Is It Possible To Sell Your House Without An Agent?
When selling your house, your main goal is to ensure that you get the maximum value from the sale. You can achieve this by selling your house without hiring a real estate agent or realtor and saving yourself from having to pay any commission. This method of selling your house without an agent is referred to as FSBO or “for sale by owner.”
While the FSBO method is something you can do, it’s important first to understand the steps you’re required to follow. Here’s an overview of the steps you should follow to make when selling your house without a real estate agent.
- Determine Your Home’s Fair Value
First, you need to determine how much your home is valued before you can proceed with marketing it to potential buyers. It’s important to do this, or else you might end up valuing your home too steep and scaring away prospective buyers, thereby have a hard time selling the property. Likewise, you don’t want to undervalue your property, only to sell it at a low valuation.
To ensure none of these scenarios happens, you need to have your property valued, and there are three ways you can do this are;
- Hiring a licensed appraiser: This is the best way to determine the actual worth of your home. With the appraisal, you’ll have a better idea of the price within which you should consider a potential buyer’s bid. However, you’ll need to pay the appraiser for a detailed report of your home’s value, which will cost you between $300 to $500.
- Hiring a real estate agent to give the competitive market analysis of your home: Realtors have experience selling houses within your area and similar to your home. Therefore, they too can offer you valuable insight into how much you should sell your house. With that said, be cautious because they might quote a higher value to entice you to list your property with them.
- Using online real estate valuation websites: If you don’t want to spend a penny to get your property’s valuation, consider using real estate valuation sites. You’ll also get your home’s value fairly quickly. However, this value is usually an approximation and may be off by thousands of dollars.
Once your home has been valued, you now go ahead and list it as you wait for a prospective buyer.
- Make Sure To Adhere To Laws In Your Locality
Some areas have certain laws that you must adhere to as you look for a potential buyer. It’s best to observe these regulations to avoid a scenario where you sell a house with a code violation. A good example of the laws governing property sales includes the Fair Housing Act, which prohibits you from victimizing prospective buyers due to their sex, religion, or race.
There are also other agreements and contracts that you need to know about as you sell your house. And to avoid a possible violation, it’s best to hire a real estate attorney. Whereas this will cost, you get valuable guidance that ensures you don’t break any code during your property sale.
- Prepare Your Property For Sale
It’s also important that you prepare your home for sale before advertising it to the buyer. Doing this is important because buyers are usually very keen to check even for the slightest flaw in your property that might make them opt out of buying it. To avoid such situations, you need to adequately prepare your home for sale to ensure everything is in place.
You should start by decluttering your home. While taking out your possessions such as personal photographs from your property might be emotional, it’s necessary since you want the buyer to better visualize it as their home rather than yours. You should also add enough lighting throughout your home, using both artificial and natural light to light up the interior. Moreover, don’t forget to improve the curb appeal because the buyer’s first impression of your home’s exterior will determine whether they’ll even consider buying it.
Once everything in your home’s interior and exterior has been repaired or removed, go ahead a do a deep clean. This adds a sparkle to your home, making it appealing to the potential buyer.
- Market Your Home
Once your house is ready for sale, the next thing is to market your home. When doing this, you should start by hiring a professional photographer to take a minimum of one high-quality picture for each room. These photos will be very valuable in attracting potential buyers searching for a property advertised online. Therefore, these pictures must be of exceptional quality to increase the chances of them appealing the potential buyer.
Other marketing techniques you should use include;
- Printing brochures and sales flyers
- Putting s yard sign
- Holding an open house
Through these marketing strategies, you’ll be able to land a prospective buyer.
- Negotiate With The Buyer
Now that you’ve found the buyer, negotiating on a suitable offer that suits both parties is the next step. And to ensure you get the best possible value for your property, you need to sharpen your negotiation skills. During these negotiations, the buyer will submit their offer, and you can choose to accept it or request an improved offer. This process hoes on back and forth until a settlement that suits both parties has been reached.
As you negotiate with the buyer, it’s also recommended that you confirm that they can afford the property. You can do this by requesting the buyer for a mortgage preapproval letter. This way, you can find out crucial details such as the buyer’s loan program and how much down payment they have.
- Closing The Deal
This is the final step when selling your house without an agent and can sometimes feel intimidating without their help. However, you’ve gotten this far, so you should psych up and finalize the deal. With that said, you should have a real estate attorney with you when closing the deal because this is fully a legal affair. The attorney will help you understand all the laws that need to be followed during this transaction.
You should also try and maintain contact with the buyer even after accepting their offer. This way, you get to maintain a cordial relationship which will be vital should any contention arise later on.
By not selling your house through an agent, you save the commissions that would have been otherwise payable. But before deciding that this is the method that best suits you, it’s advisable first to understand the intricacies and challenges you’ll face during this process. With the insights discussed above, you’re now better placed to decide whether this method is a viable option for you.