4 Best Ways for Selling a Home in Mississippi

Via a private sale, you can sell a property in Mississippi quickly and for cash.

All-cash sales don’t involve traditional mortgage lenders, so you won’t have the delay of loan applications, approvals, home appraisals, and the underwriter review.

You won’t deal with home inspectors examining your property and the risk of renegotiations after an inspector finds damage and health threats not listed on your property disclosure.

The private sale also allows you to skip the public attention to your home — no broker previews, open houses, or regular home showings. A private sale is just that — private!

What Are Home Buying Companies?

Home buying companies are real estate investors who buy with cash.

It might be a solo investor, or a group who combine funds to buy property. Hedge funds also buy residential properties.

The element that they all share is they pay with cash, either their own money or with hard money loans that provide the cash they use to buy.

Some investors focus on buying rental homes that they continue to get income from. Other property investors in Mississippi purchase houses and remodel them into turnkey properties to sell.

Mississippi real estate investment opportunities include every type of property — single-family houses, attached homes like condos or townhomes, vacation rentals, and manufactured homes. They even buy vacant land.

Professional property buyers aren’t sticklers about the condition of your home. Most of them will buy turnkey houses, but they’ll also purchase properties that are major fixers.

Selling your home to an investor may offer special benefits for homeowners who are:

• selling a house to avoid a foreclosure
• selling a house with renters who refuse to move
• selling a house to avoid bankruptcy
• selling a home that needs work
• selling property under probate after a will has been validated
• selling a house with unpaid property taxes
• selling a hoarder house
• selling to downsize to a smaller property
• selling a home during a divorce
• selling a house for a job relocation

Mississippi investor-friendly title companies offer specialized services, so you may work with one of them if you sell privately to an all-cash buyer.

Pros of Selling to a Home Buying Company

• Investors’ main offering is helping you sell your house for cash fast and easily.

• You won’t have to worry that cash house buyers in Mississippi will back out of the deal because they can’t find a mortgage or their lender’s appraisal doesn’t meet the contracted sales price.

• You’ll save time and money when you skip home prep. Investors aren’t scared by things in your property that need repairs, so you can simply sell in as-is condition.

• Commission savings are significant in an investor sale. You’ll save commissions on your side when you don’t use a Realtor and the buyer’s side (customarily paid by sellers) because investors don’t charge commission fees.

• Investors also typically pay real estate closing costs for sellers.

Cons of Selling to a Home Buying Company

• You will unlikely receive a market value offer from real estate cash buyers in Mississippi.

There’s a simple reason for this. Cash investors run businesses that must earn something to stay in operation.

However, when you compare an investor’s offer to the market value a real estate agent may name you, there’s an important question that you need to ask: “What are my net proceeds from the home sale?”

Your contract offer from a buyer using a real estate agent might be higher, but you need to subtract commissions and closing costs from that figure.

Once you do that, your net from an investor sale might come much closer to the proceeds from a traditional sale than you’d expect.

Our next segment explores how to privately sell your home to an ethical investor who will make a fair offer on your property.

How to Find an Ethical Home Buying Company

Just like any professional trade, not all home buying companies operate ethically. But homeowners can sort the quality firms that operate honestly from the rest by screening and vetting them.

Begin this process by collecting the names of investors in your area. Junk mail from “we buy houses companies”, billboards, print and online advertising, and referrals from friends and coworkers can help you compile your list.

Also, do a quick Google search: “cash home buyers near me” or “sell house fast in Mississippi” (or the name of your city).

Examine the biographical information about the investor listed on the firm’s website carefully. You should see at least three years in the field, a list of community work, and memberships in professional organizations.

Check consumer feedback from places like Yelp, Real Estate Bees, and the Better Business Bureau (BBB) for negative comments. Remove investors with bad ratings from your list.

The screening and vetting takes time, but there’s an easier way.

Request a cash offer by using the short form on our website, and we’ll share that information with our partnering investors in your area.

We’ve screened our cash buyers for professionalism, a history of closing homes in short order, and a long list of satisfied sellers.

There’s no fee and absolutely no obligation to accept any of the offers you receive.

The next sales method on our list is the traditional sale that is managed by a real estate brokerage.

Who Are Real Estate Agents?

An agent is your personal representative in a real estate transaction. They are your legal fiduciary who put your interests first in all aspects of the listing and sale.

Agents list and market homes. They negotiate with buyers on your behalf. They also oversee the due diligence and closing processes.

Agents using the title of “Realtor” are members of the Mississippi Realtors (also known as the Mississippi Association of Realtors or MAR), a trade group that promotes the highest ethical standards for the profession.

Evaluating the advantages and disadvantages of hiring an agent can help you make the decision about the method to sell your home.

Pros of Using a Real Estate Agent

• Good real estate agents have a deep knowledge about selling a house in Mississippi. They’re able to handle any sales hiccups immediately as they happen.

• Realtors use proprietary data to assist you in setting a sales price and negotiating with potential buyers. The Multiple Listing Service (MLS) compiles information of prior listings and sales and makes that available to Mississippi Realtors.

• Your agent is your personal fiduciary. This allows you to go about your regular activities without being on call to deal with your home sale.

Cons of Using a Real Estate Agent

• The cost of selling a house with a Realtor in Mississippi is the major disadvantage for many sellers. The average commission in the Magnolia State is approximately 5.5% of the final sales price.

• Your home typically won’t sell immediately, so you’re on the hook to continue to market your property while it’s listed. That means continual showings.

• Potential buyers brought by real estate agents usually require a mortgage to purchase a home. This adds weeks, sometimes more than a month, to the time needed to close a transaction.

The most important player in selling your home is a quality real estate agent. But how do you make sure they are good?

How to Find a Good Real Estate Agent

Start by putting the word out that you’re in the market for a local agent with experience in your neighborhood.

Your friends, family, and coworkers may be able to share contacts of agents they’ve worked with successfully in the past.

The “Find a Realtor” search feature on the MAR website can help you locate agents who are members of the state professional organization.

For agents not listed on the search feature, confirm they have an active license that is free from any restrictions for failing to follow the state laws.

The Mississippi Real Estate Commission online license lookup can help with that search.

Once you have your list, select agents who have at least three years of experience selling real estate with a focus on homes in your immediate neighborhood.

After you’ve narrowed your list, check consumer feedback on the agents remaining by using popular sites such as Yelp, the Better Business Bureau, and Real Estate Bees.

The final step is to interview agents who have the qualifications and skills necessary to sell your home. Ask them to do a formal listing presentation that includes a marketing plan.

Continue your interviews until you find an agent you can work with during your sale, and then sign a listing contract with their brokerage.

Our next sales option is attractive for homeowners who enjoy DIY activities.

Selling your home yourself is known as an FSBO, a “for sale by owner” listing. The owner takes on all the duties that an agent would do during the listing and sale.

Begin the FSBO listing by making a home inventory to determine what repairs and upgrades are necessary.

Buyers from the general public look for turnkey homes, so you may need to renew paint, flooring, and landscaping.

If your property needs more serious repairs, you need to make them, too, before opening your home for showings.

Sellers must complete state-mandated disclosures. The property disclosure catalogs any material defects and health or safety risks in your home.

The Seller’s Property Disclosure Statement must be given to all prospective buyers before you’ve accepted an offer.

You’ll need to set an asking price and develop a justification for that price to present when you have offers. An online calculator can help you find fair market value for your home.

You’ll also need to locate and vet a real estate attorney to assist with the title search and deed transfer when you sell your home. Attorneys are required for these steps.

FSBO sellers have a number of ways to put buyers’ eyes on their property.

Ways to Market Your House Yourself

• “For sale by owner” signs attract attention. Be sure your signs have several ways for your potential buyers to contact you listed on your signage.

• Video tours allow your home shoppers to preview your house before contacting you for a showing.

• Printed flyers are a handy way to remind home shoppers of the features your property offers. Hand them out when prospective buyers tour your house.

• FSBO listing sites offer an excellent way to use the internet to share information about your home.

Pros of Marketing Your House Yourself

• You won’t see any commissions on your side of your Mississippi closing costs. If your buyer also goes without an agent, you won’t have to pay their commission either.

• FSBO sales are directed by the homeowner. You set the calendar for everything.

• You can spend all your time selling your house. While real estate agents have other clients, you have only your home as your focus.

Cons of Marketing Your House Yourself

• Real estate regulations in Mississippi are complex. You may not fully understand how to make sure your sale follows federal, state, and local laws.

• You’re on your own. You won’t have anyone to help you with your sales, marketing, and negotiations.

• You may have unexpected delays during the sale when you need to research what to do next. Your buyer may walk during that time. If you make a serious mistake, your buyer may sue you, even when your error was unintentional.

• A number of for sale by owner closing costs are open to negotiation. You may not understand which ones qualify, or how to handle the negotiations. You also may lose out on cash when you set a price for your home and end up with less money as an FSBO compared with what you would have netted from a sale using a Realtor.

Our last entry to the list of sales methods is the simultaneous sale and purchase.

The simultaneous sale and purchase involve the homeowner selling a property while at the same time buying another home.

This sale is fairly common when people find a new home and don’t have their current home on the market.

Some of the Mississippi iBuyers offer homeowners a chance to move more quickly compared with a traditional sale where their buyers need to qualify for a mortgage to seal the deal.

This simultaneous sale has your iBuyer initially purchase your home. That allows you to use the cash equity from that sale to buy another house.

Once you’ve closed your purchase, the iBuyer will close on your current property.

The iBuyer sale is a cash transaction, so you’ll avoid the delay involved in deals that require a mortgage.

Those are the four typical methods used by homeowners to sell a property in the Magnolia State. Our last segment tracks a typical sale from the listing through finalizing the transaction.

No matter which method you use to sell, a Mississippi home sale follows the same general pattern.

Before Signing a Purchase Contract

The method you decide to use will determine the amount of preparation your home will need. Typical repairs and upgrades include decluttering, paint, flooring upgrades, and landscaping.

Your home may need major repairs and improvements to attract buyers, since most of the public look for houses in good condition (unless you are selling to an investor or an iBuyer).

You’ll then determine the sales method you’ll use, and then set your asking price.

You’ll need to complete the required property disclosures (no matter the sales method) and sign a listing agreement when you’ve made the decision to use a real estate agent.

Our article, “How to Sell Your Home As Is in Mississippi,” provides more details about state disclosures.

Marketing the Property

Your home marketing plan may include signage, print and virtual advertising, open houses, property showings, print flyers, mailings, and online tours.

That is if you aren’t selling to a company that buys houses or an iBuyer — this doesn’t require any marketing or promotion.

Accepting an Offer

Your offers will be accompanied by an earnest money deposit. This money will be placed into escrow when you accept an offer. It remains there until the final transfer of funds occurs.

Real estate attorneys must handle the title duties in Mississippi. The decision to hire a legal specialist to take charge of the due diligence and other closing duties is left up to the homeowner in the Magnolia State.

Buyer Due Diligence Period

Your buyer will have a number of activities during the due diligence period.

They’ll hire home inspectors, contract for a title search, obtain title and hazard insurance policies, and arrange for funding for the purchase.

The escrow officers and your attorney will create the legal documents required to close the sale.

A few days prior to the translation’s closing, your buyer will do a final walkthrough of your home. Your attorney or escrow officer will review the settlement costs for both buyer and seller.

The seller’s fees will include commissions and closing costs when working with a real estate agent. FSBO sellers will avoid commissions, but they will be on the hook to pay closing costs.

Homeowners selling to investors or iBuyers won’t pay any commissions, and investors also typically cover the seller’s closing costs.

Closing

In the final stage, buyers and sellers are asked to sign legal documents.

The buyer will receive the keys and any equipment that stays with the home (such as garage door openers and gate codes), and the new property deed will be notarized and filed with the county chancery clerk’s office.

That’s the process. You’ve just sold your home!

We’ve covered how to sell a home in Mississippi by using four different sales approaches.

It’s now time for you to jump into action! Start by collecting the names of real estate agents, iBuyers, and cash property buyers.

The latter can be done right now and easily on this very website.

The investors partnering with us have been screened for their expertise and professionalism. They’re seasoned experts with a long list of closed transactions.

Request cash offers for your home by using the simple online form. There are absolutely no fees for this. And you can turn down any offer you don’t like without any strings attached.