You can sell a house as a FSBO (For Sale By Owner) without engaging the service of an agent. The good news is that no law forbids you selling your house without the involvement of an agent.
The bad news is you could be losing thousands of dollars by trying to sell yourself. Ultimately, a real estate agent sells homes everyday so this is their specialty. This is what they train to do. A real estate agent can sell homes for more money and the quickest time possible.
📋 Do It Yourself Steps to Selling a House
“Do It Yourself” method of home selling is beneficial because with it, you can save several thousand dollars as agent’s commissions while that extra money can be put in your pocket.
- Get the house ready.
- Set the asking price.
- Market the house.
- Negotiate terms of home sale.
- Get house under contract.
- Close the transaction.
🛋️ Step 1: Get the House Ready
The first step to selling a house without an agent is getting it ready for sale. Carry out a self assessment of what is need to make a house attractive to prospective buyers.
- What is a buyers first impression of your home?
- Will seeing the outside make them want to see the inside?
- Is the property clean and orderly?
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💲 Step 2: Set the Asking Price
The next step to consider in selling your house is the determination of the asking price. Start by finding out the current price of similar houses in your area and compare real estate market statistics.
Pricing your home well above the market value is a good way to drive away potential buyers. Start research with a free home valuation calculator to get an idea of what your home is worth in today’s market.
📰 Step 3: Market the House
The third step to sell a house without an agent is to create awareness of it to the public via effective advertisement. There are various methods and avenues you can adopt to create this awareness such as verbal advertisement, flyers, MLS listing, FSBO websites, Craigslist, Twitter, and Facebook.
🤝 Step 4: Negotiate Terms of Home Sale
Potential buyers will wish to make an offer upon seeing the house. It is essential to document every offer in writing. Accepting an offer on a verbal basis is not recommend.
Getting offers in writing will enable you track multiple offer by multiple buyers. Content of written offers should include the price and terms of sale like whether the buyer will make payment by cash, employ the use of mortgage finance, the amount the buyer is paying, and date the buyer is expect to pay.
📃 Step 5: Get House Under Contract
💵 Step 6: Close the Transaction
This is the final step to sell a house without an agent. A title company collects the documents which are require for property transfer from the seller to the buyer and record such transfer with the local county government.
Assuming the buyer is buying the house with a mortgage, the lender will demand that all liens be paid at the time of closing to ensure that no one can claim such title to the house ahead of them. Funds will be collected from the buyer to the title company which will pay all liens accordingly.