Do you want to know how to sell your house without a realtor? It can be a complex or straightforward process, depending on how you go about it.
When it comes time for someone to sell their house, many homeowners balk at the cost involved. There are many fees to be paid—and the most significant expense comes with the commission for the real estate agent.
When the economy is struggling, it pays to consider ways to avoid unnecessary costs wherever you can. This factor often leads sellers to ask: Can I become my own agent?
Selling without a Realtor vs. with a Realtor
There are many reasons to sell your home without a realtor.
No commissions for real estate agents
Not surprisingly, the most significant reason people sell their homes without a realtor is to save money on the commission.
However, there are many logical and necessary reasons for paying 6% of your sales price to a real estate agent.
But the bottom line is that on a $300,000 house, you’ll lose $18,000 toward the commission of the listing agent.
New options for FSBO sellers
In the past, FSBO sellers were almost exclusively restricted to putting a “for sale” sign on their front lawn and letting friends and family know about the sale.
But today, many new channels and options are available to homeowners who want to bypass a real estate agent. For example, the real estate market listing site Zillow will routinely allow FSBO sellers to list their homes.
One of the newer options is choosing to deal with an iBuyer, a digital company that can quickly buy your house without a realtor with an instant cash offer. Under many circumstances, they will offer to buy your home before they even see it.
A quick sale
When time is crucial, many sellers turn to non-traditional methods to get the job done.
Furthermore, if you need to move quickly or want to jump on a great deal for a new home, then iBuyers might be the best option.
Leveraging a hot market
When the real estate market is slow, an experienced real estate agent has learned how to reach buyers in their local area. They have active channels for marketing and networking that can attract buyers.
However, if your area’s real estate market is hot, the advantages lean toward the seller. High demand for housing means homes routinely sell quickly. This market condition makes selling without a realtor easier.
Controlling the sales process
Managing real estate transactions as your own real estate agent allows you to steer the sales process yourself. What exactly does this mean?
You’re not locked into a contract with real estate agents
Because a listing agent typically requests an exclusive contract to represent you, you won’t have much recourse if you don’t like how they conduct their business.
You can hire your own real estate attorney or other real estate professionals
By hiring services as needed, you can decide directly if they are worth the expense and negotiate fees. You could even hire a real estate agent for a specific, limited service if you want.
All information flows directly to you
As the primary contact for this sales contract, you won’t be left in the dark about any step in the sales process.
You directly negotiate the closing date
This allows you to coordinate the closing details of the home you plan to move to next.
Easy access to support
Tips for selling your own house
The basic steps for an FSBO sale include the following.
- Determine your market value—the list price for your home according to its condition and comparable homes in your area. Finding this listing price might involve ordering an appraisal, competitive market research analysis, or your best guess. (However, a wrong guess might cost you thousands of dollars.)
- Prep your home to be sold—this might mean upgrades or renovations. Specific cosmetic touch-ups like a new coat of paint can go far to help. Whatever you decide to improve, make sure there’s a good chance you’ll recoup most of your money in the final sale price.
- Market your home—the most essential step. Potential buyers and the buyer’s agent must know your home sale exists. A multiple listing service like Zillow or other real estate websites can promote your listing or open house.
- Adjust as necessary—If your house has been listed for a long time without attracting potential buyers, you might need to adjust your sales price to avoid going stale.
- Price negotiations—when you receive an offer, does it agree with your expectations? Check to ensure they are qualified to buy (a preapproval letter would work) and that everything is in writing and signed.
- Closing the sale—once you sign the finalized purchase agreement, follow up on any requirements like providing disclosures or completing requested repairs.
Selling your house to a cash buyer
The better option for many homeowners who are looking to sell without a realtor is through an iBuyer.
These internet real estate investors can reduce the headaches most FSBO sellers face, like paperwork requirements or upgrades for an open house.
An all-cash deal can also shorten the selling time by half, which can be a significant advantage if you need to sell your home fast.
Without a realtor or mortgage financing involved, it makes sense why so many homeowners are selling their homes to iBuyers.
Reach out to Simple Home Offer today to see if your situation best suits an all-cash deal. The cost of an all-cash deal is significantly less compared to conventional home buying. This way, you can keep more money in your bank account from your home sale. Now that’s a deal worth considering.
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