Selling your house without a realtor can be a daunting task. There are a multitude of aspects that you must understand about the sales and marketing process, and this can become overwhelming. If you're considering selling your home without an agent, here are 7 FAQs that you must read.
How do I sell my house privately?
If you want to sell your home by owner, the first thing you need to decide is how much you believe it is worth. One of the quickest ways to get an idea of how much you should list your home for is to go online and use one of the popular home value estimation sites, such as Zillow.
If you want a more accurate idea of the value of your home, consider asking an experienced local realtor to provide a comparative market analysis. This is a detailed analysis of your home's value, determined by the sale of comparable homes in your area.
Your next step is to market the property to potential buyers. Popular options include online real estate websites. You could also hold your own open houses to gain buyers attention.
Once you find an interested party, it is vital that you negotiate the sales price effectively. It is also crucial that you have a basic understanding of real estate contracts, as you will need to have an executed sales contract to protect you during the transaction.
Closing is the final stage to selling your home privately, and depending on your state, this will be conducted by a title company or attorney.
Do I need a lawyer to sell my house privately?
Depending on where you are in the U.S., some states require sellers to hire a real estate attorney to conduct the closing. At the very least, you will want to involve a title company, as selling a home is usually includes many legal documents and paperwork.
Unless you are confident and have a thorough understanding of real estate law, it is prudent to hire a professional that can protect your personal interests.
Are there Closing Costs when You Sell a Home For Sale By Owner?
Yes, even if you sell your home by yourself, expect to pay closing costs. There are many closing costs to consider other than the agent's fees.
Sellers should expect to pay title company or real estate attorney fees, and your states applicable transfer tax or recording fees. Other closing costs include prorated property taxes and any unpaid homeowner association dues if applicable.
Can you sell a house without a real estate agent?
Yes, you are not legally required to use the services of a real estate agent when selling your home. If you sell your home without a real estate agent, it is crucial that you do your due diligence and that you understand how real estate transactions work, and any state or local laws that affect your property's sale.
You must also be confident in marketing your property and have the time to show your home to potential buyers. Negotiating the sales price and having a basic understanding of real estate contracts is also important, as it is essential that you protect your interests.
What documents do I need to sell my house without an agent?
If you wish to sell your home without the help of a real estate agent, there are several documents that you must become familiar with. The first is a real estate purchase contract and is required to ensure that your best interests are protected.
A purchase contract dictates the obligations and expectations for both the buyer and the seller and becomes legally binding once it is executed. It includes details such as the agreed sales price, the terms of the sale, and the agreed closing date.
Another document required by most states is the Residential Property Disclosure form, which should be given to potential buyers by the seller and details any known defects in the property; however, you are not expected to reveal details you aren't aware of at present.
Should you sell your house without a realtor?
You can, but you may not receive the optimal sales price for your home. According to NAR, homes sold without the help of a real estate agent received an average of $200,000 (data from June 2019) compared to $265,500 for agent-assisted home sales.
One of the easiest and most effective ways to sell your home is to list it with a local and knowledgeable real estate agent. Using a realtor ensures that your interests are protected, and that someone is working on your behalf to get you the best possible selling price in the least amount of time.
What is the best for sale by owner website?
Many sites offer a platform to list your home. Popular ones include For Sale by Owner, FSBO.com, and Zillow.
It is important to remember that some sites will still charge you a fee to list your home, even if you aren't using an agent. You will also be required to provide suitable photographs of the home and handle all the calls and inquiries that are gained from the online exposure.
If you're considering selling your home without the help of an agent to save closing costs and agent commission, consider reaching out to one of our Clever Partner Agents first. Clever Partner Agents are top-performing realtors in their market and agree to work for a flat fee, saving you money and stress.