What Type Of Paperwork Is Required To Sell My House As Is?

An important note about paperwork required for selling a house: each state requires different types of paperwork and some places require more documentation than others.  This article should be treated as general information

Paperwork You’ll Need Before You List Your House As Is For Sale.

  • Professional Appraisal.
  • Mortgage Statement (Payoff amount)
  • Homeowners Association (HOA) Fees
  • Homeowners Insurance Records

Professional Appraisal

The professional appraisal of your property is its fair market value which determines how much the mortgage lender will lend the buyer. 

The lender (the bank or mortgage company) requests an appraisal before they issue a mortgage to protect their investment. The buyer needs to arrange a professional appraiser to assess the home's condition, features, and location to verify that the price listed on the sales contract is appropriate. 

To sell your house as is, you will need to provide the buyer with an appraisal report from when you purchased your property. This report also includes any updates since the original appraisal (for example in the case of a refinancing).

Mortgage Payoff Amount

If you haven’t paid your mortgage in full, contact your lender or service provider and request a statement. Your statement will show the total payoff amount that you need to pay to satisfy the terms of your mortgage loan. Part of this loan is any interest that will have built up until the day that you plan to pay your mortgage off in full.

You can pay off your mortgage from the proceeds of your home sale if it covers what you owe. However, if you owe more than your home is worth, you won't be able to pay your mortgage off. In this situation, you could postpone your home sale and focus on paying your loan off or try to refinance.

If you have one, you can pay a reverse mortgage off and sell your house as is, but this will involve cooperation and coordination with your bank or loan officer. You will owe the total balance of the loan of your reverse mortgage or 95% of the appraised value if the debt is more than your property's value.

Homeowners Association Fees

Make sure that you collect any HOA (Homeowners Association) paperwork including fees, insurance and charter by laws. It is also critical that you provide contact information of a HOA contact enabling the buyer to perform their own due diligence on your home.

Homeowners Insurance Records

A large part of any successful home sale starts with being transparent with your buyer about any repairs made or damages to your home. You will need to provide proof of your homeowners insurance information and a claims report or list all the claims on your property from the time that you purchased it. 

This documentation also gives the buyer an idea of how much homeowners' insurance will cost them when they move into your home. You can get a  copy of your homeowners’ insurance from your home insurance company.You will need to show a record of your home insurance before you reach the stage of closing a deal on your property.

You’ll need to disclose any claims you've had in the last five years that you've been living in your home. If the home seller has made multiple claims on the homeowner's insurance, the buyer could find their insurance is way above the norm.