How to Sell a House Without a Real-Estate Agent?
Summary:
- Introduction
- How to Sell Your House Without a Realtor?
- Pros and Cons of Selling Your House Without Realtor
- How Much Does Selling Without a Realtor Cost?
- Alternatives to Selling Without a Realtor
- Should I Sell Without a Realtor?
Introduction
While it is not impossible to sell your home without the help of a realtor, the process can be complicated and stressful, especially if you have no previous selling experience and you don’t understand the market.
Selling for sale by owner (FSBO) requires a lot of work and may not always give the results you were hoping for.
FSBO homes typically sell for less in comparison to homes using a real estate agent. Therefore, any money you save by skipping the listing fee might be offset by a lower selling price.
How to Sell Your House Without a Realtor?
Each state has a different procedure for selling without a real estate agent. The details provided below give a general idea of how most sellers go about it.
If you have made the decision to sell your home without the help of a realtor, the following steps will increase your chances of closing a successful sale.
Determine the true value of your home
It’s crucial to correctly estimate the price of your home. Purchasers could have an unfavorable impression of a house that has been on the market for a while or whose price has been changed several times.
To learn about recent sales in your neighborhood, go to any of the sites like Realtor.com and look for sales history. Find out the cost per square foot for neighboring homes that are similar to yours, then apply it to your house.
Nevertheless you can only go so far with this. Your best listing price will depend on a number of factors. For instance, the special additions and features of your house, the state of the local market, and others.
One factor contributing to FSBO properties frequently selling for less is the lack of understanding of market and pricing trends.
Prepare your Home for Sale
Pre-inspection
An inspection of your home before selling can be worthwhile, depending on its age and other factors.
After their offer is approved, buyers often start a home inspection. However, you can use a seller’s pre-inspection as leverage in negotiations and it will alert you to any repairs you might want to do ahead of time.
Repairs
Depending on the inspector’s findings, you might need to make some house improvements.
It’s customary to have to tell potential purchasers about any items that require repairs. Before putting your house for sale, it will usually make more sense to just go ahead and take care of modest repairs (like a leaky faucet or sticky door jamb).
Improvements
Realtors may typically offer advice on whether big home modifications will result in a profit. For instance, upgrading a bathroom can cost you $7,000 but increase the value of your house by $2,000 total.
However, some upgrades will result in a poor return on investment.
You’ll have to determine which improvements—if any—would boost your home’s sale and which will be a waste of money without the assistance of a listing agent.
Staging
If you intend to host an open house, you might want to think about staging your home to increase the appeal to potential buyers.
Decluttering, storing some of your personal belongings, and rearrangement of your current furniture can all help with this. Alternately, you could decide to leave your home and consult with a staging business for rental furnishings and accessories.
A storage pod costs roughly $200-300 on average each month, while home staging costs about $1,500. Even though it could seem pricey, this will make your house seem its best to potential buyers
Curb appeal
Making your house appear welcoming from the outside as well as the inside is important.
Clean up the landscape and add welcoming touches to make a nice first impression.
Market your Home
Photography
One of the best strategies for drawing in potential customers is by using professional images. Photos were extremely helpful to more than 80% of purchasers who used the internet to search for homes.
Since it’s so common for people to look at houses online, having images that present your home in the best possible way is essential for a quick sale. The kitchen, common rooms, and backyard should all be clearly photographed for potential purchasers to see. If you’re selling your home without the help of a real estate agent we advise hiring a professional photographer to take images of your property.
Join the MLS
Listing your home on the multiple listing service (MLS) with a flat-fee MLS service is one of the best methods to sell it. It is through the MLS that your listing will be syndicated to significant real estate websites where buyers are searching for homes. These platforms are the primary directory used by buyer’s agents to find houses.
Homes on the MLS can only be posted by someone or a business that has a real estate licence. Most FSBO sellers would normally be turned away by that demand. A flat-fee MLS provider can post your listing to the MLS on your behalf because they hold their own real estate licence, which solves this issue.
Different flat fee MLS providers offer different fees and services. Some cost as little as $100, while others, who provide more hands-on assistance, charge upwards of $1,000.
Negotiate the Offer
Negotiations begin as offers start rolling in. For an FSBO seller, negotiating a purchase agreement can be challenging. Due to the fact that they frequently deal with buyer’s agents who are seasoned professionals.
How much interest there is in your home will affect your negotiations. You’ll have more negotiating power if you have a few good offers to pick from.
The buyer will probably have more bargaining power if you only have one offer, or your home has been on the market for a while. You’re not required to accept any offer of course, but if you’re in a rush to sell, you can end up selling for much less than you thought.
Gather the required FSBO documents before selling your house
One of the most difficult tasks for an FSBO seller is gathering all the required documentation and submitting them after you’ve found a buyer.
The supplies you’ll need for the majority of transactions are listed below. Do your research on state and municipal laws because they could differ. Not sure if your paperwork is properly formatted? For assistance, contact a real estate lawyer.
For your convenience we have prepared a list with the necessary documentation.
FSBO must-haves for closing:
Your sales contract (documenting the chain of ownership from the previous owner to you)
Property survey (illustrating the legal boundaries of your property)
Certificate of compliance with local property laws
Mortgage documents (including your latest mortgage statement and payoff amount form)
Tax records and final tax statement
Pre-inspection and/or appraisal reports
Comparative market analysis
Title report
Pros and Cons of Selling Your House Without Realtor
There are pros and cons to selling your home without a real estate agent. There are other expenses to take into account, even if you will save money on your listing fee. Additionally, you’ll need to plan out the time and effort required to sell a house.
Think about the potential disadvantages and advantages before you start.
Pros
In a hot market, your house may “sell itself”
You will be in complete control of the selling process.
Cons
FSBO homes typically sell for less than homes using agents.
Selling FSBO takes time, and can be harder if you have obligations to your family or job.
Everything, including marketing, showings, price, and negotiations, will be up to you.
How Much Does Selling Without a Realtor Cost?
Appraisal
Choosing a price for a home is one of the biggest problems FSBO sellers face.
You might want to hire an appraiser as a result. Prior to going on the market, a pre-listing appraisal from a qualified specialist guarantees that your home is priced fairly. The price of this service varies based on the size of your home.
Photography
Given the prevalence of online real estate marketplaces , eye-catching professional images are crucial. Home photography services can cost anywhere from $150-$500.
To make sure your property can compete with other homes in your price range, you might also want to spend money on drone photos, films, or a 3D tour.
Marketing
You might need to spend as little as a few hundred dollars or as much as a few thousand dollars to get the attention of the right buyer, depending on your house and the local market.
Advertising can take many forms, from a free Craigslist ad to a lawn sign you bought at the dollar store.
MLS listing
Real estate brokers in your neighborhood find out about homes for sale through the multiple listing service (MLS).
Unfortunately, MLS listings can only be made by licensed agents. However, you can pay organizations (known as flat-fee MLS services) to list your house. A flat-fee MLS listing normally costs between $100 and $300, though this can change based on your region and other extras.
Real estate attorney
You could eventually find yourself in legal problems if your contract to sell has any mistakes in it.
You can discover websites that provide free contract templates. However, we advise hiring a real estate lawyer to examine your contract to ensure that it will be enforceable. This service usually costs $300.
Alternatives to Selling Without a Realtor
There are other options besides FSBO if you want to buy or sell your home for less money. While keeping the advantages of dealing with a listing agent, there are ways to reduce commission costs.
Work with a flat-fee MLS provider.
The majority of flat cost MLS providers let you pick and select the services you require. For instance, you might desire assistance with MLS listing and contract review but decide against a yard sign and video tour.
Many businesses base their pricing on service tiers, while others let you select each service individually. For the most basic service, they normally charge a fixed amount starting at around $100 and going up to over $1,000 for a more expensive package. Some are available at a reduced commission rate, particularly if you require more individualised care.
Flat fee MLS companies are great for individuals who have a few real estate transactions behind their back already and know what they need to do and handle it all by themselves
Should I Sell Without a Realtor?
It takes a lot of work to sell your house without a real estate agent.
Additionally, you probably won’t save much money. In fact, you can wind up getting less money for your house when you sell it than you would have otherwise.
We believe it’s more advisable to engage with a real estate agent unless you reside in a hot real estate market and are a seasoned seller. Throughout the home selling process, it will save you a lot of time and stress.
How a Cash Buyer Can Help Sell your House
There are many benefits of using a cash home buyer when selling your house. The most obvious benefit is that you will receive cash for your house. This can be helpful if you need to move quickly or if you are behind on payments and need to catch up. Another benefit is that you will not have to go through the hassle of showings and open houses. This can be a time-consuming process, especially if you have already moved out of your house. Finally, cash home buyers typically do not require repairs or renovations before they purchase your house. This means that you can sell your house as-is, which can save you time and money
Cash home buyers like Fair Property Buyers buy homes directly from sellers, which saves time. This option can be a good choice if you need to sell your home quickly. Although the amount of time it takes to sell your home on your own may vary, working with a cash buyer is a fast process. You can close and have cash in hand from Fair Property Buyers in as little as 3 days, depending on the situation. This allows you to move on from your old house and start fresh without having to wait for months or even years to find a qualified buyer. If you are looking for a fast and easy way to sell your house, then selling to a cash home buyer may be the best option for you.
