Planning to sell your home soon? Hiring a realtor may not appeal to you, especially considering you’ll have to pay them a small chunk of the proceeds from the sale. However, handling the entire transaction on your own without the help of a professional could be risky and cost you hundreds or thousands of dollars if you don’t go about it the right way.
Read on for the benefits and drawbacks of selling your house without a realtor and a viable option to help you get the job done.
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The Pros and Cons of Selling Your House Without a Realtor
Consider these benefits and drawbacks before you decide to sell your house without a realtor.
- Faster selling time: If you already have a potential buyer, the selling time could be far quicker than what you’ll find with a traditional sale.
- Cost-savings: You’ll avoid paying a commission to the listing agent, typically around three percent of the sales price.
- Control: Instead of working alongside an agent to get your home listed and sold, you’ll have control over the entire process and avoid potential conflict.
- Potential for lower returns: FSBO sellers could struggle to get a fair price if they aren’t skilled negotiators.
- Lower visibility: Unless you have a group of prospective buyers in mind, you could have trouble getting your home in front of motivated homebuyers without a listing from an agent.
- Pricing issues: Homeowners who are not well-versed in real estate or local market trends could set the asking price for their home far less than what it’s worth.
- Legal Documents: Homeowners have to navigate the legal documents involved in selling a house that many people prefer to use the help of a real estate agent.
Should You Sell Your House Without a Realtor?
Ultimately, it’s a personal decision. You’ll need an ample amount of time to handle several selling-related tasks. It’s also essential to get acclimated with the local housing market, go the extra mile to prepare your home for showing and take the necessary steps to get exposure for your property.
Is It Safe to Sell Your House Without A Realtor?
Before putting your home on the market without a realtor, be mindful that doing so comes with legal risks. Consequently, you want to hire a real estate attorney to educate you on the legalities of residential real estate transactions and have them handle the legal side of things. Your attorney can also help you prevent future lawsuits from your buyer.
Is It Cheaper to Sell Your House Without A Realtor?
It depends. While you’ll save up to three percent by not having to pay the listing agent’s commission, you risk getting far less than what your home is worth if it’s priced too low. You could also get lowballed by a potential buyer and accept the offer instead of negotiating if you need to sell your home fast.
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Ways You Can Sell Your House Without a Realtor
Here are three common ways to sell your home without a realtor.
1. Find a Buyer on Your Own
Ask friends and family to spread the word about your home. Also, consider posting on social media and sending emails and text messages to individuals in your network. They may not be in the market for a home but could know someone who is.
2. Use an FSBO Listing
An FSBO listing indicates the property is “for sale by owner” and is generally conducted by the homeowner without the help of a licensed real estate agent. They’re not common but can be pulled off successfully if the homeowner has extensive real estate experience. FSBO listings also prevent the seller from having to pay the listing agent’s commission.
3. Sell Your House to an iBuyer Like Offerpad
Offerpad Express is ideal for homeowners looking to sell in a hurry. You’ll get a competitive cash offer in 24 hours or less and can sell your home fast without hosting any showings or open house events. Plus, you’ll get a free local move if you relocate within 50 miles and an extended stay that allows you to remain in your home free of charge for up to 30 days following your closing date.
Tips to Sell Your House Privately
If you’re ready to sell your home without the help of a realtor, here are some tips to help you get top dollar.
Perform Market Research
Get a pulse on the housing market by conducting extensive research. Identify trends in your area, analyze recent home sales and note price points on comparable properties to get a feel for what your property is worth. You can also hire an appraiser to assess the home and determine the market value.
Advertise on Listing Sites
Online listing sites are also ideal for getting more exposure for your home. Some online platforms also provide assistance to ensure your listing garners the attention it deserves.
Take Professional Pictures of Your House
Tidy up your home, make the necessary improvements and hire a professional photographer to snap an assortment of photos. They’re the perfect addition to include with your online listing, and you can share the images on social media and via email to attract potential buyers.
Conduct Open House Days and Private Meetings
Both methods are effective ways to market your home. Open house days let the general public take a peek at all your home has to offer. Private meetings are reserved for those who are serious about making an offer and want to get more acclimated with your home before making a decision.
How to Sell Your House to Offerpad
Are you having second thoughts about selling your home without a realtor? Do you worry that the process is too tedious or overwhelming? Consider Offerpad to take the guesswork and stress out of selling your home on your home. You can sell your house directly to Offerpad for cash or list with confidence and get professional assistance along the way through Offerpad Flex.
Get started by completing the online form on the Offerpad website.