Did you know real estate agent commission is usually the biggest expense when selling your home? The average real estate agent commission is about 6%, which works out to $18,000 on a $300,000 home — and all of that is typically paid by you, the seller.
This drives many people to look for an alternate way to sell their home. The good news is…alternates exist.
There are two basic ways to sell your house without a realtor©. You can either put it on the market and sell it yourself or sell it to a cash buyer. Let’s find out what both methods entail and help you decide which is right for you.
Sell Your House by Owner
Selling a house by yourself is no walk in the park. Real estate agents earn a significant portion of the proceeds of the sale for a reason. Let’s briefly go over what’s involved:
Prepping the House to Sell
Whether you hire an agent or not, selling your house by owner is still a business of show and tell. Major repairs will have to be dealt with, inspections, appraisals… you name it. Staging the home with cosmetic fixes and curb appeal are also important when selling by owner.
Price your Home to Sell
Setting the price is a whole art in itself. Price it too low and people will think something is wrong with the house, too high and your target market won’t even bother to look. You can do a little research on what your home value is here.
Real Estate Marketing and Promotion
Now, you’ve got to find a buyer. Traditionally, agents will list your home in the MLS. But since you won’t be working with an agent, you will have to focus some energy on advertising and promoting on social media or places like Zillow.
Vet Potential Buyers
When you do finally receive an offer, be sure to ask your potential buyer for a mortgage preapproval letter. This indicates that the buyer is both serious about buying your home and probably has the means to do so. Many real estate deals collapse because the buyer’s financing falls through so this is an important step.
Find a Real Estate Attorney
Hiring an attorney to handle the paperwork is not always required, but it is advisable when selling your house yourself. A small slip-up could cost you thousands of dollars or leave you open to a lawsuit, so it will be money well-spent.
Sell Your House to a Cash Buyer
The other alternative to selling without an agent is to use a cash buying investor. Many “we buy houses” companies don’t require any repairs, cleaning or cosmetics. The other benefit is that you won’t have to do any house showings or worry about marketing and promotions.
Understand your home value and estimated net proceeds
Based on the condition of your home and the current market, you can estimate your home value as well as potential net proceeds. Net proceeds factor in the selling price, mortgage pay off, repair and staging costs, and the estimated closing costs. Calculate the estimated closing costs here.
The Process for Selling Your Home As-Is
Here at Quick Fix Real Estate, you can walk away with the best cash offer possible and not need to worry about agents, contingencies or home showings. Here is the process our customers go through:
- Make an appointment for a quick property assessment
- You will receive a guaranteed fair cash offer on the spot
- You decide if you want to take the offer
- Choose your own closing date
- We pay all of the closing fees and you walk away with 100% of your money
Our home appraisals are based on the current market value, location, condition of the home, and other factors, and there are no other hidden fees or expenses. Read more about our process here or give us a call at 540-324-4346.