It makes sense to want to receive the maximum return possible on your investment at the closing table when selling your house. Some brave homeowners decide to sell their property without the help of a realtor for this and other reasons. Selling a home without the assistance of a realtor is known as a “for sale by owner,” or FSBO. This needs ambition, time, and determination.
Homeowners should be aware that learning how to sell a property on their own is a long process. You’ll make the most money at closing and experience less stress if you prepare for what’s coming. Here is a step-by-step guide to help you sell your home without the assistance of a real estate agent.
Get Your Home Market-Ready
When selling your house on your own, you must prepare your house for showings. Here are some pointers for putting your house in selling shape:
- Clean: Consider employing a cleaning service to provide a deep clean if your budget permits.
- Reduce clutter: You can get the most out of your money and sell your home for the greatest price in the shortest amount of time by clearing out any clutter and garbage.
- Add curb appeal: Since first impressions count for a lot, your home’s outside should be spotless. Eliminate weeds, put in new mulch, and conceal toys and bikes. Add a few pots of vibrant flowers to the doorstep or entrance. Add a new welcome mat and a fresh coat of paint to the front door as finishing touches.
- Schedule an open house: Plan an open house on a weekend afternoon rather than scheduling individual visits with prospective buyers. An open house gives potential buyers the ideal chance to tour your property without being subjected to a pushy sales pitch. Printing listing papers with the essential information about your house will provide visitors with something to take with them and a means to contact you if they want to make an offer.
- Hire a professional photographer: Displaying professional pictures online is essential to attracting customers. Depending on where you live and the size of your house, a real estate photographer’s fee might vary, but budget a few hundred dollars. To assist you to sell your house online, some photographers could also provide a virtual tour service.
Set a Realistic Price
If you price your property too high, potential buyers may not even consider looking at it. Regardless of whether you are selling with or without an agent, pricing a property correctly from the start is undoubtedly the most crucial stage in the process.
Hire a qualified real estate appraiser to estimate the value of your house. An appraiser’s services cost between $375 and $450, according to FixR.com, a website that lists home services.
You should examine the comparable sales in your neighborhood in addition to this assessment. This means looking for properties that have recently sold nearby that are comparable to yours. Find out the prices at which those properties are sold and what makes your property unique.
You can also use property search websites to find details on recently sold houses, but don’t put too much stock in what these websites say about how much your house is worth. The valuations might not be right, and they might not take into account recently sold homes in your area that are similar to your listing in size, condition, and age.
Most prospective homeowners now begin their searches online. If you’re selling your home on your own, without the assistance of a realtor, you might want to think about signing up with the Multiple Listing Service, which real estate agents use to advertise to a larger clientele.
Confirm a Buyer’s Financials
When you get an offer, you need to find out if the buyer can afford the house. Request a letter of mortgage preapproval from every bidder who submits an offer. Realtors do not have the right to call the lender; you, as the seller, do.
Find out the buyer’s down payment amount, the loan program they’re utilizing, and the maximum amount they can borrow from the lender. If the buyer has conditional loan approval, find out what they need to do to get the final loan approval.
Consider Using an Attorney
If you’re going to sell your house by yourself, it’s definitely a wise choice to consult an attorney. We recommend that you work with a real estate legal specialist. When issues arise, new vendors may find themselves in serious jeopardy.
The cost of a real estate lawyer will probably be in the range of a few thousand dollars, and you’ll get a lot of the same advice. For example, an attorney can help you write up closing paperwork, evaluate complicated bids, and make sure the legal part of the deal goes smoothly.
Sell Your Home to a Cash Buyer
Cash purchasers, like iBuyers and house-buying companies, are individuals or groups who buy your property immediately without the requirement for lender financing. Cash buyers make it easy and quick to sell, but usually, this comes at the cost of a higher transaction fee and less money in your pocket.
When preparing to sell your house, you have a number of options: when to market and sell your house; where to move; and what amount of money you want to make.
If you decide to hire a real estate agent, look for someone with a lot of experience listing homes in your area and good recommendations from past clients. Real estate commissions can be different, but you should know that a listing agent usually splits the commission with the buyer’s agent.