It is possible to sell your house without using a Realtor, albeit doing so isn’t generally recommended. You can save some percentage points in Realtor commissions if you’re prepared and follow the procedures below. This can save you $3000 to $4500 on a median-priced property.
Remember that doing this correctly will require an initial investment of roughly $1,000. However, when it comes time to sell the house, you can see this as well spent money.
First, have a licensed inspector take a look around your house.
This might cost you between $200 and $400, depending on the square footage of your property. Nearly all purchasers will commission a home inspection, but you should get one done before you list your property.
The rationale for this is straightforward: when haggling over price, you’ll want more information than the buyer.
First, the home is put under contract at an agreed-upon price, and then the buyer arranges for an inspection. As the vendor, you’re at a disadvantage because of this. The rationale is that it is preferable to be aware of any issues with the home before setting a price rather than discovering them after you’ve already found a buyer.
Let me rephrase that: are you aware of whether or not the wiring in your house is up to code? You probably don’t unless you’re an electrician. Think about it this way: would you instead discover that your home isn’t wired up to code after a buyer has put in an offer or before you put it on the market?
Knowledge is power in a real estate transaction. Spending $300 will give you a significant advantage in this field.
If termites are a problem where you reside, having your home inspected for them is also essential. Termites can cause rapid damage to your property, and unfortunately, you may not notice the problem until it is too late. The good news is that to win your business; most termite firms will perform a free inspection of your property. It is OK to hire many firms to do this evaluation.
Before moving forward with anything more, I suggest you perform these checks. In most cases, a home inspection would take around three hours, whereas a termite inspection would take only an hour. You don’t have to be there when the inspectors arrive; just let them in! The typical turnaround time for an inspection is one week.
Second, get estimates from three different contractors for each significant repair.
You’ll be in the know after the inspections are complete. Then it would be best if you thought about fixing the critical things. Construction tasks include laying a solid base, wiring, plumbing, heating, air conditioning, studs, and roof installation. If any of these issues are noted in the report, you should have at least three different service providers give you a quote to fix it. Make sure you have written bids.
Any significant cosmetic concerns should also be addressed by hiring contractors. Find out how much it will cost to replace worn-out flooring, patch damaged walls, replace broken windows, etc.
Nothing here suggests, however, that any actual repairs be made. The housing market in your area will determine this. If houses are moving quickly, you can save money by not fixing anything and selling it “As-Is,” with a price reduction to reflect the need for repairs.
In a buyer’s market, where competition for sellers’ homes is high, you might consider fixing the big stuff or offering a larger “repair allowance.”
Your price negotiations will benefit greatly from this information. You will be prepared with contractor bids if your buyer raises a concern. The price can be negotiated so that you both benefit. In addition, a customer is more likely to accept a price reduction you provide if you demonstrate diligence in your research.
Step three is to research the local housing prices.
I stress the word selling since 1) the asking price and 2) your opinion of the home’s value is also irrelevant. What a buyer can and is willing to spend determines a home’s worth.
If you want to know how much similar houses have sold for, you should probably talk to a real estate agent. Plenty of people would gladly conduct a market analysis and advise you on how much your home is worth. This does NOT obligate you to work with that Realtor, but you should let them know if you plan on selling the house on your own. This cost-benefit analysis is proper because the same Realtor can always find you a buyer.
Correctly pricing the home means accounting for the cost of any necessary repairs. I would recommend considering their pricing when setting the selling price and selling the house “As-is.”
Potential buyers (and the buyer’s agent) would appreciate your taking the time to get estimates from reliable professionals for the necessary repairs. In some instances, the buyer won’t even insist on a further inspection, which means you can move quickly toward closing the purchase.
The fourth step is to clean, declutter, and stage your home.
You probably want to get rid of all the junk in your house. If you feel comfortable handling this on your own, by all means, go ahead. If not, use a cleaning service and a service called “Got Junk” to get rid of the clutter.
You’d prefer to have as little of your stuff lying around as possible. A storage unit for a few months could also be an option to investigate.
Staging your home entails clearing it of any identifying photos or mementos and rearranging the furnishings orderly.
Home staging allows potential buyers to “see” themselves living there. When this happens, they’ve already begun buying your house. It may seem counterintuitive, but staged homes sell 79% faster than unstaged ones!
Doing all of this will also facilitate a smooth relocation. You’ll eventually have to get rid of all that trash. If you want to sell your house quickly and for more money, why not do it before you move out?
Fifth, advertise your home on multiple listing service (MLS) fee sites and other relevant websites.
Listing your home on the MLS (Multiple Listing Service) is an excellent service many real estate agents offer. You can find Real Estate Agents willing to do this for a nominal price (about $200). There is no commission involved; you only pay them once. You’ll be able to reach out to all of the real estate agents in the area.
My second piece of advice is to advertise your house on Postlets. Your home will be announced on Zillow, Yahoo, and Craigslist, and it’s all for free on this site. Numerous interested homebuyers might be found on these websites.
If possible, you should probably avoid putting up a “For Sale by Owner” sign. For personal and security concerns, some people would rather not. If there isn’t a lot of foot and vehicle traffic near your property, I don’t think putting up a “For Sale By Owner” sign is necessary.
After completing these four steps, the most critical next step is spreading the word to as many potential buyers as possible. Putting your home on the Multiple Listing Service (MLS) and Zillow will attract serious purchasers.
You can further reduce the number of people just looking to waste your time by choosing to only show the house to people who have been pre-approved for a mortgage or who can pay cash. This won’t be a problem for severe purchasers in a competitive market.
Conclusion
These are the five most important things I’ve done when selling site-built and mobile homes. I’ve succeeded with this strategy since most of my listings have received offers in under a month.
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