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5 Tips for Selling Your Home Without an Agent

12 Aug

5 Tips for Selling Your Home Without an Agent

You’ll have more work to do, but the payoff can make it worthwhile

Are you thinking of selling your house yourself, without the help of a real estate agent?

Eliminating the realtor can save you as much as 6 percent in commissions. On a $300,000 house, that comes to $18,000. And “for sale by owner” houses tend to sell more quickly, sometimes in as little as two weeks, according to the National Association of Realtors’ 2018 Profile of Home Buyers and Sellers (which notes, however, that the brief time frame is often because the seller and buyer know one another).

Before you decide to sell your home without an agent, however, keep in mind that the process is far from easy. You’ll have to invest a lot of time in doing the work a realtor would ordinarily handle, which includes everything from showing and marketing your home to negotiating the final price.

Also understand that you’ll need to take care of all the legal and financial paperwork, which can be daunting. (It’s probably a good idea to hire a lawyer to help with that.) There also are a number of websites, such as ForSaleByOwner.com and FSBO.com, to help walk you through the process.

With all this in mind, if you do decide to sell the house without an agent, here are five tips to help you get started.

Set a Realistic Price
If you’re selling your home without an agent, don’t make the mistake of thinking your home is worth more than it really is.

Colby Sambrotto, CRO of Redefy, a technology-enabled residential real estate brokerage, and past president of USRealty.com, advises sellers to put emotions aside and set a price based on hard data.

Online pricing calculators like Zillow’s Zestimate give an estimate of your home’s worth based on objective factors such as square footage, the number of bedrooms and bathrooms, and your home’s location.

Another option for deciding on an asking price is to go to the Federal Housing Finance Agency’s website. It offers tools that draw from home sale data pulled from mortgages that are backed by the Federal Housing Administration, Fannie Mae, and Freddie Mac.

One of those tools is the FHFA’s House Price Calculator. It doesn’t project the actual value of your particular house. Instead, you plug in the amount you paid for it and the year you purchased it, and the calculator projects your home’s worth assuming that it appreciated at the average rate of all homes in the area.

You can also hire an appraiser to give you an estimate. Michael Malkasian, president of FSBO.com, a real estate advertising company, says you may want to consider this your last option because you’ll have to pay about $400 for the appraisal, and the buyer’s bank will do an appraisal anyway.

If you do want an appraisal, you can find an appraiser by searching on the website of the Appraisal Institute.

“In the old days, you would stick a sign in your yard and hope for the best,” says Sambrotto of Redefy. Today there are more options.

Many homebuyers start their search online, according to Malkasian. If you’re selling yours without an agent, you can list it on his website, FSBO.com, for about $100 for one year. The listing will also appear automatically on the real estate website Redfin.

Malkasian says his firm will also list your home on Trulia and Zillow for no extra charge. Other sites for listing your home include ForSaleByOwner.com (which operates similarly to FSBO.com), Patch, and StreetEasy (in New York City).

To reach more people when you’re selling your home without an agent, consider signing up for the Multiple Listing Service, which real estate brokers use. It costs about $400 per year, and you can do it through websites such as EntryOnly.com, FSBO.com, Owners.com, and ForSaleByOwner.com.

Give a Detailed Description of Your Home
When you list your house, include photos of the exterior and interior. Malkasian says you may want to hire a professional to make the photos as appealing as possible.

The listing should include all the basics, such as price, location, age of the home, and the number of rooms overall, as well as bedrooms and bathrooms. But Malkasian advises also highlighting any improvements, such as a new roof or water heater.

Be Patient
Don’t be disappointed if the first open house doesn’t result in any offers. Revisit your asking price, update your marketing materials, and make sure your home is widely listed.

Consider Paying a Broker for Limited Services
Many people who decide to sell their home without an agent don’t realize that some agents offer limited services to help you with specific aspects of selling a home.

Through FSBO.com, for example, you can get a market analysis done or have an agent review a purchase contract for $200. If you need help negotiating the price and the details of a sale, that costs $700.

Source:  Consumer Reports

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What our Clients Have to Say

“We were living in a situation of basically being house broke. Sudbury Home Buyers gave our family the opportunity to sell our home quickly. Allowing us to move to a more affordable living space. The process was simple & we got what we wanted for our house without having to list it.”

“My advice for those who are looking to sell a home quickly, without headaches is to talk to someone at Sudbury Home Buyers… there is another way to sell your house quickly and for a fair price.”

“I sold my house to Zach and John’s company Sudbury Home Buyers. They bought my home last August. They are happy, I am happy. Zach & John’s business is designed to help people and everything is laid out in legal agreements reviewed by each party’s lawyers beforehand.”

We Buy Houses In Ontario, As Is

We specialize in helping people that need to sell their houses quickly for a variety of circumstances. Some of the reasons we see most often are:

Inherited an unwanted home, need to settle an estate, tired of the headaches of being a landlord, house is vacant and costs are piling up, home is in need of repairs, need to sell your house fast, transferring jobs or relocating, bought a new home, and need to sell the old one fast, behind on payments or facing foreclosure, recently divorced, real estate agent couldn’t sell the home, tax defaulted, lien on property, property code violations.

We Buy Houses That Need Repairs

We have bought over 100 houses in as is condition, many of them were in disrepair, just like yours. If your house needs tens of thousands in repair work, we can help. Nearly every homeowner we have worked with was surprised and relieved when they found out they could sell to us, and simply walk away from their home repair nightmare.

It’s Hard To Sell a Damaged House

You name it, we’ve seen it. We’ve bought houses with extensive mold and water damage. Houses from hoarders that didn’t know where to turn. It’s almost impossible to sell a hoarder’s house the traditional way because they can’t show it to prospective buyers, or are too embarrassed to do so. We understand, and we’ve worked with many people in that situation and enabled them to sell their house fast. There’s no judgment, just a quick hassle-free solution.

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