You knew this day was coming, but it still caught you by surprise. However, now that the divorce agreement has been finalized, you need to sell your house fast.
Or maybe that’s not your problem. Maybe you’ve inherited a rundown house that you don’t have the time or the finances to repair.
Whatever the exact circumstances, however, the outcome is the same:
You’ve got a property on your hands that you want to get rid of ASAP.
Conventional wisdom says that you need a real estate agent to get the ball rolling. But did you know that it’s possible to sell a home without a realtor? Read on to learn more about selling your home as an owner.
What Are the Benefits of Selling a Home by Owner Instead of Realtor?
At this point, you’re probably wondering if selling the property yourself makes sense. After all, the realtor is supposed to be the industry expert with connections, right? For many homeowners, there are at least three good reasons to try selling without an agent:
1. You Save On Real Estate Agent Fees
By the numbers, real estate agent commission can be anywhere from four to six percent of the final selling price. Within the context of a $200,000 sale, that tiny percentage might not sound so bad. But when you’re raising funds for another down payment or trying to furnish your next apartment, that $8,000 could go a long way.
Selling without an agent allows you to walk away with more money in your pocket.
2. You Can Market the House (Or Not) As You See Fit
In many ways, the traditional methods associated with selling a house can be shockingly intense. When you’re selling through a real estate agent, the inspections, walkthroughs, and detailed listings are par for the course. If you sell on your own, however, you can do all the heavy lifting or you can sell as-is.
The ball is always in your court.
3. You Can Sell in Less Time
After factoring in the cost of commission fees, some homeowners decide to get creative — they simply figure out how much they want and raise the price of the house accordingly. This can work in some situations, but when you’re trying to sell in a hurry, this can extend the time you spend in the real estate market.
Selling on your own makes it possible for you to profit while dangling an irresistible price in front of buyers.
What Should You Be Aware of When Selling Without a Real Estate Agent?
Let’s assume the list of benefits has gotten you thinking. Are there any risks involved with a DIY sale? Here’s what you need to know.
1. You’re Still on the Hook for Buyer Agent Fees
On paper, you’d think that selling without an agent would kick realtors out of the transaction altogether. But if you’re opting to advertise with an FSBO listing, the buyer’s agent could still take a commission out of your sale. A lot of people don’t know this, but the commission collected by both sides — the seller’s agent and the buyer’s agent — is typically paid by the seller.
2. You’ll Have to Sell With the Mortgage in Mind
Are you selling a house that you bought with a mortgage? Then you might be limited in terms of your ability to undercut the rest of the market. We’ve talked about the process of selling a house with a mortgage before, but here’s the bottom line for DIY sellers:
You need to sell enough to cover the outstanding balance of the mortgage.
3. The Heavy Lifting Falls on You
From writing up the listing to taking pictures and doing walkthroughs, getting a house ready for sale is a lot of work. And when you’re also packing up and relocating, the process can quickly start to feel overwhelming.
When you sell through an agent, you’ve got a professional handling the marketing decisions and negotiations. If you’re selling on your own, however, those realtor responsibilities still need to be done. But the expectation is that you’ll handle them.
DIY Home Selling Tips
Are you still sold on making an agent-less sale? Here’s some useful advice on the logistics of how to sell a home without a real estate agent.
1. Make the Easy Fixes
Most home buyers want their purchases to be as move-in ready as possible. If people arrive for the walkthrough and they see exposed electrical wires or cupboards in need of repairs, you could see yourself receiving lowball offers for relatively minor reasons. While a major renovation project might not be realistic, you’ll be surprised at how a new coat of paint can change buyer perceptions.
2. Consider Upping Your Curb Appeal
According to Realtor Magazine, curb appeal can increase the selling price of a home by up to 7 percent. Do you have any overgrown bushes in your front yard? Is the grass on your lawn getting a bit too long? These sorts of details are easy to address while having a relatively high ROI.
3. Look for Cash Buyers
Sometimes sellers don’t have the time or the money to renovate and stage. This is especially true for individuals who are dealing with tax liens, divorce settlements, or both. Cash buyers can help you bypass the conventional sales process and the usual home inspection delays.
If you need to sell your home quickly, cash buyers can often close within days.
Here’s the Fastest Way to Sell a Home Without a Realtor
When it comes to real estate, the “best way to sell a home” can differ dramatically from household to household. However, if you have a rough idea of who you’re selling to, not only is it possible to sell a home without a realtor – you might be able to make more money if you do.
Ultimately, it doesn’t matter if you’re making upgrades or selling right away to a cash buyer. The answer to the question, “Do you need a realtor to sell a house?” is “No.”.
Are you looking to sell your property? We buy houses! Contact us for your free, no-obligation cash offer today.
