Selling your home with a realtor isn’t the only option if you need a fast sale. Not every property requires a realtor and there are numerous benefits to eliminating the middle man.
Obviously, the biggest benefit is saving money. You will save dollars on both agent commissions and out of pocket expenses. And let’s not forget closing costs associated with settlement – sometimes as much as 10%.
Fact: You Will Likely Need to Upgrade Your House to Get More $$$ at Closing
To be able to sell your property fast for top dollar, you will definitely need to make some repairs and upgrades to the home. Translation: you need to spend money on contractors, supplies at Home Depot or Lowe’s, plus let’s not forget the time it will take to complete the renovation. Let’s face it, it your neighbor’s house sold for a nice sum of money because of granite countertops, stainless steel appliances, new hardwood floors and upgrading HVAC then you will need to invest in the same upgrades. No realtors and no contractors in the equation equals instant savings on big home selling expenses.
Fact: A Direct Sale Will Save You Big Time
You can expect to pay in the neighborhood of 6% of your final sale price in real estate agent commissions. Plus you will likely be locked into a legally binding contract with the agent for at least 30 days and likely more. For example, if you sell your house for $200,000, you are looking at paying $12,000 to the agent. Wouldn’t you rather keep that money in your pocket for future use?
So, how do you start the process of selling your house directly to a cash buyer?
Set your price based on similar SOLD properties in your area
Generally, a comparable property is one that has sold in the past six months to a year, is within a mile and is similar in style, square footage, number of bedrooms and number of bathrooms. Be as accurate as you can when putting a value on your home. As I mentioned in a previous post, you cannot trust Zillow, Trulia, Redfin or realtor.com. Their data isn’t perfect. Knowing the price of a house that actually sold that meets the criterial I mentioned before is your best gauge. Realtors have that information handy and you DO NOT have to sign a listing agreement if you ask a realtor for a few comps in your neighborhood. Try to price the house fairly and adjust as needed. Remember, you aren’t fooling anyone since buyers have access to the same information you are using.
If you want to sell your own house, make sure you take great pictures and get the word out. The internet is a gold mine for motivated sellers right now. Using Craigslist, Facebook, Instagram, Pinterest and all other social media channels make home selling easier than ever. Present your house as if you were the one looking to purchase it.
If there are glaring repairs that need to be made, make them. It is also critical to do a deep cleaning, remove any clutter and stage your house to the best of your ability. Prepare checklists for prospective buyers that highlight the selling points and mention any upgrades. Creating a flyer that can be printed as easily as distributed electronically is important as well. Maps of schools, places of interest, parks, restaurants and other local amenities help as well.
If you aren’t using a real estate agent, it is highly recommended to hire an attorney, in your state, who can draw up the necessary sales contract. Only accept WRITTEN offers. And only use a contract fully vetted by a licensed attorney.
It’s not hard to sell your own home without a realtor, but if you want some guidance, don’t want to do it all yourself or just want an evaluation to see what your Maryland house is worth, please visit www.webuymdhomes.com or give us a call at (240) 424-0423.