Selling a property can be a challenging task, especially if you’re doing it by yourself. Yet there have been thousands of successful stories for people who manage to do it without a real estate agent. With strategic ideas and relevant steps, they’re able to sell the house quickly.
One main reason an individual would choose to sell a house by themselves is to avoid paying a real estate commission. The usual commission in most markets is around 6 percent of the sale price, which is actually based out of the home’s equity. It’s enough to save the money for other priorities. Hence, it’s a matter of cost on why most homeowners do the selling by themselves.
However, if you’re in an absolute hurry to sell your house due to an emergency or because you need the money immediately, it’s best to work with a homebuying company like Gem State Cash Offer. They can buy the property in any condition and you’ll get a reasonable cash offer without having to go through the usual steps of selling a house.
Otherwise, in order to successfully sell your property without an agent, consider the tips below:
1. Know The Price
Knowing the exact value of your home is the first step to a successful sale. It will be disadvantageous on your part when the price is too low. Meanwhile, if it’s too high, you can wait for months without selling. The solution is to evaluate the market value to for accurate approximation.
Using online real estate valuation sites can give you the proximate value of a property at an instant, and it’s for free. These could be your reference to other sources of information.
Another method is by getting a competitive market analysis from a broker agent. This service is free and the estimate is reliable. This analysis provides the details of the house in comparison with other properties in the area.
If you want the most accurate estimate, hire a licensed appraiser. Consequently, the appraisal can be used as a basis of valuation when negotiating with buyers. Nevertheless, appraisers may charge between $300 to $500 for a report.
2. Prepare The Home For Sale
Getting your house ready for sale is the next big thing. Look at the negative points you need to work on. Take note of the general appearance and overall appeal of your property. You can even get a top price for your home by upgrading and decorating before selling.
Consider these minor repairs to ensure that the house is in good condition for the future buyer:
· Repair leaky faucets and loose door handles, fix electrical switches and lights, and clean the garage.
· Refinish rooms that are quite faded and select neutral colors, which can help buyers envision themselves personalizing the room.
· Do some general cleaning, which includes the attic space, the basement, closets, and the garage.
· Reduce the number of furnishings to enhance the available space.
· Ensure that the entire property is clean and smelling fresh.
3. Market The Home For Sale
The property will be sold faster when marketing strategies are involved in the process, and you don’t necessarily need a realtor for it. Here some techniques you can apply:
· Start With A Good Yard Sign: You can buy good quality signs in office supply stores. Spend some money on a great and appealing yard sign in order to attract the attention of potential buyers.
· Create Sales Flyers Or Brochures: Try to print attractive graphics and add photos of the interior and exterior parts of the property. Just make sure that the shots taken look appealing. The flyer should include complete contact information and property details like the sale price, room count, and description of the local neighborhood.
· Advertise Your Home Online: You can advertise your property through popular websites. It’s best to select the right real estate websites to ensure that the post will have a high chance of buying.
4. Negotiate The Sale
During this step, prepare yourself for a give-and-take situation since you’re dealing directly with the buyer. At first, the buyer may offer a low buying price and that you might not find acceptable, but you have to go back and forth with them and decide on how much you might be willing to compromise.
Once you agree on the basics, a written proposal will be given by the buyer. Make sure to ask for a copy of the mortgage approval after accepting the offer. Secure the details of the contract including the purchase price, closing concessions, date, and location of closing. Also, contingencies are part of the contract, such as a home inspection as requested by the buyer. Closing the deal takes place in the attorney’s office within the agreed location of both parties.
5. Handle The Closing
The process of closing the deal is an entirely legal affair and so you’ll have to hire a closing attorney as they are knowledgeable about the required procedures. It’s important to secure the relevant documents at this point in time. Communicating well with the buyer is essential while processing the papers to ease points of contention.
Consider updating the buyer’s mortgage because most real estate transactions have problems with it. If the buyer is unable to meet mortgage conditions, the loan approval can be withdrawn.
Ultimately, keep yourself updated and make an informed decision in every step of the process since you’ll be handling it without a real estate agent.
Selling your house without a realtor can be challenging and complicated. Knowing the tips mentioned above will help you sell your property instantly even without the help of a realtor.