In todays ever changing real estate market many home owners are choosing to sell their homes on their own with out a realtor. This method has many advantages and disadvantages to it. Both the positives and negatives need to be compared to determine if selling a home without a realtor is for you.
If you find selling your home difficult or unmanagable, locating a discount listing service might help you with the process.
The main advantage of selling your home by yourself is eliminating the hefty realtor fee. Selling your home by yourself is referred to as a FSBO, or For Sale By Owner. Consult your personal mortgage broker to see if he/she is capable of helping you with your sale. Many mortgage brokers have access to flyers, documents, call capture systems, and other marketing literature and ideas that should help with selling your home. Your mortgage broker will also be able to help you get approved for a new mortgage loan on your new home.
Many buyers of For Sale By Owner properties expect a discounted purchase price in lieu of the assistance of a Realtor.
This is often applied as a seller credit to help with the buyer's closing costs.
There are also specialized real estate companies that, for a relatively low fixed fee, will list your home on MLS and provide you with some homeselling tools like flyers, signs, websites, etc.
Your local title company will be able to assist you with all of the legal forms that you may need, such as the Offer to Purchase. Many title companies offer these services for free, in hopes that you will order title from them!
If you decide not to use a Real Estate agent, you may want to get some advice or consultation from your lawyer. Filling out a sales contract or reviewing one a buyer submitted can be a daunting task on your own. A Lawyer will be able to review it and explain anything out of the ordinary
When selling your home without a realtor, you should still have a realtor do a Comparative Market Analysis.
First, you want to make sure your home is priced correctly, so it has the best chance of selling quickly.
Second, most people who try to sell their homes themselves eventually hire a realtor to sell it for them. Find a realtor who will be your backup plan in case you decide to hire a professional. When asking for a Comparative Market Analysis, tell the realtor that if you decide you can't go it alone, you will hire them. Most will gladly do the CMA under those conditions.
One of the most frustrating things of selling your home without using the services of a REALTOR, are the looky-loos and financially unqualified borrowers showing up at your doorstep demanding a tour of your home. One way to avoid this is to discuss ways of working with a mortgage professional to pre-qualify borrowers on your behalf, so that your time is not wasted. Most mortgage professionals will do this for free.
Selling a home without a realtor can be a good idea because you save the commission which can be substantial. There are numerous companies that will will assist you to sell for a flat or reduced fee.
If you are still unsure about selling your home on you own but are also concerned about the high realtor commissions try negotiating with the realtor. Many realtors can reduce their commissions and will do so to compete for business. In order to secure a reduced listing fee you can also agree to use the realtor that lists your house to be your buyers agent.