As per Zillow, the home values in the state of Tennessee have spiked by 26.3% in the last 1 year. Real estate commissions too have reached record levels. Most of Tennessee is a hot seller’s market. This guide summarizes key steps to selling a house in Tennessee.
» Jump To
- Best Time to Sell House in Tennessee
- Pricing Your Home Right
- 3 Ways to Sell Your Tennessee Home
- Prepping & Marketing Your Home
- Managing Showings & Offers
- Paperwork in Selling Your Tennessee Home
- Closings in Tennessee
- Final Word
1. Best Time To Sell a House In Tennessee
August to November is considered to be the best time to sell your house in Tennessee. The first two weeks of August and October are often considered the busiest time for sellers. For example, selling your house in Pigeon Forge in August can fetch 18.25% more than the yearly average. Similarly, selling your hose in Brentwood in October can help you earn 7.73% more.
» Best Time to Sell a House in Tennessee: Know The Best Time to Sell a House in Tennessee.
2. Price Your Home Competitively
As a seller, pricing your property right is important. It is also important to keep in mind that the price you list your home at determines the popularity of your listing and brings in foot traffic. The list price itself doesn’t determine what your real estate for sale in Tennessee price should be.
REMEMBER! The purpose of the LIST PRICE is to ATTRACT BUYERS to your listing. Your LIST PRICE is not your SALE PRICE!!!
What happens if you under-price or over-price your listing?
|If you price it too low||It is most likely that you will get multiple offers. You’ll likely go for “Highest & Best Offer” or counter the best offers to finalize the Tennessee real estate for sale price with the buyer. And you will sell at market price.|
|If you price it too high||You will get little traffic. It’ll make you drop the price, and you will sell at the market price.|
Real estate agents in Tennessee create what’s called a Comparative Market Analysis (CMA) to determine what’s an ideal listing price for a property. If you are opting for “for houses for sale by owner in Tennessee” then you can easily create your CMA with Zillow and Redfin and understand how selling a house by owner in Tennessee or any other state works.
3. Options For Selling Your House In Tennessee
When it comes to selling your house in Tennessee, you may come across several pathways, but what’s most important is to choose the right one. Choosing the right pathway, may not only help to save your time but would also assist you with saving thousands of dollars.
Option 1: Sell Your Home For Sale By Owner
To avoid hefty REALTOR commissions in the state of Tennessee to sell your house For Sale By Owner (FSBO). The way mentioned is a DIY approach, where no listing agents are involved. Meanwhile, in this approach, the seller has a good hold over the entire process. The only loophole one can find in this process is sellers have to handle all the paperwork with no supervision.
The idea of selling your home in Tennessee FSBO has its drawbacks. Though you save up on the commission money, you will have to handle everything – listing, marketing, negotiations, closings, etc. – on your own.
» Best FSBO Sites: Check out the best For Sale By Owner websites in 2022!
🚩 Key Downsides of Selling Your Home FSBO:
- No MLS Exposure: MLS is the most important tool an agent has. Selling FSBO means limited exposure, so there will be less competition for your property. That will likely reduce the selling price. One study found that homes on the MLS sold for 17% more than homes, not on the MLS.
- No Help If You Need It: If you need help with paperwork, inspections, negotiations, or closing, you’re on your own as an FSBO.
Option 2: List With A Traditional Full-Service Agent
You can always hire a full-service agent to help you sell your home. From listing to closing, the agent will help you with everything. But of course, you’ll be paying a full 2.3%-3.0% buyer agent commission. And even if you find an unrepresented buyer, you’re still on the hook for the full commission.
🚩 Key Downsides of Listing With a Traditional Full-Service Agent:
- Hefty Commissions Will Cost You Thousands: REALTOR commissions in Tennessee are about 5 percent to 6 percent. That’s thousands of dollars of fees in commissions.
- Limited Control Over Your Sale: Everything will go through an agent. That reduces the risk that you will do something wrong, but will also limit the control you have over your transaction. For almost everything, including if a counteroffer was submitted, the status of your closing, and how many showings you’ve had, you’ll have to reach out to your agent.
- Slow & Manual Process: Real estate agents in Tennessee do things manually. A simple price change is several steps – the agent has to talk to you over the phone, create a price amendment, get you to sign it, then they sign it, and only then can they update the price on the MLS.
Best Option: For Sale By Owner with a Flat Fee MLS Listing
The average real estate agent commission in Tennessee is around 5% to 6%. Listing with a high-tech website like Houzeo.com saves you the listing agent commission. In addition, it gets you maximum exposure to the MLS and helps whenever you need it.
✅ A Flat Fee MLS Listing Service Combines the Best of Both Worlds:
- Save Thousands in Commission: Instead of paying a 5% to 6% listing agent commission, you just pay a $349 listing fee.
- Maximum Exposure: You get full exposure to the MLS, Zillow, Realtor.com, Redfin, and hundreds of other websites.
- Help When You Need It: Services like Houzeo.com offer the “Contract to Close Coaching Package”. So if you need help during the transaction at any time, a licensed broker is there to help you sell!
- Full Control Over Your Sale: You retain full control over when to sell and who to sell. Houzeo captures all leads and displays them on your dashboard. All offers and showings are summarized online, along with the buyer’s or their agent’s contact info. It doesn’t get easier.
- Fast Listing & Changes: Houzeo is 100% online, and allows you to request changes instantly. Contracts are auto-generated, and turn-around times are fast!
- A-la-carte Options: Need a yard sign, Showing Time, lockbox? You can purchase them easily from your Houzeo dashboard!
» Houzeo Reviews: Home Selling made easier with Houzeo.com!
Best Flat Fee MLS Listing Company In Tennessee
Houzeo provides an unbeatable combination of maximum savings, cutting-edge technology, and 5-star customer support.
💰 Save Thousands on Commission: Houzeo’s plans are typically a small flat fee. This will save you thousands. If your buyer is unrepresented, you save the buyer agent commission as well.
📣 Maximum Exposure: Listings get syndicated to the MLS, Zillow, Realtor.com, Redfin, Trulia, and hundreds of other websites. Houzeo also has nifty social media sharing tools. No other platform gives you this much exposure.
⚡ Fast Listing & Changes: Houzeo is 100% online. Listing is easy and changes are fast. So you can focus on what is most important – your sale.
⭐ 5-Star Customer Support: Home sellers across America have rated Houzeo 4.9 out of 5 stars on major review sites like Google and Trustpilot. There is comfort in the fact that when you call, there is a live person picking up the phone on the other line.
📱 Cutting-edge Technology: Houzeo is the most powerful real estate website. Its advanced features include:
- IntelliList Listing Management System: Lets you manage your listing 100% online.
- Houzeo Showings: Manage showing appointments online.
- Houzeo Offers: All offers are summarized online. You can view and compare offers, or counter an offer. In a multiple-offer situation, you can also call for highest and best offers.
- Buyer Search: Buyers can contact you directly on Houzeo.com instead of going through a real estate agent.
- Houzeo Settlement Agent Platform: Guides you to your closing.
No other low cost real estate listing website comes close to offering such features.
👉 Our Take: Houzeo.com is our top pick because it delivers an unbeatable combination of savings, tech features, and service of any flat fee MLS listing service website we’ve reviewed.
Start your free listing on Houzeo.com today!
- Nationwide coverage
Houzeo is available nationwide.
» Flat Fee MLS Tennessee: Discover the Top Flat Fee MLS Companies in TN
Flat Rate Brokers
A Flat Rate is a fixed amount the seller pays the broker. The brokers representing Flat Rate are mainly full-service brokers that can handle everything from listing to closing. The broker’s charges are fixed, you do not have to pay additional for your home’s services.
The platform is perfect for a home priced on the higher end. Assume that your house is valued at $450,000 and you tend to pick a flat-rate pricing model that charges $3500 as a listing fee. In that case, you would have to pay a REALTOR commission of around $27,000.
Apart from the buyer agent commission, you will also be responsible for concessions, escrow fees, and warranties.
Our Top Pick For Flat Rate Brokers
Redefy Real Estate is a flat rate brokerage company that allows you to sell your home in Tennessee at $3500. However, the platform becomes expensive when a house is sold over $1 million. The selling fee in such a case is 1% of the total sale price.
The company provided in-house support that can help you with accurate pricing and other features like staging home, etc.
Under Redefy Real Estate’s working model, limited agents cater to a large volume of customers. This poses a risk to service quality.
They provide features like listing on MLS, comparative market analysis (CMA), showing service, yard sign, lockbox, and more.
Redefy does not provide open houses and printed flyers which makes it a bit different from the traditional Realtors.
Redefy is rated 4.5 out of 5 (36 reviews) on Yelp.
Redefy Real Estate covers the following counties in the state of Tennessee:
Low Commission Real Estate Agents/Companies
If we talk about, Low Commission Real Estate Agents in Tennessee, they are nothing but a broker that works demanding low commission instead of asking for the traditional 5.5-6%.
Owing to the flat fee models and commission-based models, real estate commissions these days have been falling gradually. With, the low commission real estate agents in Tennessee are considered the best choice for the sellers nationwide.
For example, some of them offer full-service packages at 1 or 2% brokerage. This covers everything from listing to closing.
Our Top Pick For Low Commission REALTOR
Redfin is one of the best low commission real estate companies out there.
Redfin is rated on Consumer Affairs.
Redfin has a reach in 80+ Markets giving a nationwide coverage.
Virtual Full-Service Brokers
A virtual full-service broker is someone who does everything that a traditional broker would do. These brokers assist you with your listing, marketing, pricing, negotiating, etc. The only thing that differs from virtual full-service brokers is they do all of this online.
Due to their cloud-based technology, they have many advantages. This includes lower fees, discounted commissions, and better management and marketing support. Many real estate companies, like Houzeo, also offer full-service options that are 100% online.
Our Top Pick For Virtual Full-Service Brokers
Houzeo is the best virtual full-service provider in Tennessee that offers the following services to home sellers:
- Online showings through Houzeo Showings
- Mobile Application
- Fast changes to your MLS listing
- Listing syndicates to hundreds of other real estate websites, and a lot more
*We could not find any other reputable virtual full-service company in Tennessee.
What If I Want To Sell My House Fast In Tennessee?
Due to some reasons, a seller may want to sell his/her house fast in Tennessee or any other state. Here’s what you can do in such cases:
|Sell Your House As Is||Selling a house as-is in Tennessee can help you save hundreds of dollars by bypassing the repairs. This also ensures that your house is sold fast.|
Selling a house as is can be done via a real estate wholesaler as well. A wholesaler is an investor who buys your house in its existing condition and sells it for a higher profit.
» Selling A House AS IS In Tennessee: Here’s How To Do It
|Sell Your House For Cash||If you want to sell your house fast in Tennessee then selling them to cash companies can be a very good option. They can offer you cash right away and ensure your house is sold quickly. There are various types of cash companies that can ensure that the deal is closed instantly.|
» Companies that Buy Houses for Cash in Tennessee: Discover The Companies that Buy Houses for Cash in Tennessee.
|Offer Your House To A Flipper||Home flippers in real estate are buyers that buy a property in its existing condition, repair it, and sell it at a higher price. Selling your house to a flipper will help you save both time and dollars. |
» How to Flip a House: An Introductory Guide For Beginners
» Sell My House Fast Tennessee: Discover Best Ways to Sell Your House Quickly in Tennessee.
- ✍️ Pro Tip: Consider selling your Tennessee home to an iBuyer
iBuyers are companies that will buy your home for cash outright. They use technology to make an instant offer. This gives them an edge over the traditional cash companies. The price is decided with the help of their proprietary algorithm, recent real estate data, and their in-house experts. An iBuyer can offer and close the deal within 24 hours.
»Explore: iBuyers Reviews: Selling Your House for Cash in 2022
4. Prepare and Market Your House For Sale in Tennessee
A clean and well-prepared home combined with the correct marketing strategy can help you attract a large number of buyers.
Get Your House Ready
Whether it is Tennessee or any other state, you need to take care of certain things if you are thinking of selling your home. Here is what you need to do:
|Declutter & Depersonalize||Make sure you eliminate anything that may bring a feeling of personalization from your perspective i.e. you need to make the buyers imagine as if it is their home. This means removing your personal belongings, etc. before the showing.|
|Make Repairs||If your home requires any necessary repairs, make sure it is done before you start the process of selling.|
|Repaint Neutral||You can attract a higher number of customers when you paint your home with neutral colors.|
|Improve Curb Appeal||Go for clear landscape, fresh flowers, or exquisite paintings because the first impression is everything!|
|Implement staging||Hire a professional who can help you with setting up your home like arranging furniture to make the home look spacious and tidy.|
|Update Heating and Cooling Systems||Temperatures in Tennessee vary drastically year around. Do not forget to make repairs to both the heating as well as cooling systems in your house.|
Ways To Market My Home in Tennessee
Almost 95% of home buyers search and review homes online. So, being online is the #1 priority for the sellers. A good online marketing strategy can make a difference in getting your house sold.
Here’s what you need to do if you are in for selling a house in Tennessee or any other state:
|1.||List on the MLS||Homes listed on the MLS sell faster and for 17% more. This doesn’t mean you need to hire a listing agent and pay that extra commission. You can work with discount real estate brokers in Tennessee to get MLS access. A Flat Fee MLS Company like Houzeo can be a very good option to list your home in Tennessee. |
Houzeo will help you save the hefty REALTOR commission and get your property maximum exposure. All of this, just for a small flat fee!
✍️ Pro Tip: Research the best For Sale By Owner websites to sell your house FSBO
|2.||Get a Yard Sign||Opting for a yard sign can be a good investment when selling your home in Tennessee. It can help in attracting buyers from the neighborhood. On a crowded street, an attractive yard sign can drive the attention of potential buyers. |
Houzeo’s yard sign can help you in this. Houzeo custom yard sign comes FREE with a selfie and it is available for $49 only!
✍️ Pro Tip: If you secure a buyer from a yard sign, chances are you’ll save on the buyer agent commission as well. In a nutshell, it is worth the $49 investment.
» For Sale By Owner Yard Signs: Check out the 7 best FSBO Yard Signs!
|3.||Share Your Listing on Social Media||Share your property listing on social media. This will include your contact info apart from the listing details. If you share your listing on Zillow or Redfin, all the leads your listing generates will be sold to buyer agents who’ll demand a competitive buyer agent commission. Houzeo, on the other hand, doesn’t sell your information or leads. All buyer leads see your contact info, so you might save on the buyer agent commission.|
✍️ Pro Tip: If you secure a buyer from social sharing, chances are you’ll save on the buyer agent commission as well.
|4||Hire a professional photographer||As a seller, you can hire a professional photographer to create a portfolio of your house. Professional pictures can greatly impact the selling process by attracting more buyers.|
✍️ Pro Tip: Professional photographer can collate a portfolio that otherwise may not be possible if you are taking up the job.
» Real Estate Photography Tennessee: The Importance of Creating Your Best Listing Photos
|5||Run ads||When selling your home in Tennessee, running ads on print and social media can help you attract more buyers.|
✍️ Pro Tip: Try to cover as many social media channels as possible to initiate ads for your listing.
With Houzeo, you can market your property to a large audience as it gets listed on the MLS and other real estate websites.
5. Manage Showings And Negotiations
Once you have prepared your house for sale in Tennessee, showing it to buyers is the next step.
How To Manage Showings When Selling A House In Tennessee?
Once your property is ready for showings, it is critical to manage the showings effectively. You can either opt for online showing tools or host an open house.
Online Showing Tools
Online showing tools provide home buyers and their agents with a frictionless way to request and schedule showings.
Houzeo Showings, a cutting-edge solution by Houzeo, helps buyers and buyer agents choose a particular showing slot as stated by the seller. The tool also provides features like rescheduling, updating, canceling, requesting, and more.
|1.||Home Sellers Can Set Their Showing Calendar||Buyers and buyer agents should only be shown times when the property is available for showing. This saves time for all the concerned parties.|
|2.||Buyers & Buyer Agents Can Request & Reschedule Showings||Make sure that buyers and buyer agents can request showings at available times. In addition, they should be able to reschedule and cancel on an ad-hoc basis.|
|3.||Buyers & Buyer Agents Can Provide Feedback on the Listing||Feedback from buyers and buyer agents is critical for home sellers because it allows them to assess their property (priced too high, the backyard needs fencing, rooms need whitewashing, and more). Where the feedback is actionable, small remedies can go a long way in improving showings and attracting top dollar for your property.|
Introducing the Houzeo Mobile App!
- View your listing
- Review and compare offers
- Manage showings with Houzeo Showings
- Counter an offer
- NEW! Buyers can now search your property and save it in “Favorites”
Hosting Open Houses
If your house is located in a hot seller’s market like Pigeon Forge or Brentwood then more buyers would be interested in buying them. In such cases hosting an open house would be more feasible.
Here are a few things to keep in mind when hosting an open house in Tennessee:
|Ensure Your House Is Ready||Buyers would not want to see a house with a leaky roof or broken doorknobs. Thus make sure you have fixed all the defects and made all the necessary repairs beforehand.|
|Choose A Correct Time||People are busy on weekdays. Thus hosting an open house on weekends, preferably a Sunday, would be best. Also, you need to take care of the time of day. Usually, afternoons are the ideal choice.|
|Post Open House Online||As per the National Association of REALTOR, 93% of buyers rely on the internet for their home searches. Thus, posting online will make potential buyers aware of the open house. You can also list your open house on the local MLS, real estate websites like Zillow & Trulia, Facebook, etc.|
|Give Visitors Their Space||During the open house, you might want to stay away from the property. This would give them the desired space to explore at their convenience. Also, it will help them in visualizing their future in the house.|
|Get Your Neighbors Involved||You can invite your neighbors to the open house. Even if they may not be interested in purchasing your Tennessee home, they would spread the word.|
How To Negotiate Offers When I Want To Sell My Home In Tennessee?
Counteroffers and requesting the highest & the best offer are the two tools of negotiations when selling a house in Tennessee or any other state. Most brokers or brokerage companies will give you complex forms to counter an offer, or to request the highest & best one. Houzeo has digitized these, so, you can counter or ask for the highest & best with just a few clicks!
|#||Advanced Tactic||When to Use||How to Use|
|1.||Counter an Offer||Single or Multiple Offer Situation||Your best offer is not just the highest one but is also competitive across several parameters: deposit, financing, inspection contingency, closing timeline, etc. When you want to counter an offer, you can request any of the mentioned parameters updated as per your preferences.|
▶️ Learn more: How to counter an offer on Houzeo
|2.||Request Highest & Best Offers||Multiple Offer Situation||If you have multiple offers and a timeline by which you’d like to pick an offer, you can call for Highest & Best offer from all the interested parties.|
▶️ Learn more: How to request Highest & Best offer on Houzeo
Also, negotiating offers means focusing on other factors like contingencies, concessions, responsibility, and more.
6. Documents Needed For Selling A House In Tennessee
A lot of paperwork is needed to sell a house in Tennessee. Though your REALTOR takes care of all the paperwork on your behalf, you need to be aware of them.
Disclosures For Selling A House In Tennessee
You need to have the following disclosures when selling a house in Tennessee:
|Seller’s Property Disclosure Statement (SPDS)||These are health-related issues or potentially hazardous environmental concerns that may affect a person’s physical, mental, and social well-being. As mentioned in the form, you must notify the buyer of the “presence of any known exterior well”, “percolation test or soil absorption rate performed on the property”, or any existing groundwater erosion causing surface subsidence of soil, sediment, or rock.” And issues such as radon gas, lead-based paint, asbestos, contaminated soil or water, etc.|
|Environmental Hazards||Specifically for homes that were built before 1978. Federal law requires the seller to disclose any dangers related to lead-based paint.|
|Legal Claims Against Your Property||There’s also a need to disclose (either pending or current) legal claims that could affect your transaction of the property|
|Percolation Tests or Soil Absorption Rates||The owner should inform the buyer of any percolation tests that are accepted by the Tenessee Department of Environment and Conservation.|
|Water & Sewer Rates||The purpose of the disclosure relating to water and sewer rates is to inform the buyer of a previously unsold home, or an improved lot of public utility rates when service is for more than 25 but fewer than 2,000 customers.|
|Planned Unit Development||The seller should notify the buyer if the property is in a Planned Unit Development. According to the Tenn Code Ann § 66-5-213, it’s a property considered as “an area of land. controlled by one (1) or more landowners, to be developed under unified control or unified plan of development for a number of dwelling units, commercial, educational, recreational, or industrial uses, or any combination of the foregoing, the plan for which does not correspond in lot size, bulk or type of use, density, lot coverage, open space, or other restrictions to existing land use regulations.”|
» Sellers Disclosure Tennessee: Everything You Need to Know
Mandatory Documents For Tennessee Real Estate Transactions
Review these documents at length and understand their provisions. Here are some key documents you’ll likely need when selling a house in Tennessee:
|The Deed||This document enables the legal transfer of title from the seller to the buyer. Read this document carefully, verifying all details including the legal description of the property, the deed book, the deed book page, and the Property Identification Number (PIN), if any.|
|Statement of Closing Costs||This statement summarizes all the expenses involved in the transaction. This is prepared during the closing process by an escrow or the title company.|
|Title affidavit||A notarized document that verifies that a seller is the owner of the house, there are no liens, and there is no simultaneous purchase deal.|
|Tennessee Residential Real Estate Purchase Contract||This document contains various information such as purchase amount, earnest money, inspection procedures, etc. It signifies the complexities involved in the overall transaction.|
|Bill of sale||A sale receipt that includes seller and buyer’s information plus any other information relating to the houses for sale by owner in Tennessee.|
Possible Additional Documents
The below table showcases some more documents that may require in selling your home in Tennessee:
|Information on Loan Payoff||It is applicable only if you have a mortgage on your home. It is a document that states how much of the mortgage amount is paid and how much is due. You would still this document even if you have paid the mortgage amount completely.|
|HOA forms||If the house is part of an HOA, the seller needs to give the buyer all the documentation on restrictions, fees, financials, and more.|
|Survey papers||The documentation defines the location and the dimensions of the property. This is important while selling a house without a REALTOR in Tennessee as well.|
|Home inspection||Contains all the details about the inspection of the property.|
|Repairing proof||While selling a home in Tennessee, if the seller has made repairs to the property before the sale, he/she needs to furnish the relevant documentation.|
|Home warranty||Contains all the coverage of the property, time span, and cost|
|Power of attorney||If the property is inherited, then the seller needs to furnish the details of the history and how the property was passed onto him/her.|
|Closing Disclosure||Proof that the seller agreed to buyer concessions. The disclosure is provided to the lender.|
|Correction Statement||In case the documents are lost or some other defect occurs then the correction statement obliges the buyer, seller, or lender to fix the documents.|
|Additional Affidavits||While closing in Tennessee you may need additional affidavits like a name affidavit or an affidavit stating that you are not a foreign citizen. This will help you skip certain Tennessee real estate taxes.|
Bring TWO Forms of Official ID
There will likely be a licensed notary involved in the closing process who’ll require you to swear on your identity. You would be required to furnish identity proof (like a passport, driving license, or any other authorized document) during the process. However, the closing process might require you to produce secondary identity proof.
7. Closing On Your Tennessee Home
The closing process in the state of Tennessee is handled either by a Title agent or Attorney. Your REALTOR and real estate broker in Tennessee usually handle the legalities.
Take Care of Title, Appraisal, And Inspection
|Title||In Tennessee, there are two types of title insurance policies- the Lender’s Title Insurance Policy and the Owner’s Title Insurance Policy. The former protects lenders against issues that may be caused due to defects in the title. Whereas the latter protects the buyer against claims and liens.|
📝 Note: In Tennessee, the buyer often pays for the owner’s title insurance, but this is negotiable.
|Appraisal||A money/mortgage lender typically goes for a home appraisal to identify what is the appropriate value of a particular property. Based on the outcome by licensed appraisal agents, the lender decides the amount that should be part of the mortgage. |
This is crucial while selling a house with or without a REALTOR in Tennessee (or any other state) as it keeps the buyer protected from unwanted sale prices.
|Inspection||Inspection is also part of the process where licensed individuals scan the property for any issues. If there are defects, re-negotiations might take place between the seller and the buyer. The inspection includes everything from property worth, neighborhood, parking space, and more.|
Overall Cost Of Selling A House In Tennessee
It should be noted that REALTOR commission and sale price are not the only two things that are involved from a real estate transaction perspective. In Tennessee, there are multiple other fees involved while selling a house that should be known to a seller and is crucial for a sale. Here’s a list to get you started:
The list will also help the seller in getting an answer to the question – How much will it cost to sell my home in Tennessee?
|Title Insurance||In Texas, Title Insurance Policy is of 2 types- the Lender’s Title Insurance Policy and the Owner’s Title Insurance Policy. The former protects lenders against issues that may be caused due to defects in the title. Whereas the latter protects the buyer against claims and liens. In Tennessee, Title insurance is paid by the seller!|
|Home Warranty||A seller may go for a home warranty if some components of the home (water heater, air conditioner, fans, etc.) require attention. This will benefit buyers in case a component of the home breaks down later.|
|Appraisal Fees||An appraiser is hired to determine the actual price of the property. The cost of the appraisal process depends on various factors such as property type, size, and location. It is usually paid by the buyer.|
In Tennessee, home appraisal cost is between $370 – $445
|Inspection Fees||A general home inspection in Texas would cost $350 – $600. Apart from this, various other inspections such as pest inspection, pool inspection, roof inspection, etc. are carried out. An individual Tennessee Home Inspector would also be a great choice.|
|Survey Fees||A survey of the property is generally carried out before the purchase deal. It includes all the features related to the property.|
|Attorney Fees||This fee is optional as it is not required to hire a real estate attorney in Tennessee but is highly recommended. A real estate attorney can help you with the documentation and other closing processes.|
|Title or Escrow Fees||In Tennessee, the closing process is handled by a Title Agent or Attorneys.|
|Other Costs||Apart from the stated costs, multiple other costs are involved in selling real estate in Tennessee. These can be local fees related to stamp taxes, recording fees, estoppel fees, and any other as imposed by the city/county. Apart from these, there can be fees to prep your home, relocation fees, and more.|
» Seller Closing Costs in Tennessee: Everything You Need To Know
Who Pays Closing Costs In Tennessee?
Various closing costs are involved when selling a house in Tennessee. Most of them are customarily paid by sellers whereas a few of them can be negotiated.
|Closing Costs||Seller/Buyer Responsibility|
|REALTOR Commission||Sellers pay the real estate agent’s commission|
|Escrow Fees||Buyers and sellers split escrow fees|
|Title Insurance||Paid by the buyers|
|Survey Fees||The buyer pays for a property survey|
|Home Warranty Fee||Sellers pay the home warranty fee|
|Home Inspection Fee||Buyers pay the home inspection fee|
|Appraisal Fee||Usually paid by the buyer|
» Seller Closing Costs in Tennessee: Know the Exact Estimates
How Much Are Closing Costs In Tennessee?
The amount of money you will spend on closings while selling your house in Tennessee depends on a lot of factors such as realtors commissions, fees & taxes, mortgage payoff, etc. It is better to be aware of all the realtors in Tennessee for the most optimized sale a seller could get.
Sellers can calculate their closing costs using Houzeo’s Advanced Closing Cost Calculator for Tennessee. The calculations are based on the latest home prices in Tennessee and it gives you a very detailed estimate of all the costs involved in the transaction.
Selling a house in Tennessee can be a little complicated, thus usually requires sellers to hire a REALTOR. But due to the hefty REALTOR commission sellers are moving away from the traditional full-service pathway.
Many sellers are also opting for FSBO or DIY route. It does save a lot of dollars but limits exposure and increases sellers’ responsibilities many folds. So the next best choice is discount real estate brokers.
Among these brokers, Flat Fee MLS Listing Companies are the best choice. Flat Fee MLS Services like Houzeo allow sellers to control the selling process without compromising on the exposure. All of these at a small listing fee!
With Houzeo, you have the option to list your property as an owner and enable a smooth closing process. You do not have to worry about complex processes as the platform is 100% online. It will help in listing your property on the MLS at a flat rate and take care of other tasks that otherwise would require manual intervention. Another big point is that due to platforms like Houzeo, the real estate agent commissions are declining. This is because of the Flat Fee MLS structure that companies are providing.
Check out some of the Houzeo reviews and how it has helped customers around the US.
Frequently Asked Questions
What do you have to disclose when selling a house in Tennessee?
According to Tennessee's Residential Real Estate Disclosure Law, Ind. Code §32-21-5-2 sellers are obligated to comply with the standard disclosure form. In this form, sellers need to disclose any known material defects in the house—structure and other systems that could affect the buyer's decision.
When are property taxes due in Tennessee?
Taxes are due and payable on the first Monday of October and must be paid in full by last day of February of the following year to avoid interest.
What taxes do you have to pay when you sell a house?
Capital gains tax (CGT) is payable when you sell an asset that has increased in value since you bought it. The rate varies based on a number of factors, such as your income and size of gain. Capital gains tax on residential property may be 18% or 28% of the gain (not the total sale price).
Who pays closing costs when selling a house in Tennessee?
It is usually the seller who pays closing costs in Tennessee. However, a few costs could be open to negotiation.
Do I have to pay taxes on my home sale?
No, Tennessee is one of nine states that does not tax capital gains on a state level.
Can you sell a house in Tennessee a without a REALTOR ?
Yes, you can sell your house in Tennessee without a REALTOR. You can bypass the traditional pathway by opting for a For Sale By Owner (FSBO) or discount brokers like Flat Fee MLS companies. Houzeo's Flat Fee MLS Services are the best available in the state of Tennessee. Houzeo ensures that your house gets listed in less than 48 hours on the local Tennessee MLS' as well as on the major listing websites like Zillow and Trulia.
Is it a good time to sell a house in Tennessee?
August to October is the ideal months to sell your house in Tennessee.
» How Much is a Home Appraisal in Tennessee: A Deeper Insight on Home Appraisal Costs in Tennessee.
» Flat Fee MLS Tennessee: Know More on Houzeo’s Flat Fee MLS Service in Tennessee.
» Real Estate Commissions in Tennessee: Know The Exact Estimates of Real Estate Commissions in Tennessee.
» Tennessee Housing Market: Will The Tennessee Real Estate Market Crash in 2023?
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