HOW TO SELL YOUR HOUSE WITHOUT A REALTOR: A STEP-BY-STEP GUIDE

Are you wondering how to sell your home without a real estate agent? This blog post provides step-by-step instructions on how to do exactly that! Take advantage of this helpful guide and discover how simple it can be to offload your property quickly and efficiently.

This blog post is all about how to sell your house without a realtor.

Are you contemplating selling your house and wondering if it would be best to go the DIY route or enlist the help of a realtor? Depending on where you're residing and the value of your property, realtor commissions may vary from 5-7% or even more. So, if you sell your home yourself, that money can stay in YOUR bank account!

I have good news for you! If you handle your house sale with skill and expertise, there's the potential to sell for top dollar while saving on real estate commissions. This blog post will guide you through a step-by-step process of selling your house without a realtor and getting the best price.

Step 1: Research your market and price your home correctly.

After seven years as a real estate agent, I'm confident that pricing correctly is critical to successfully selling houses. Therefore, I always do comprehensive local market research before listing a property on the market.

I am reviewing housing trends and prices in a specific neighborhood.

It's essential to price a house correctly! When a property is priced too high, it often remains unsold for an extended period and attracts fewer potential buyers. Conversely, suppose a house could be presented better (lacking professional photos, limited showing times, or cluttered rooms). In that case, it may remain on the market for an extended period, even when priced competitively or lower.

How to determine home value?

The easiest way is to get a professional appraisal before listing a house. This plan will ensure that you avoid potential catastrophes, such as a buyer being willing to purchase your home at the asking price only for an appraisal to come back lower. For example, suppose a buyer offers $500,000 for a house, but the appraisal returns at only $450,000 - the bank will lend at most $450000. The buyer may then choose to back out and receive their deposit; in this case, your time and effort would have been wasted. If you are aware of the actual value of your house before you list it on the market, it can make selecting a buyer much simpler. For example, if you receive two offers - one for $500000 via a conventional loan with all inspections and another for $450,000 in cash without any home inspections - then making an informed decision is much easier. You have a precise understanding of the accurate appraisal value for your house.

How to estimate an appraisal value of a home

Suppose you want to save money on appraisal and determine home value yourself. In that case, you must adopt a professional appraisal or realtor strategy.

Discover the components of an appraisal that are most valued and drive up value. First, check home listings of comparable houses in your neighborhood that recently sold. This will give you a good sense of what the market value is and provide you with an estimate of your home's market value. Next, examine various aspects such as the number of rooms and bathrooms, house size and additions (i.e., pool or garage), major renovations (roof, windows, HVAC, kitchen, driveway, finished/unfinished basement, plumbing, bathrooms, exterior renovations), etc. By deeply diving into these details, you can determine how much buyers will pay for similar properties in your area! Once you factor in all these differences and adjust the list prices of comparable homes, you can get a good idea of your home is worth.

Home value increase by additions/fixtures:

• Additional Bedroom/Bathroom -can raise the median home value by 5.7% on average.
• In-ground Pool - add 4-8% of home value on average;
• Roof - raise the price of a home by an average of $12,000 according to Beyond Exteriors 
• Kitchen Renovation - add 5-8% of home value;
• New Windows/Doors - add 3-5 % of home value;
• Finished basement -varies by location, but expect 5-8% of home value;
• Hardwood Floors - add 1-2,5 % of home value.

When assessing the value of your property, the most reliable approach is to compare it with comparable houses that have been recently sold. Determining a precise worth for condos and townhouses may be easier than doing so for single-family homes.

Step 2: Prepare your house for sale.

Once you have determined the market value of your home, it's time to prepare your house for sale. Get rid of all clutter and thoroughly clean every room in the house. Fix anything that does not work correctly, like leaky faucets, and replace any cracked tiles or missing knobs. Make sure the outside of the house is just as inviting - mow lawns, trim shrubbery and bushes, sweep sidewalks, etc. Make your home smell good with scented candles or potpourri. If necessary, make some upgrades - paint walls, add new fixtures, and upgrade appliances can help increase the value of your house and make it stand out in the market. Nevertheless, be prudent with your budget - only invest in improvements that will yield a high return on investment!

Step 3: Pictures are essential.

When selling your house, make sure to include the details! Ensuring that your home looks its best is essential to draw buyers. While you may want to save money by avoiding a realtor, one area where cost-cutting should not be an option is a professional photography. High-quality and carefully taken pictures will ensure that your property stands out from all other listings available on the market! Let buyers fall in love with your home even before they view it in person!

Step 4: Market your home.

Once you're done preparing your house for sale, it's time to get the word out! The more eyes that see your listing, the better your chance of making a sale. Maximize your exposure by utilizing free online listings such as Zillow, Redfin, and Trulia. Additionally, consider harnessing the power of popular social media platforms like Facebook and Instagram to generate many potential buyers!

Remember to incentivize the buyer's agent with a commission for their successful negotiation. As a seller, you may feel confident in your ability to negotiate on your behalf; however, many buyers could be apprehensive about purchasing without an experienced realtor. Offering some commission will help put them at ease and significantly increase their willingness to purchase from you!

Step 5:Fill out and offer seller's property disclosure.

The last step in selling your house is to fill out and offer a seller's property disclosure.

You must disclose any information that could affect the buyer's decision to purchase the home, such as structural issues, past repairs or renovations, etc. Providing this information can help ensure that all parties are on the same page throughout the process and help to avoid any unnecessary disputes in the future.

Step 6: Sign the contract.

Once you have negotiated a price and terms, it's time to sign the contract. Ensure you understand all the details and implications before signing any documents. Pay close attention to all contingencies, such as mortgage and inspection contingencies! To ensure that all necessary legal documents are handled properly and promptly, the earnest money deposit should be delivered to the buyer's title company within five days of signing a contract. Timely submission is essential for completing the process correctly! Additionally, request potential buyers to provide evidence of sufficient funding for all closing costs and down payment along with a mortgage preapproval that is recent and up to date.

Step 7: Closing time!

Once all documents are finalized, you're ready for the big day - closing time! Both parties will sign the necessary papers and exchange money during this process. The buyer will receive a deed of trust that is recorded with their county recorder's office to make the sale official. Additionally, any remaining payments or balances owed will be settled during the closing.

Once everything is complete, congratulations are in order - you've officially sold your house! Now it's time to start planning for your next adventure!

Tips on how to sell your house without a realtor.

Become A Savvy Negotiator.

To close the ultimate deal, being a shrewd negotiator is essential. Here are some pointers that can help you achieve this:

• Have a bottom number in mind; don't accept anything less than that.
• Consider making a counteroffer when you receive a reasonable bid less than the full asking price.
• Know what concessions you'd be willing to make for an offer at or close to the full asking price.
• Ensure each potential buyer has a preapproval letter from a lender if they plan to take out a mortgage. That way, you can feel more confident that the deal will go through.

When engaging in a negotiation, keep your emotions out of it. Doing so will enable you to take a neutral position and regard the deal as what it is—an exchange between two parties.

Collaborate With Buyer's Agents for Maximum Benefits.

To ensure a smooth transaction, an agent will likely represent your buyer. Here are some helpful tricks to make the process run as efficiently and smoothly as possible:

• Preparing your home thoroughly before hosting a tour is of the utmost importance. Know every detail inside and out, such as when you installed a new roof or replaced the stove.
• Create an informative one-page sheet summarizing all pertinent details so buyers and agents can take it with them for reference later on.
• Most importantly, give potential purchasers plenty of room to explore - this will allow them to feel comfortable and share their honest opinions about what they observe in each space.
• After a tour, contact the agent to gain insight into the buyer's opinions and enthusiasm. Uncover if they have already been preapproved for a mortgage, as well as whether or not they would accept an offer that includes contingencies (such as requiring them to get one).

When it's time to settle on a deal, abstain from appearing overly eager. If the agent realizes you need to close quickly, they will likely offer less money than necessary.

Conclusion:

Selling a house can be intimidating and overwhelming. Still, with the proper preparation and planning, you can make it through to the other side successfully. From making necessary repairs to taking professional pictures, ensuring your home looks its best is essential for attracting potential buyers. Additionally, remember to market your home effectively and provide all necessary information for the buyer. Finally, sign all documents and prepare for the closing day! Good Luck!