How to Sell A House By Owner
Take a moment to think about the hefty price you’re going to pay for commission.
That means 3% of your home’s final sales price going to your listing agent. Now, imagine you can avoid paying this by going it alone. Yes, you can save a big chunk of your profit. And yes, you can sell it on your own. But you need to know how to sell a house by owner.
Selling a home by owner can be pretty appealing.By numbers, there are 36% of Millennials and 26% of Gen Xers who are more likely to sell their home as a for sale by owner (FSBO). Without an agent, however, you have to prepare yourself for a daringjourney ahead.
As a lone marketer, you have to do it all yourself—home staging, marketing, and even setting up appointments.Here’s a simple guide you need at your disposal.
1. Prepare your home.
No one wants to see a messy house. Before you open it for others to visit or post online, groom the house thoroughly. Scrub and wipe clean every nook and cranny. The objective here is to make it more as a home for the buyer—not for yourself. And as much as possible, to double your home value.
· Repaint the walls.
· Rearrange the furniture.
· Upgrade your kitchen if possible.
· Enhance the curb appeal.
2. Set a fair and realistic price.
Pricing your homeis the most challenging aspect of the FSBO sales process. Set your price too high and you’ll scare off buyers. Set it too low and you’ll earn less.
To determine your home’s value, review the recent sold similar homes in your area. Browse for sale home prices with similar age, vicinity, lot size, bathroomand bedroom count.Try using the Federal Housing Finance Agency’s HPI calculatorto get a sense of your home’s worth.
3. Market your home as an FSBO.
Now’s the time to showcase your home. Today, marketing is all about online listing. According to the NAR report, almost 50% of people are looking for properties on the internet first. And over 90% of real estate firms have websites with their own property listings.
Houzeo, for instance, can list your home on the MLSthrough Flat Fee MLSwith an affordable rate. Either way, you can also promote your home on For Sale By Owner websites, Facebook page, and other social media channels to widen your reach.
4. Negotiate the sale.
Selling a house by ownermeans you have to act as an agent for your home. That meansyou have to negotiate offers and deals with buyers’ agents.Although this can befrustrating, there are negotiation strategies that could help.
· Never make the first offer. A buyer may have a better deal.
· Reject low offers, especially unrealistic and unserious ones.
· Wait for the best deal. Be patient; interested buyers are out there.
5. Manage the home closing.
Congratulations! You’re almost done. To properly close the sale, you need to complete the legal documents first. Set an appointment with your attorney or title agent handles. Andreview the closing documents (The HUD-1 or Closing Disclosure, The Deed, Certificate of Title, Statement of Closing Costs, etc.) before the scheduled closing date.
If you have a question, don’t hesitate to ask your attorney or the closing agent. Here’s a quick checklist you need to bring.
· Two forms of official ID. Bring a secondary ID too, just in case.
· Property’s Deed if you own it outright.
· Access info, main keys, and home security codes.
· Documentation of repairs per the home inspection.
· Pen for signing documents.
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