Deciding to sell your home is a big step. There are a lot of choices to make and things to do. The first thing you need to settle is whether or not to hire an agent. When selling your home without a real estate agent, there are a few things to consider, including goals, availability, and resourcefulness.
If your main goal is to sell fast, you probably should hire an agent. An agent would be able to market and show your home more effectively than you might, as a layperson. If you work and have a family or any time restraints, a real estate agent could show the property while you do what you need to do. This way, it’s out of your hands, and you won’t lose momentum. Resourcefulness is necessary for marketing. Selling your home is more than putting a sign in the front yard. You’ll have to be creative to get the word out and attract buyers.
Still, if you’re savvy and have the time, you can absolutely sell your home without an agent. FSBO is a way to sell and ut out some of the fees paid in closing.
Do I Need Permission?
You may be wondering if you need to get clearance from your lender before selling, the answer is no. There is a clause, however, called “loan due upon sale,” which requires that you pay off the loan immediately after closing. You can inform the bank as a courtesy, but it is not needed before listing.
How to Get Started
Clean up. Declutter. Take pictures. If you want to give yourself the greatest advantage, you’ll need to be sure to do these thoroughly. Move out as many items as possible so that potential buyers can envision themselves living there. Buys don’t want to feel like their in someone else’s home. They want to find a place to make their own.
Next, you’ll want to do some research and set the right price. According to Zillow, there are several considerations to price appropriately. Comparative Market Analysis will be your primary tool for pricing, but there are other indicators. The time of year and the buyers/seller’s market also play a part. These factors will also let you know if it’s the best time for you to list your property. Timing plays a crucial role in how much you’re able to ask for reasonably.
Finally, you’re ready to start showing! Real Estate platforms like realtor.com and Zillow make it easy to list your home and get it in front of buyers. Social media and classified ads also are great resources for marketing the property. You’ll need to be strategic and consistent to get leads. This is where your resourcefulness becomes vital.
You remember the tedious process of closing on a home, it’s that time again. After the appraisal, there may be unforeseen costs for repairs if the home is not in pristine condition. Be sure to keep your emotions in check when negotiating. You’re almost there.
At the closing table, the seller pays for the following costs
- Agent fees (in this case it would be the buyers’ agent)
- Transfer taxes and recorder fees
- Title Insurance
- Attorney Fees (If you have one)
If you had any judgments or liens, these too would be paid. Lastly, you pay off your loan and hopefully, you have money left over from the sale.
Selling your home without a real estate agent is possible and saves you money. The process is slightly different and perhaps cumbersome but if your patient, it’ll work out fine.