When you elect to sell your home privately (without the help of a real estate agent), most likely it’s because you want to save some money. A little research shows that selling a home privately can save as much as $10,000 during the process. Don’t let this fact sway you, though. Generally, a qualified real estate agent costs a lot because they have experience in the market and is more likely to give you a more secure starting price for your home. An agent also wins in network; being able to reach those who are looking for a house, or can help selling one.
Selling your home privately will also affect the marketing process. If you sell your home without the help of an agent, it’s not likely that you’ll have access to Multiple Listing Service (MLS), a database full of property listings only accessible to registered agents. You might need to get the buyers in some other way, like holding an open house or putting an advertisement in your local newspaper.
On the other hand, it’s understandable that some people can not trust other people to sell their home. Selling your home privately means being in total control of the transaction. You know that you will always be available for questions or home showings. Whenever you made a mistake, it’s yours and only yours to blame (trust me, a mistake that costs you nothing would still feel better than an expensive one).
When you’re sure that selling your home privately is the way to go, there are some extra preparations you need to do. Take extra measures in preparing your house. Remember that you’ll be competing with professional agents and their client’s property, so make sure you give yourself a chance to stand out! Find websites that provides a “selling by owner” kit. Get as much exposure as possible, it’s all about marketing and the more you spend the more exposure you’ll get.
You also need to get educated in legal requirements and contracts. This will take some time, so get help from an attorney and start researching way before your selling date.
Selling a home privately is a tricky business. Some say that you’re able to sell your own house if you have three free hours every day of the week.
The option you have if you don’t want to do the work yourself and save a little cash is to work with a real estate investor. They will always make a cash offer and be able to send you on your way quickly without all the marketing and legal expense.