Selling a home in Mississippi

The state of Mississippi, which is part of the Deep South, got its name from the famous Mississippi River. The name, according to Native American folklore, means “Father of Waters.” Mississippi stretches from the Gulf of Mexico to the Tennessee border passing through historic sites and some of the most unspoiled marshland in America.

Mississippi’s cost of living is very favorable at three percent below the national average while housing costs are below the 12 percent national average. In fact, the state has 21 certified retirement cities considered the best areas for retirement living. The housing market in Mississippi is fairly stable with a rebounding economy after the damage caused by Hurricane Katrina.

Set a fair price

When selling a home, knowledge about your locality’s residential real estate market is a must. Being informed about the current housing trend and prices is always an advantage. It will help you in deciding a fair market value for your home to attract more potential buyers. Be sure to set a selling price which is not too low and too high. Also, be open to negotiations should an interested buyer asks for a little price adjustment.

Home staging is another important consideration. The way you present your home to buyers will determine how fast your home sells on the market. Clean everything in your home, provide more space and throw away clutter. These tasks should be on top of your list before marketing your abode.

Advertise your home in as many ways as you can with the least cost. Use websites that provide free home listing services or you can create your own website. Be sure to include a photo of your house. Tell your family and friends that you are selling your home so they, too, can spread the word. Make leaflets and distribute them in public places or send email to real estate firms in your area.

Real Estate Forms

Selling a residential real estate involves several legal forms. Consult your lawyer about this if you need more information. Remember that you are about to enter into a legal transaction therefore it is best that you learn about the vital forms needed.

Once you have an interested buyer, the first document you will receive is a purchase agreement or purchase offer. The seller must then furnish the buyer with disclosure statements pertaining to the condition of the property and possible use of lead-based paint. The residential disclosure form contains information on the condition of the property, its age, repairs done and existing defects. The lead-based paint disclosure is required by Federal law for homes built before 1978 when paint with lead content might have been used in the house. If the home being purchased was constructed before 1978, the form is required and must be signed by the seller and buyer. A lead-based paint pamphlet issued by the Environment Protection Agency must also accompany the form.

The closing is also a crucial part of the process. In most cases, two closings are involved – one on the purchase of real estate and the other one on the mortgage loan a buyer is taking to own that real estate. The forms include the HUD form 1 or settlement statement, warranty deed, pro-ration agreements, tax and utility receipts, name affidavit, acknowledgment report and abstract of title, among many others.

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