Homeowners who are in a hurry to sell their property often find themselves in the precarious spot of deciding whether they should sell house without realtor or not. For the inexperienced, selling a house without a real estate agent can seem like a tall order. But as you’ll see below, selling your property on your own can be easier than you think!
Reasons for Selling A House Without A Real Estate Agent
There are a variety of reasons why a homeowner may be thinking about selling a house without a realtor, including:
- Payments are Behind
- Payments are Too High
- Threat of Foreclosure
- Don’t Want it Anymore
- Don’t Want to Deal With It
- Can’t Afford It
- No Insurance
- Insurance Cancelled
- Value Going Down
- Can’ Maintain It Anymore
- Too Many Repairs
- Going Through Divorce
- Need to Relocate
- Inherited/Probate
- Medical Bills
- Death in the Family
As you can see, many homeowners in financial straits don’t want to sink even money they don’t have into hiring a realtor to sell their property.
Steps to Selling A House On Your Own
Here are the steps to selling a house on your own:
- Set Price
The first step in selling a house by owner is to set a price for the property. You can get an idea of where to set the price by searching for comparable homes in your area online. You can also search for homes in nearby areas that are similar to yours.
- List on MLS
The next step is to create a Multiple Listing Service listing. Otherwise known as the MLS, this service is accessed by both realtors and prospective buyers. There is a fee associated with listing on the MLS.
- Market the Property
Next, you’ll need to start marketing your house. Social media sites, such as Facebook, Twitter and Instagram, are a good place to start. You can also market the old-fashioned way, with flyers, brochures and newspaper advertisements.
- Stage the Home for Viewings
The next phase of selling a property without a realtor is to stage the home for viewings. You can hire a professional stager to get the house ready for an average of $800.
Once the house is staged, you can begin to schedule viewings. These viewings will have to work around the schedule of the potential buyer, which could mean odd hours, nights and/or weekends.
- Negotiate & Close the Deal
If you have a buyer ready to make a deal, the final step is to negotiate and close. Negotiations could take anywhere from days to weeks. Once a deal is reached, you should always hire a real estate attorney to make sure all local and national laws are being adhered to.
Once a sale is final, closing should take about a month.
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