There are two general ways that you can sell your home. One is to partner with a real estate agent who sells homes in your area or state. This is the most common way to sell a home because realtors have the skills, expertise and marketing know-how to attract potential buyers and even speed up the selling process.
The other way you can sell your home is to do it yourself. Selling your home without using the help of a real estate agent can save you the money you would have otherwise paid in commission to the agent. However, there are many elements to consider when determining if selling your home without a realtor is really the right process for you.
You may be asking yourself, “how can I sell my home without a realtor?”
For Sale by Owner (FSBO) is the process of selling a home or real estate property without being represented by a real estate broker or agent. That means that you are responsible for all the tasks that a seller-side realtor would do for you. These tasks include:
- Researching property values for similar types and sizes of homes in the area.
- Having the home and property appraised to determine its value.
- Having the home and property inspected to identify potential issues, such as foundation issues, water damage, the condition of the electrical and plumbing and more, that need or should be fixed before selling to earn more money on the home.
- Setting a competitive asking price based on research of area homes that are similar in size.
- Advertising the home online and/or with brochures, flyers and signs.
- Scheduling open houses and conducting showings.
- Negotiating price and terms, like closing costs and inspections with prospective buyers and brokers/agents.
- Providing all required documentation, such as sales contract, residential property disclosure, lead-paint disclosure, mineral and oil rights form, occupancy agreement and others.
- Providing optional documentation, such as property surveys, permits, utility bills for estimation, property tax estimation, homeowners association (HOA) documents, the property’s title and more.
- Closing the sale at a title company or real estate attorney’s office.If you want to put your house on the market but not have to pay realtor fees, then selling a house by owner might be a better option for you. Read the next slide to learn the other benefits of selling your home on your own without a realtor.