Did you know that it isn’t strictly necessary to hire a real estate agent when you want to sell your house? In 2021, around 10% of home sales were conducted by the homeowner without a realtor’s assistance.
Considering selling your house on your own? Here’s a brief overview of what the For Sale By Owner process includes.
Why you might want to sell your house yourself
First of all, why might you consider listing your house for sale by owner? Real estate agents exist for a reason, right? Selling a house is hard! Historically, having a real estate agent has been a major benefit to sellers. However, nowadays, the Internet has made selling your house yourself so much easier. And while sales with a real estate agent average a higher price, you have to hand a significant amount of that extra profit over to the agent. Commissions are usually about 5-6% which can be $18,000 on a $300,000 sale. Furthermore, you have more flexibility and decision-making power when you are in charge of your own sale.
So what is the process of selling your home? Let’s look at it step by step.
Step 1: Determine the Fair Market Value of Your Home
The first step is to figure out what your home is worth. Start by looking at your property taxes. Online tax records are available to everyone, so remember that buyers will probably access this information as well when considering your home. Another option is to research on a site like Zillow or Trulia. These sites offer tools to help figure out your home value. Plus, you can get information on comparable homes in the neighborhood.
However, these methods are not always 100% accurate as there may be some improvements that have not been recorded yet. To get a more accurate assessment, it’s a good idea to pay an appraiser to assess the value of your home, which typically costs between $300 and $400.
Step 2: Prepare the Home For Sale
You’ll also need to prepare the home for sale which will mean different things depending on the condition of your home. Most homes will need at least minor repairs to get them ready for market. This often includes things like fixing plumbing leaks, replacing rotted porch boards, and repainting your walls.
Small details like that tell buyers that your home is well-maintained and gives them peace of mind about the sale. A thorough cleaning and decluttering are also in order. You might even consider renting a storage unit so you can move some stuff out of your home early to make it seem more spacious.
Step 3: Market the Home For Sale
Once you’re ready, it’s time to market the home. This is often the hardest part and a big reason why people hire a real estate agent. The average person doesn’t have access to the Multiple Listing Service (MLS), a great help when it comes to finding buyers.
However, you can get access to the MLS through the flat-fee listing service offered here at Rochford Law. You should hire an attorney anyway to ensure that your contract is written up correctly and everything is being handled legally. Conducting the sale this way offers many of the benefits of using an agent at a much cheaper price.
Step 4: Negotiate the Sale
Once you get an offer, it’s time to negotiate the sale. Since you’ve done your research, you already know how much you expect from the sale and you should already plan what you are willing to concede during negotiations. Stick to that and you shouldn’t have any trouble settling on a final price. If you do, you can always wait for another buyer and there’s no agent trying to rush the sale.
Step 5: Handle the Closing
From there, it’s simply a matter of filling out the closing paperwork. When you work with an expert real estate attorney at Rochford law, you take all the headaches out of this final stage. Enjoy all the benefits of putting your house up for sale by the owner in Nashville without the stress of doing it completely by yourself.
Contact us today to learn more about our services.