you pay.
4. Seller’s Disclosure Statement or Seller Disclosure Alternate Form
Required in the State of Minnesota to be signed by hand this disclosure needs to be printed out and available for all prospective buyers to see when touring the property. If there are tenants in all the units you can have this available electronically.
5. List recent property improvements
Have you kept impeccable records of all the updates, repairs and maintenance you’ve done on the property? Now is your time to shine… potential buyers love this.
Now that you are all set with a checklist of items to take care of, find out what your property could sell for in this market. With low inventory and high demand, it is a great time to be a seller!
