4 Best Ways for Selling a Home in Wyoming

Selling a house in Wyoming in a private sale offers you a cash sale that closes quickly.

Private sales don’t require mortgage lenders. You won’t be waiting while your buyer applies for a loan and is vetted by a mortgage company.

You also won’t need to wait for a home appraisal and an underwriter to review it to determine if the lender will fund a loan.

Private sales are cash sales, so there’s no risk your buyer will fail to qualify or your home’s sales price won’t match the lender’s appraisal assessment.

Speed is also a hallmark of the private sale. Lending takes weeks to complete. Cash moves the sale forward at lightning speed.

For sellers who like to keep their life personal, the private sale is, well, private. You won’t have strangers shuffling through your house at all hours and on the weekends.

You won’t have to exit your house while potential buyers rummage through your closets and make comments on your decorating choices.

Cash, speed, and privacy — all attractive assets for any home sale.

So you’re now probably wondering: where do I find a private buyer for my home? The next segment answers that question.

What Are Home Buying Companies?

Home buying companies are focused on purchasing Wyoming real estate investment opportunities.

The investor may be a single person who buys a home that needs repairs to fix and then resell.

Investors may also be a group who pools their cash for the purpose of buying rentals that they’ll keep for the lease income.

Wyoming real estate investors have two things in common. They bring cash to the sale, and this means the transaction will close quickly.

It doesn’t matter if you have a single-family, manufactured, or mobile home. It doesn’t matter if you live in a condo, townhome, duplex, or a triplex. There’s an investor interested in your specific type of property.

Your home may be in good condition, ready for a new owner to simply unpack and move in. Or, your house might need some work, maybe lots of work.

Investors buy property in any condition, from move-in ready to a complete fixer.

While most owners can benefit from a speedy cash sale, some homeowners have a special advantage in selling a house privately, including those:

• selling a house to avoid foreclosure
• selling a house with renters
• selling a house during bankruptcy
• selling a damaged house
• selling real estate in probate
• selling a house with unpaid property taxes
• selling a hoarder house
• selling to move to a smaller house
• selling as part of a divorce home sale
• selling a house for a job relocation

Property investors frequently work with local investment-friendly title companies in Wyoming that have experience in closing fast in all-cash sales.

Weighing the advantages and disadvantages of selling a home to an investor can help you make a decision about whether or not to go this way.

Pros of Selling to a Home Buying Company

• Cash house buying companies are fast closers. When you sell a property in Wyoming to a real estate investor directly, it’s usually much quicker than dealing with an agent to find you a buyer and close the sale.

• Sell your Wyoming house for cash, and you won’t need to sweat that your buyer won’t qualify for a mortgage. Investors have cash in hand. There’s no risk that the sale will fall apart due to poor lending decisions.

• You won’t need to prepare the house for sale. In fact, you won’t even need to clean anything when selling to a home buying company!

• You’ll skip paying commissions. If you don’t use an agent, you won’t pay any realtor fees.

• Cash buyers even pay your home seller closing costs!

Cons of Selling to a Home Buying Company

• The offers from cash property buyers in Wyoming typically don’t match market value.

There are several reasons for this. The first is home buying companies are businesses that hope to make some profit.

The second is something less obvious. Investors eliminate commissions. They will also pay the seller’s closing costs.

So when you receive a market value offer from a buyer brought to you by a real estate agent, you’ll need to subtract commissions from that sales price.

You’ll also need to deduct your closing costs to arrive at the net amount that you’ll take home.

The offer you see on an investor’s contract is already the cash you’ll walk away with — your net.

If you compare what really matters — the final amount that you take home — the investor’s offer will seem much more attractive to you than the “market value” offer in a traditional sale.

How to Find an Ethical Home Buying Company

Let’s be honest. Not all home buying companies operate on the same ethical basis.

This segment provides some tips to avoid the less than ethical buyers, and to select a professional who will make a fair offer on your home.

The first step is to compile a list of home buyers in your area. You can begin your list by noting any local billboards or signs that advertise for homes.

Supplement that list with an internet search. Use search terms such as “we buy houses in Jackson Hole” (or the name of your city) or “sell my house for cash.”

The next step is a bit more complex. You’ll need to vet the investors on your list.

Check to see if the investors are licensed by using the Wyoming Real Estate Commission’s license verification, and then take a close look at the cash buyers’ websites.

You should see biographical and company information on an “About Us,” “Our Company,” or a similar page.

If that information is missing, pass on that investor. Reputable cash home buyers are transparent about those details.

Look for investors with at least three years in the field, and a list of community associations or professional affiliations listed on the firm’s website.

Next, screen your investors for public comments. Yelp, Real Estate Bees, and the local branch of the Better Business Bureau are good starting points. Discard investors with negative feedback on those websites.

All that vetting takes time and effort, but we can save you both. Simply request an offer from our list of screened expert cash buyers who have a long list of speedy closings.

It’s simple to request a cash offer on your house. Complete a short web form so we can identify your needs, and we’ll match your property with our team of select local professionals.

There’s no fee and never any obligation to sell — no matter how many offers you may receive.

The next sales option is one that most homeowners have either experienced or know someone who has used this method to sell a property.

Traditional home sales use a licensed real estate agent to list and take on all the duties of selling and the escrow process.

Who Are Real Estate Agents?

A licensed Cowboy State real estate agent is your personal fiduciary — your legal representative for all aspects of the sale.

They’ll handle your listing and marketing. Your agent will assist you in filling out required paperwork and supervise the collection of offers that will then be presented to you.

Your agent oversees the due diligence and closing processes once your home has been sold.

Agents using the title of “Realtor” are members of the professional trade group, the Wyoming Realtors.

Members of this group take an oath of ethics that puts your interests above all others in a professionally handled transaction.

Pros of Using a Real Estate Agent

• Licensed agents have the training and experience to handle anything that arises during the listing and sale. They’re your expert go-to for everything until you’ve sold your house.

• Realtors have access to the Multiple Listing Service (MLS). This is a proprietary database of past sales and current listings that can assist you in pricing your home.

• Your agent is your fiduciary in the sale. That frees you up to go about your normal activities without being on the hook for showings and marketing.

Cons of Using a Real Estate Agent

• The cost of selling a house with a Realtor is a major downside for most homeowners. Commissions in Wyoming will typically take close to 6% out of the seller’s pocket.

• Selling a home through an agent is time-consuming. You probably won’t sell your home immediately, and during the time it’s on the market, you’ll need to open your property for showings, open houses, and previews.

• Agents typically bring buyers who need mortgages. That adds more time to the sales calendar — many weeks in most cases.

How to Find a Good Real Estate Agent

The fastest way to collect a list of agent prospects is to ask friends, coworkers, new neighbors, and family for names of agents they’ve used and liked.

Supplement that list with agents listed on the Wyoming Realtors Local Boards. These agents have been vetted by the realty board that supervises members.

Skim local consumer review websites for any comments about the agents on your list. Real Estate Bees, Yelp, and the Better Business Bureau are good places to begin that process.

Remove the names of any agents with negative feedback.

The last step takes time, but it’s the most important to locate an agent that will work well with you during the sale.

The best way to do this is the personal interview. Invite an agent from your list to your home to do a professional listing presentation.

Ask that they bring their portfolio, a list of recommendations, and a marketing plan designed specifically for your home. Follow up by calling to confirm the recommendations listed.

Continue your search until you find the agent with the best plan, at least three years of experience, and a communication style that you like.

Then, sign the listing contract and complete the agency disclosures with the Realtor you think will do the best job in representing you and your home.

Our next sales option is for the homeowner who likes do-it-yourself approaches.

Selling a property in Wyoming as a “for sale by owner” listing, also known as an FSBO, puts all the pressure on you to take charge of home prep, disclosures, marketing, and supervision of the sales process once you’ve found a buyer.

The first step for FSBO listers is to do an inventory of the property and to determine a target prospective buyer.

This choice will determine the amount of home preparation you’ll need to do. If you target the general public, you’ll need to make your home turnkey-ready for a fast sale.

That may involve painting, replacing things like carpeting or worn-out appliances. It may even involve staging your home to make it look magazine-ready for the new owners to simply move in.

You’ll then need to set a price. A home worth calculator can help to find the approximate value of your property to determine your asking price.

The next task is to complete the required state and federal property disclosures. Wyoming is a caveat emptor (buyer beware) state.

While you aren’t legally required to present your potential buyers with a written list of material damages that would impact the value of your home, you must share this information with them before they make an offer on your house.

It may be to your advantage, however, to complete a written property disclosure, or something similar, used by a Realtor. Consult a real estate attorney to determine the path that’s best in your personal situation.

There are written federal disclosures that must be completed, even if you decide to forego completing the state form.

If you’re selling vacant land, you’re required by state law to complete a written disclosure. There are no exceptions.

By far the most difficult step for most FSBO sellers is locating potential buyers and sparking an interest in your home with that group.

We have some suggestions that have worked for many DIY sellers. They may also work for you.

Ways to Market Your House Yourself

• Signs on your property saying “for sale by owner” let your neighbors and passersby know your house is for sale. List several ways to contact you on your signs.

• Video shorts are a way to show potential buyers the features your home offers. Post these on YouTube or Instagram for maximum exposure.

• Flyers that list your home’s amenities are another way to emphasize the special attributes of your property. Distribute these to home shoppers during showings.

• For sale by owner sites is another way to get the word out about your home sale. Many of these sites are free for home sellers.

Pros of Marketing Your House Yourself

• You’ll skip the commission fees as part of your closing costs in Wyoming, but only on your side of the transaction. You’ll still pay buyer’s agent commissions when selling to a buyer represented by an agent.

• You are in charge of all aspects of your sale. You set the time to list the house and to close the deal.

• While real estate agents work with a list of clients, you have only one — your house. You can devote all of your time to selling your property.

Cons of Marketing Your House Yourself

• Wyoming real estate regulations and practices aren’t always clear. The property disclosure details are a good example of that. You’ll need to master the law to ensure you’re meeting all the terms for the sale.

• You may need to research to move forward in the sale. During that time, your buyer may walk. You may be sued if you make an error in interpreting the law or neglect to meet a regulation because you were unaware it existed.

• You may miss out on some savings on your for sale by owner closing costs. Some of those fees can be negotiated, and you may not know which ones are open to this process, or how to do that type of negotiation.

Our last sales entry is a simultaneous sale.

Wyoming iBuyers offer a “buy before you sell” program that allows you to sell your home and then shop for a new home.

You can sell your property to an iBuyer and then take your time shopping for a new home. When you’ve found the perfect place, simply put in an offer by using the cash equity from your sale to the iBuyer.

Once the purchase of your new home has been finalized, the iBuyer will close the transaction on your current house.

You won’t have the pressure to quickly sell so you can buy another home when you sell to an iBuyer.

Those are four typical ways homeowners in the Cowboy State sell property. Our next segment tracks a typical home sale, from pre-listing through the final sale closing.

Wyoming home sales transactions typically follow the same pattern regardless of the way you’ve chosen to sell.

Before Signing a Purchase Contract

Before ever inviting any prospective buyer into your home, there’s a host of things to do.

When selling to the general public, you’ll need to make an inventory of what needs to be done to make your house move-in ready.

This might include paint, replacing or repairing items, sprucing up landscaping, and decluttering the home or garage.

If you’re selling with the assistance of an agent, you’ll need to interview a few and select one, and then sign the listing agreement and complete the required agency and property disclosures.

Investor sales do not require any prep or decluttering. You don’t even need to clean for the cash buyer!

They purchase homes in as-is condition, and they’re not impressed by a shiny home or staging. Investors look at the structural bones and potential of a property.

You’ll then need to decide on a price and complete the mandatory federal property disclosures.

Our article, “Why Sell a Wyoming House As Is,” outlines the mandatory federal disclosures.

Marketing the Property

Your marketing approach will also depend on your target buyer. The general public requires all the bells and whistles that home promotion can offer.

They’ll need signage, print and online advertising, fancy flyers, and open houses. When using a Realtor, they’ll typically request broker previews. Agents also handle the marketing.

If you’re an FSBO seller, you’re on your own to develop a plan and market.

If you’re looking at an investor sale, you can skip all the fanfare. Simply contact the cash buyer for an offer.

Accepting an Offer

Your offers will come directly to you when selling as an FSBO or collecting offers from investors. Your real estate agent will field offers and make counter offers on your behalf when you’ve listed with a brokerage.

An earnest money deposit of between 1% to 10% of the sales offer will accompany your offers. This money is placed into an escrow account until you agree to accept the buyer’s offer.

Buyer Due Diligence Period

Your buyer is the hub of activity during the due diligence period, but the seller must respond to buyer requests to facilitate their research.

Your buyer will hire home inspectors, contract for a title search, take out title insurance and a home hazard insurance policy.

Your escrow and title officers will be busy making up the legal documents for the transaction.

A few days prior to closing, you’ll review your final costs for the transaction. If you’ve used an agent, you’ll see commission fees charged to your side of the ledger. The same is true of closing costs. You’re on the hook for both.

When you’ve sold as an FSBO, you’ll skip your side of the sales commission, but you’ll still need to pay closing costs.

Investor sales will save you commissions and closing costs. Your charges won’t include either of those fees when selling to a cash home buyer.

Your buyer will do a final walkthrough of the property to ensure it looks the same as when the offer was made.

Closing

While Wyoming state laws do not require the use of a real estate attorney during the closing, some sellers find the lawyer’s oversight helpful.

The final closing step has both buyer and seller sign the official legal documents and the transfer of the money to complete the sale.

The title for the property will be transferred, and the new title will be filed with the county clerk.

That makes it official. You have sold your property!

You now know a number of sales methods you can choose from, and the ball is in your court to decide on the one that best matches your needs.

Investor sales are cash sales that move quickly to close without all the headaches of traditional sales methods.

Request cash offers on your home from seasoned investors with a solid track record of sales. It’s as easy as completing an online form by using our website.

There’s no obligation to sell to any of the investors who make offers, and it’s totally free. There’s nothing to lose but a few minutes to complete the request!