Traditionally, when most people are ready to sell a home, one of the first things they do is hire a real estate agent. After all, an agent does nearly all of the heavy lifting for you. But those helping hands comes at a significant cost, and this expense leads many to wonder if they just could have sold the house themselves. The good news is that it’s possible to sell a house without a realtor IF you’re armed with the right information. And you can find that information right here! Read on to learn what to know when selling a house by owner!
Reasons for Selling A House By Owner
There are many reasons why you may need to sell your house by owner, including:
- Can’t Afford It
- Payments Are Behind
- Needs Too Many Repairs
- Going Through Divorce
- Medical Bills
- Need To Relocate
Furthermore, many people choose to sell a home without a realtor because they don’t want to pay real estate agent commissions and fees, which very likely will run into the thousands.
Steps to Selling A House By Owner
If you want to move forward with being your own real estate agent, here are the steps you need to take:
- Determine the Property’s Price
The first step in selling a house by yourself is to determine the home’s price. You can get a reasonable estimate of what your home is worth by conducting a search online. Simply search for similar homes in your neighborhood, zip code, town or city and see what they are currently being sold for. This will help you determine how much to price your home for.
It’s critical to complete step 1 before moving on.
- List the Home on the MLS
After you’ve set a price, you will need to list the home on the Multiple Listing Service, or MLS. The MLS is the largest list of real estate that is currently for sale in America. Both prospective buyers and realtors have access to the latest listings on the MLS.
Be aware that there is a fee associated with placing your property on the MLS. Realtors generally pay a monthly, quarterly or annual rate to list on the MLS. However, if you’re selling by owner, you can purchase your spot on the MLS for a flat fee. But be forewarned, this fee can cost hundreds of dollars.
- Utilize Other Marketing Strategies
Adding your house to the MLS should be the first step in your marketing efforts, but it should also be far from the last. Take advantage of all the social media platforms that are available to market your property, including Facebook, Twitter, Pinterest, Linkedin and Instagram. While you can promote your property for free using these platforms, there are also paid promotional and advertising options available. You can also place real estate ads on websites such as Craigslist.
Meanwhile, don’t forget about traditional advertising, such as newspapers, flyers, brochures and “For Sale” signs.
When creating any time of marketing material, be sure to highlight your home’s basic information, including the price, bedrooms, bathrooms and square feet. And don’t forget to highlight its most appealing features, such as stainless-steel appliances, backyard or garage size, and vaulted ceilings.
Make sure potential buyers have as much basic, important and ACCURATE information about the property as possible!
- Prepare for Open Houses & Showings
Now that all your marketing materials have been prepared and are set to be distributed, it’s time to prepare the home for open houses and showings. Many choose to hire a professional house stager to get the property ready for potential buyers. However, you can expect to pay an average of $800 to hire a professional. Fortunately, with some time and effort, you can stage your home for sale on your own.
The first step in getting your home ready is to deep clean everything. This includes every nook and cranny of your kitchen, floor, bedrooms, bathrooms and any other area of your home visitors will see.
Next, remove any personal items from areas potential buyers will visit. Personal items include family photos, awards, toys, drawings and anything else that has a personal connection. Buyers want to view themselves in the house, so keep it as open and bare of personal items as possible.
Finally, highlight areas of the home you want people to see. This includes outdoor areas that make the property more appealing.
Once the house is ready, be prepared to take calls from buyers and real estate investors interested in taking a tour of the property. Be ready to be home during daytime hours or weekends to give people an extensive look at the house.
- Negotiate & Close the Sale
If you find a buyer or investor ready to make an offer, it’s time to negotiate and close the sale. A buyer or investor will submit a contract to you. As the owner, you have the right to accept the offer or make revisions and send the new contract back to the buyer. These negotiations will continue until an offer is mutually agreed upon.
Though most real estate contracts are fairly standard, you should have any deal reviewed by a real estate attorney. An attorney will also ensure that you are complying with all real estate laws in your area. Some laws, such as the Fair Housing Act, are in place no matter where you are selling a home, but you should still seek the counsel of an attorney with knowledge of your local laws.
Once negotiations are complete and the contract is signed and ready, closing can generally be completed within 30 days.
Sell Your House Without A Realtor With Highest Cash Offer!
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- NO listings to create
- NO MLS fees to pay
- NO advertising fees to pay
- NO attorneys to hire
- NO closing costs
- NO repairs to make
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