Selling an Indiana Home Without a Realtor? (Part 1)
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We encourage people to use realtor services to sell property instead of trying to sell real estate without realtor assistance. Realtor services can help maximize the sale price (often dramatically) and minimize distractions and headaches that require sellers to take time off work. However, we have tips and ideas for sellers that really want to market their own real estate.
While a seller is preparing to sell real estate, the seller should take these initial steps to prepare for the sale negotiations:
- Research sale prices of similar homes in the community to determine a reasonable asking price for the real estate. Most counties publish sale prices for recent real estate transactions on their property tax websites. To find the county’s property tax website, run a web search with the name of the county in the acronym “GIS” to find a link to the county’s online property tax records. Then, zoom in on the map of town or community area and click on the locations of homes that have sold recently in the community. When the website shows information about the current owner, look for a link to a “parcel report” or “property card,” and scroll through that record to find the date and sale price for the most recent sale of that property. This is part of the work that real estate appraisers perform to identify sale prices of comparable properties when they appraise a property. After examining several comparable sales, the seller may get a feel for the range of prices for properties like the home that seller is trying to sell.
- Make list of anything that the seller will be including in the sale that the purchase agreement should describe (such as appliances, curtains, furniture, wall hangings or artwork, etc.).
- Download and complete an Indiana seller’s disclosure form from in.gov/pla/files/Sellers_Disclosure_Form.pdf. The disclosure must identify things that are broken or do not work, such as plumbing, electrical systems, sewer or septic systems, floors, walls, ceilings, roof, or foundation, including damage from water, mold, termites, or fire. The seller read the instructions on the form carefully and consult an attorney if the seller has any questions about how to complete the form.
- If the home was built before 1978, the federal Environmental Protection Agency requires a seller to provide information about lead paint hazards to a potential buyer. If the seller does not know the date that the home was built, the seller should be able to find information about the approximate date of home construction on the county property tax website. The seller can find the lead paint disclosure requirements and forms on the EPA website at: https://www.epa.gov/lead/real-estate-disclosure (click on the “Sample Seller’s Disclosure of Information (PDF)” and download it, then, click on the “Protect Your Family From Lead In Your Home (PDF)” link on the EPA webpage and download that document). The seller will need to complete the disclosure form, provide the informational pamphlet to a prospective buyer, and both parties will need to sign and retain a copy of the disclosure form.
For more information on this topic, please see Selling an Indiana Home Without a Realtor? (Part 2) and Selling an Indiana Home Without a Realtor? (Part 3).
Jeff R. Hawkins and Jennifer J. Hawkins are Trust & Estate Specialty Board Certified Indiana Trust & Estate Lawyers and active members of the Indiana State Bar Association and National Academy of Elder Law Attorneys. Both lawyers are admitted to practice law in Indiana, and Jeff Hawkins is admitted to practice law in Illinois. Jeff is also a registered civil mediator, a Fellow of the American College of Trust and Estate Counsel and the Indiana Bar Foundation; a member of the Illinois State Bar Association and the Indiana Association of Mediators; and he was the 2014-15 President of the Indiana State Bar Association.
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