For homeowners who are wondering how to sell a house without a realtor in Dallas-Fort Worth, there are a number of viable options. In today’s day and age, maximizing the exposure of your home is much easier than it was in the past and there are a wealth of resources available to help you online.
Why do Homeowners Want to Know How to Sell A House Without a Realtor?
High Commissions and Fees
Typically, a real estate agent’s commission is the difference between a homeowner realizing a profit or breaking even after a home is sold. A total commission of 6.0% typically asked for by “full service” real estate agents working for the big real estate firms in Dallas-Fort Worth.
Homeowners have become disenchanted with the services real estate agents provide.
Lack of Attention and Followthrough
Common complaints are lack of communication, lack of exposure and failure to aggressively pursue buyer leads. Additionally, some realtors do not present qualified buyers to a seller which means that the buyers are not qualified for the amount of mortgage necessary to purchase their home.
These factors lead to a waste of the homeowner’s time and causes a seller to miss out on qualified buyers– who end up buying other homes. Homeowners who are wondering how to sell a house without a realtor and want to save on paying fees and realtor commissions should consider the following alternatives.
3 Popular Ways to Sell Your Home Without a Realtor
1- FOR SALE BY OWNER
Homeowners today can easily list their home for sale using a number of online websites and platforms.
In essence, you become your own real estate agent. You will hold your own open houses, deal directly with buyers and their real estate agents and you will negotiate contractual terms and conditions.
This can be an exhausting and stressful task in and of itself. Always keep in mind that listing your home and selling it is a full-time job. Many homeowners are up to the task, but some are not. The necessary items to keep in mind are:
De-clutter the home
In order to maximize the appeal of your home, pack away all unnecessary furniture. Consider hiring a stager to maximize the appeal of your home. De-clutter the house as best as you can. Rooms that do not have much furniture in them, but are properly decorated appear larger and more inviting. This will help obtain the best offer possible from prospective buyers.
Increase curb appeal
Make sure that your landscaping is properly maintained. The first impression a buyer has of your home is when they pull up in front of it. Make sure your home is aesthetically pleasing to a buyer the time they first see the property.
Advertise on all online platforms
Research the best online platforms to sell your home. Start with FSBO.com and homesbyowner.com. Many buyers also use realtor.com and begin their search online. Having a strong online presence is important and will go a long way toward maximizing the exposure of your home.
Solicit qualified buyers only
Buyers should present a pre-approval from a reputable lender before you will allow them to view your home. Many people are just speculating and will waste your time if you do not properly “vet” them. Make sure they present a pre-approval from a lender that you are familiar with before allowing them to schedule an appointment.
Make use of social media to advertise your home
Using social media is an inexpensive way to expose your home to a maximum number of buyers. List photographs of your home on your social media sites so that prospective buyers who are part of your contact list can see what your home looks like and the listing price.
Educate yourself on the legalities of selling a home and consult with a real estate attorney
If you do choose to sell your house on your own, there are a number of legal issues you will encounter. When you do find a buyer, a contract will need to be signed. It will be your responsibility to thoroughly review the contract to make sure that your interests are protected.
If you have never done this before, you are best advised to review a form DFW real estate contract so that you may become familiar with its terms and conditions. Additionally, as the process moves forward, you will need to deal with home inspection issues, title issues, tax issues and survey issues.
There are also transfer taxes to be paid to the city and state to be considered. At the time of closing, you will be required to prepare a deed and all necessary transfer documents for recording. These are not simple tasks and it is advisable that you consult with and retain a local DFW real estate attorney for these purposes.
Consider having your home inspected
Invariably, your buyer will require a home inspection. As such, you should consider having your own home inspection performed so that you can take care of minor quick fixes around the property so that they do not crop up when your buyer performs their inspection. This will also educate you on the actual status of your property so if there is a leak in the roof, mold, asbestos or termites you can address those issues before your buyers view your home.
Retrieve all of your legal documents from when you purchased the home
Look in your personal documents to retrieve the deed to your home from when you purchased it along with all other documents you received at your closing. If you have had a survey performed retrieve that as well. Providing all these documents to your buyer and their title insurance company will go a long way toward expediting the process.
Start packing and be prepared to move
Be prepared to close on your transaction within 30 to 45 days and turn over the keys on the closing date. You should make arrangements to move into your new accommodations effective the day of your closing. The buyers will expect to move in that same day so your new accommodations should be ready as well.
In summary, there are a number of complicated steps to take if you are selling your home on your own.
FSBO will place the responsibility of the following on your shoulders:
- Pricing your home correctly for your area
- Marketing and advertising the home
- Fielding buyers and scheduling showings
- Properly vetting buyers
- Preparation of and review of contract terms and conditions
- Negotiating inspection issues and final closing walk-through
- Preparation of deed and all transfer documents at time of closing
- Negotiating inspection issues and final closing walk-through
Many sellers find this to be an overwhelming experience. It may not be for you. Keep all the above in mind before deciding to list the home on your own without the assistance of a realtor.
2- SELLING YOUR HOME AT AN AUCTION
Many homeowners today are choosing to auction their home off on the internet. This is a variation of listing the home on your own. In essence, you will join a website such as auction.com and list the home at a certain price.
This is very similar to eBay, only specifically for houses. You are essentially auctioning your home off to the highest bidder.
Know the rules and regulations
You will need to become well-versed in the auction.com rules and regulations. Like any other auction, the highest bidder will win the auction. You will be able to set a “reserve” price so that you are guaranteed a minimum amount for your home.
However, the auction may not meet your expectations in that the price you are seeking may not be bid upon by your potential buyers.
In that circumstance, the auction will reset and you will need to begin the process over again. This can become very frustrating for homeowners and advancing past the initial auction phase is sometimes very difficult.
Professional photos and full disclosures are a must
You will need to photograph the home as professionally as possible and present it in its best light. Many homeowners believe their home is worth more than it really is. It is advisable that you obtain a market analysis of your home so you may determine its value before setting your reserve price.
In summary, selling your home on an online auction will require the following:
- Joining an online auction site
- Photographing your home and posting photographs on the auction site along with details and disclosures
- Managing and maintaining the online auction from start to finish
3- SELLING YOUR HOME TO A CASH INVESTOR
By and large, one of the most favorable paths to consider is selling your home to a cash investor. Cash investors have “cash on hand” and are capable of closing quickly. Cash investors are experienced in buying and selling real estate and have every intention to close on your transaction if they make you an offer.
Sell your home as-is
Whereas traditional homebuyers may raise issues with the inspection, title or survey, or are picky about renovations, upgrades, and move-in ready updates– investors are looking at the bigger picture and you can sell your property as-is. Cash investors are looking to renovate your property and either sell it themselves or rent it out.
Investors close quickly
Because they are experienced and not looking to haggle, cash investors intend to close with you quickly. The process is typically less than half of the time that it would take with a traditional buyer. The expedited process is an attractive feature for a homeowner facing foreclosure or other reasons they need to sell a property quickly.
Going beyond the requirement that you obtain a pre-approval from a traditional buyer, cash buyers will provide you “proof of funds”. This is the direction that many real estate transactions in the DFW area are going.
No commissions, no fees, no hassles
Pursuing this option will save on real estate commissions and enable you to close quickly. Cash investors are motivated to close because for them, time is money. It will also avoid the need to haggle over inspection issues, title issues or survey issues.
Furthermore, cash investors sometimes undertake the responsibility to prepare the closing documents to move the process along.
Cash investors are committed to the process since it is their livelihood. This is a strong option that any homeowner that is wondering how to sell a house without a realtor should consider- especially if there are major repairs or updates that would need to be done to sell traditionally or if selling quickly is a top priority.
To recap the benefits of selling to a cash investor are:
- Buyer is qualified and experienced
- Minimal or no issues with inspections, title or survey
- Investor has cash on hand
- Dedicated to closing quickly
- Can sell property as-is
How Will You Sell Your Home?
All the above options are available and viable ways to a homeowner who is selling their property, and it is advised that you choose the option that best fits your specific needs and goals. Traditional methods aside, there is not much downside to selling to a cash investor.
If this option appeals to you contact us here at Cash House Buyers DFW today at 214-272-2177 to get a fast cash offer on your home in Dallas or Ft. Worth.