How do you sell a house on your own?
For sale by owner or FSBO might seem attractive since you can avoid paying huge commissions on your property sale that could range from 6 to 12 percent of the transaction.
Selling a home on your own is not that simple since it can involve certain complexities and drawbacks. However, if you have experience in real estate, you may be able to do it on your own. You should be aware of key issues that could be problematic in this regard. Here is how you can sell a home on your own.
Decide Whether Or Not You Can Do It
Besides having in-depth expertise, you will also need to put in time and effort to attract buyers, negotiate with them and renovate your home for sale. In the absence of a real estate broker, you will have to do it all alone. You must critically assess your skills in this regard since there is no room for errors when it comes to selling your most precious and valuable possession.
If you do not have in-depth real estate experience, going solo may be inadvisable.
Make a Full List of Everything
The onus of marketing, listing, negotiating and displaying the home is all on you when you are selling your home on your own. You will have to pay close attention to all of these important facets of property sales and devise a comprehensive strategy for everything.
The Right Price
If you price your property too high, it could remain unsold in the market for years. During this time, it will get older and will need maintenance. But if you price it too low, you could lose out on an attractive premium and a fair return on your investment. Thus, market research is necessary to find out a reasonable price for your property.
The Right Attorney
If you have experience in the real estate sector, you may be able to save costs on a real estate agent by going solo. But one thing that you cannot do without is a reputable real estate attorney.
Real estate is governed by abstruse and intricate laws that are not easy for even experienced persons to interpret precisely. This is a highly technical field that is best left to qualified and experienced legal professionals who have garnered a sound understanding of these laws over the years and are fully aware of all legal obligations.
The smallest mistake vis-à-vis real estate laws could prove to be catastrophic. You could run into unexpected problems if there is the slightest problem with documentation, wording title transfer, mortgage and other paperwork. Since real estate transactions will definitely be one of your most expensive deals, taking risks with complex legalities is ill-advised.
Did you know that the average real estate contract alone runs into 17 pages or more? In view of such complex and meticulous legalities, it is not at all unusual that certain states have mandated a real estate attorney for selling your property. You should hire one even if your state does not deem it necessary.
Thus you should get in touch with the most prestigious real estate attorneys today to sell your home.