How I Sold My Own House

Pros and Cons of Selling a Home For Sale By Owner

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Ideally, you have lots of free time to market the home extensively, show at any time of the day and well into the evening, and be available to talk to buyers any time they might call.

How to Sell Your House by Owner – Without a Realtor

Having the time is only an advantage if you really do. The one instance where you can dramatically increase the odds of selling a home for sale by owner is when you are either located on a busy road or are located in a neighborhood where there are other homes listed by a real estate agent.

A for sale by owner can also reap the benefits if their home is located in a neighborhood or subdivision where quite a bit a traffic is generated from other properties listed for sale by a Realtor. You will basically be profiting from the real estate companies ability to draw buyers into the neighborhood from other properties they have listed.

I want to sell my house on my own, NO REALTOR

There may not be as much financial benefit as you imagine. While you will not have to pay a real estate agent, you are not likely to fetch as high a price for your home as you would if you worked with a professional. An established and respected real estate agent knows how to market your property to the right buyers, price it competitively and negotiate based on the hard facts about your home. One of the biggest reasons why for sale by owners fail is an incorrect asking price for the home. Without the guidance of a competent real estate agent or appraiser, pricing the home correctly can be extremely difficult.

In fact, many real estate agents price homes incorrectly every day. There are two factors that determine every home sale including:. This speaks to the laws of supply and demand. When selling a home, your goal is to get multiple offers from different parties. When doing so, a seller is in the drivers seat. The price often gets bid up over the asking price in such circumstances. This is unlikely to happen when selling for sale by owner. Marketing a home is not easy — especially without an established network.

You can list your home online without much effort.

But so can everyone else. Good marketing ensures that your listing is noticed, and noticed by buyers that are a good fit for what you have to offer. Sure, an agent will list your home online. But he or she will also get the word out across a network of agents working for buyers in your area. This is part and parcel with the multiple listing service MLS , as well as established online real estate sites such as Realtor.

Your agent can reach people that your online listing never would, and in a way that is far more compelling than one of thousands of listings on a web page. The best real estate agents have their own websites that are prospect magnets.

If you want to do a decent job of selling your home, you are going to need to devote a considerable amount of time to the sale. Your home needs to be inspected, repaired as necessary but only repairs that will make for a better sale , photographed, filmed, listed, shown and more. When you do get interested buyers, you will need to be available to answer their phone calls, to show the home when they are available and you will need to negotiate a good price. Plenty of people sell their own homes. Few of them do it well, so you need to be prepared to put in the work.

When selling a home that vast majority of buyers find homes by looking online.

The for sale by owner sites only garner a fraction of the traffic sites do that market listed properties for sale. Because they know there are no agents involved, they may feel that they should benefit as well. How should you handle that? Lack of advice or tools: Online price calculators may not be sufficient to determine the fair market value of your home because they use completed sales, which tend to lag the market by a few months.

You may also want a lawyer to produce and review contract documents; some states actually require you to hire one. Obviously, these solutions all can eat into your sell-it-yourself savings.

I want to sell my house on my own, NO REALTOR

So try going it on your own for several months. If your house gets lots of attention and you get good offers, stay the course and be prepared to give up a little of your savings to close the deal.

Hire a professional to take your listing photos. List it on the MLS. List your home with an MLS service. Pay additional fees for the yard sign, more than one listing photo, open house signs, and listing flyers. Real estate agents take care of all of the contracts, paperwork, and fine print of a home sale transaction.

How to Be Your Own Real Estate Agent Selling Your Home

Without the assistance of an agent, you should find a real estate attorney to mind the details of your home sale. Your attorney will work up a purchase and sale agreement, help negotiate the terms of the contract, and review related paperwork and loan agreements.

Wait for the right offer Skilled listing agents find highly qualified buyers to sell your home for the most money. Keep in mind that the longer your home sits on the market, the more you may end up lowering the price. Avoid price drops altogether and choose the right list price from the beginning. Safeguard yourself from costly consequences and ask your attorney to review your purchase and sale agreement with a fine-tooth comb. Then hire a title company to take care of the closing process.

If any liens come up in your title report, work with your title agent or attorney to resolve them and successfully close the sale. Talk to a Redfin listing agent in your area. Info About Brokerage Services , Consumer Protection Notice If you are using a screen reader, or having trouble reading this website, please call Redfin Customer Support for help at

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