What you should know when selling your property yourself.
Selling your home without an agent may sound empowering at first. It certainly may save you money on agent fees and commissions. However, the truth is that selling your home yourself can be very complicated. There is a lot that goes into the process that a typical homeowner wouldn’t know.
The simple truth is that as an FSBO (For Sale by Owner) individual, you don’t always know exactly what is involved when trying to sell your home. There is a lot of paperwork involved – some which you might not even understand.
That doesn’t mean you can’t do it.
Determining the right market value for your home
It is absolutely important to determine the fair market price for your home. You need to remember that the sentimental value you place on the house won’t be reflected in its actual market value. If you price it too low, then you may end up walking away with less than you should have in the first place. If you price it too high, there’s a chance it will take longer to sell, or not sell at all.
You have to price it just right. Allow yourself some wiggle room because people will likely try to negotiate a lower price. There are three ways that you can determine the value of your home:
- Use real estate valuation websites: you can check sites such as Zillow or Trulia for a quick valuation of your property.
- Hire an appraiser: this is the most effective way to get an accurate estimation of your property’s value.
- Compare other homes in your area: what have other homes in your neighborhood sold for? Make sure that these homes are comparable to the one that you are selling. You’ll want to look at square footage, for example.
Remember that hiring an appraiser will still cost you money—around $300 to $500 for a report. Even then, mortgage companies won’t always accept it.
Get ready to work hard
You need to know that this process can be time-consuming. You have to prepare the home for the sale by making necessary repairs or improvements. You also need to create advertisements and field calls from potential buyers. You’re also responsible for finding appraisal companies and lawyers for the sale.
All of these essential tasks will take time and a fair amount of legwork. Because you likely also have other obligations, like a full-time job or a family, selling your home can get a little frustrating.
You won’t do it all by yourself
Although you are selling your home yourself, you are not the only person working on it. Many states require a real estate lawyer or title agent get involved in sales. This means that you have to find someone to help you with the sale. Once you do all this, you can close the sale. Hopefully, you make money on it.
Yes, selling your own house is entirely possible. Some people may even think it’s fun. It does, however, involve a great deal of work. Make sure to handle the entire process carefully because it is a large financial and legal transaction.