Listing Your Flip House for Sale

Flipping Your Ugly House

Final Phase Punch List:

Now that you have successfully purchased and renovated the property, now is the time to get your property ready for resale. At this point is where you need to make sure that everything on your scope of work has been completed. You have finalized your punch list, and made sure that all the work preformed is up to standards.

Always get a professional home inspection once all the construction work has been completed. Make sure you complete the inspections to address any issues that need attention. Always complete this before issuing your contractors final payment. This will ensure that you have covered everything in your home and your house is ready to be listed for sale.

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Listing Your Home For Sale:

Now is the time to meet with your Real Estate Agent / Broker. Hopefully by now, throughout the course of this renovation project, you have identified with whom you will be listing your house. At this moment is when you must have a very good detailed scope of work and list of improvements that you have done to the property and provide those to the listing broker. This list should give a full detail of the amount of work and improvements that were done to your property. Also you want to share how much money you invested into the improvements. Make sure your agent creates a beautiful brochure and ensure that these are always at the property. This will be valuable and important information to the buyers.

Remember most of the work done behind the walls will not be visible to the buyers, however it's very important to relay what improvements were done to the home. Everything that you have done to this property will force the appreciation and the value. The more you can share, the more valuable the property will be to a buyer.

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Running Comps

At this point in the transaction is when you really want to start reviewing the recent sales comparables in the area to determine what your resale value is going to be. Make sure that the comps you are reviewing are within the general area and are compatible is size, age, style, and condition. Make sure to look at listed homes for sale, pending sales, and properties that are currently under contract, also look at recently sold properties; a good rule of thumb is usually 60 days. It's good practice to contact agents with a current listing in the same area to further understand what the current market conditions are. Real estate Agents and Brokers will have different opinions in value, so you as the seller must make the decision of how much to list the property for. This is why it is important as an investor to do your own homework, make the calls to the agents, gather market condition information, and make your informed decision. 

Pro Tip: Having an appraiser on your team will be so valuable during the sales process. Make sure you have one!

Here are some sites where you can run your own comps.

1. www.narrpr.com
2. www.propertyradar.com
3. www.zillow.com

 

Now that you have determined what your resale price will be for the house, now it is time to list the house for sale.

THIS IS ONE OF THE MOST SIGNIFICANT MILESTONES OF ANY INVESTOR. You should be extremely proud of yourself and your team for getting the project to this point. At this stage you will start to see how much you have developed as an investor, how much you have learned, how much your team has developed. Investing is a team sport and we strongly believe that the success of any business is only as good as it's team members. Now its time for your real estate agent to list the house, and bring you offers that you will begin to review and negotiate. 

 

Wishing you much success good fortune and many closings!

- Marco and Jenny Chaidez