30 Oct Selling Your House Without An Agent
Thanks to the rise of the internet, it’s now easier than ever to sell your house on your own without the need of an agent. You may want to do this if you want to avoid agent commissions or would like to have control over the sales process. Now, let’s not sugar coat it – you are selling a house, it’s going to be a long and involved process. If you are up for the tasks here’s what you are up against.
Steps To Selling Your House Without An Agent In San Antonio:
1. Establish An Asking Price
Probably the most daunting task of selling a house is to establish value. You can do this by researching on your own through sites like Zillow, Craigslist, and Realtor.com. To establish value, look for properties that have sold in your area that are similar to yours. The keyword here is similar. Don’t compare your property to a property that is larger, prettier, new construction, or anything that is something your property may not be.
You will need a minimum of 3 similar properties to get a good estimate on what your house can sell for. Once you have you 3 comparable properties do the following:
- Take their sold price and divide it by the number of square feet in each property. This is your price per square foot.
- Once you have a number for each property, average out the three numbers. This will be the average price per square foot among your comparable.
- Taking this number and multiplying it by the number of feet your house has should give you a pretty accurate number as to what your house can sell for.
Establishing an accurate asking price will determine if your property sells in 6 months or 60 days.
2. Repair And Upgrade
Get ready to repair and upgrade the property so that it looks like the houses that are selling in your area. In order to sell your property for the price you have determined, your house must look like it warrants that price tag.
If your house is in much better condition and has better amenities, then you don’t have to worry much. But, if the sold properties have hardwood floors and your house has carpet, you can’t expect to fetch the same price as the houses with hardwood floors.
Opting to keep the carpet would force you to reduce the price to account for the fact that your house does not offer similar qualities. Repairs and upgrades can become expensive very quickly, so you must make a decision whether you want to perform them or lower your asking price.
3. Market The Property
Once your property is in pristine condition, you’re now ready to showcase it to the world. Make sure your house is clean and begin taking pictures. Take clear, vivid pictures that can entice would-be buyers.
Along with these pictures, you will want to write a vivid description to help buyers understand more about your house. This description should include information like the number of bedrooms, bathrooms, square footage, things that you think are important about your houses, etc.
Make sure you avoid any remarks that may be interpreted as discriminatory as these may get you into hot water. Once your pictures and description are ready, you can create posts on Zillow, Craigslist, and Trulia.
Facebook is also a great way to share your listing for free via the sharing of your post through friends and family; though they also offer an inexpensive paid alternative.
4. Schedule Showings
Now that your posts have gone live, it’s time to start receiving phone calls. This is an important aspect of selling your house as most people will want to speak to you to get more information. You may be tempted to only allow people to contact you through email but make sure you avoid this. You are selling a house, houses are not sold via email.
Be ready to answer any questions the caller will have about the house. When setting appointments to show the property, make sure you set a specific date and time. For safety reasons, make sure you always have another adult with you when showing the property. Up to this point, potential buyers are strangers and you must always use caution.
5. Have An Open House
You may want to have an open house so as to not have too many showings. Showings can get daunting if you aren’t getting any serious buyers. When holding an open house, you want your marketing to reflect the open house dates and times.
Make sure you have multiple adults present during the open house. This is important so they can answer questions that buyers may, but it is also important as you want to make sure that your belongings are always in sight of someone you trust. Never leave items of value that can be easily stolen out in the open during open houses. Store away any jewelry, cash, prescription medications, etc.
6. Time To Negotiate
Once you have a buyer who is interested, they will make you an offer. Most of the time, if the offer is not what you are asking for, they will have their reasons. They may offer under asking because the house needs repairs or upgrades that weren’t done. If this is the case consider the offer closely.
You may offer to make the repairs in exchange for a full-price offer, or you may mend with them and accept to lower the price for the amount it would cost the buyer to make the repair themselves.
Put yourself in the buyer’s shoes: if you were buying a new home to live in, you’d want to have it as perfect as possible. The last thing you’d want is to buy a house and have to put money into it.
7. Prepare And Sign The Contract
Most states have promulgated contracts you can use (for those that live in Texas, you can find them here). You can also create a contract quickly and easily using an online contract-making service such as Rocket Lawyer.
WARNING, you are entering into a written legal agreement. Make sure that you have an attorney review the contract if you aren’t sure about what you are doing.
8. Allow The Buyer To Do Their Inspections
During the option period, the buyer will be able to hire a home inspector at his or her expense. The inspector will go through the house with a fine-tooth comb and find any possible issues or defects that may exist. These will be given to the buyer in a lengthy report. Don’t be alarmed if it appears that every little thing came up on the report.
The inspector’s job is to be thorough. Once the buyer has the report in hand, he or she may want to negotiate further repairs or price reductions to address the possible issues that have come up. There will be many insignificant things that both you and the buyer may want to overlook.
For example, overgrown shrubbery is something that doesn’t affect the performance of the house, but the buyer can easily tailor how to trim shrubs to their liking once they own the house.
9. Wait For The Buyer’s Lender To Do The Underwriting Process
Once you have addressed all significant issues found in the home inspection report, it is now time to allow the buyer’s bank to do their part in order to finance the deal. This process involves the lender requesting documentation from the buyer and scheduling an appraisal for the property.
The appraisal is done by a third party chosen by the lender. This third party comes in and verifies that the property is worth the amount that you and the buyer have come into agreement with. If the appraiser determines that the value is lower than the agreed upon price, then the lender will require the sales price be lowered to the appraised amount.
In addition to this, the lender will require a property survey. Chances are that you have this from when you originally purchased the property. If you do not have a survey, you’ll have to negotiate with the buyer who will be paying for this.
10. Move Out And Close
Once the loan is approved, you will need to make arrangements to vacate the property. The original contract should have stated a tentative closing date; so make sure that all of your stuff is packed up and you are out of the property prior to going to the closing table.
11. Get Paid!
Assuming everything has gone as planned up to this point, it’s time to head to the title company with your keys. The title company will have guided you through the process of closing up until this point. Once they have all documentation signed, the forms will be sent over to the lender for final review and the sale will be funded.
Upon funding, you will get either a cashier’s check or a wire transfer. Although most banks charge a small fee, wired funds are available within a few hours. If they check is for issued for a large amount, there’s a good chance that you will have a hold on such funds for quite a few days.
Selling A House Alone Is Not For Everyone
The process can be long and complicated, and that’s without taking into account any title issues the house may have. Even if you don’t hire an agent, it’s not fee-free. You may have saved on agent commissions, but you’ll still be responsible for certain fees charged by the title company.
Alternatively, you can sell to a company like Sold ASAP. We will work with you to structure a deal that puts the most money in your pocket. As the end buyer, we can close on a timescale that works for you. No agent fees, repairs, and depending on how the deal is structured, we can pay for closing costs.