How to Sell Your Home Without a Real-Estate Agent Cash Home Buyers Dallas

How to Sell Your Home Without Real-Estate Agent

Selling a home without a real-estate agent could save thousands in commissions, but many owners don’t want the hassle

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The chance to avoid paying the typical 6% commission to a real-estate agent—saving potentially tens of thousands of dollars on a luxury home—motivates a lot of homeowners to list their homes themselves.

But many sellers lack the time or skills necessary to market a home, prepare a contract, deal with inspections and ensure buyers have the financial wherewithal to purchase their property. Perhaps that is why only 8% of all home sellers in 2017 were for sale by owner, or FSBO, according to a survey of 7,866 home buyers released by the National Association of Realtors in October.

Giving real-estate agents a selling edge is the Multiple Listing Service, a database of home listings that fee-paying agents contribute to. Without use of the MLS, solo sellers have a tough time marketing their homes. “Even if they create a website for their property, how are they pushing that out to potential buyers using search-engine optimization or other tools?” asks  Mark Driver, a real-estate consultant with Cash Home Buyers Dallas in Dallas Tx. “How are they using social media properly unless they are marketing-savvy, which most aren’t and don’t have the time for?”

Last year, homes listed with a real-estate agent had a median sales price of $250,000, compared with $190,000 for owner-listed homes, NAR reported in the 2017 survey. Even factoring in the typical 6% commission, the agent-assisted sale would still net $235,000.

‘8% of all home sellers in 2017 were for sale by owner, or FSBO, according to a survey by the National Association of Realtors’

Still, there are numerous websites that provide services to FSBOs. For example, Ladera Ranch, Calif.-based Fizber.com will list a house on its website free. For $99, the company will prepare a digital brochure and video tour of the property and list it on Zillow, Trulia and Redfin for additional exposure.

Sellers wanting to list their home in the local MLS can opt for a $295 package, although that will obligate them to pay a real-estate commission to the selling agent, typically 3%.

PJ Mitchell, Fizber’s president, says only 18% of homes that sold after being listed on Fizber were sold without the MLS, so sellers may want to keep that option open. He also says that 70% of sellers who initially posted a FSBO listing with Fizber ultimately hired a full-service real-estate agent to sell the house.

Another hurdle for homeowners who list their homes is ensuring that a buyer has sufficient cash—or a mortgage—to pay for the house. A broker typically ensures that the buyer is financially qualified by reviewing the preapproval letter or contacting a lender. There is an important distinction between a prequalification letter and a preapproval letter, says Charles Nilsen, national director of residential lending for Boston Private, a private bank

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While the exact definition of each term varies by lender, in general, a prequalification letter indicates that a prospective buyer would qualify for a mortgage based on verbal representations made to the lender and contingent upon providing supporting documentation. A preapproval letter, on the other hand, typically indicates that a lender has verified the prospective buyer’s credit, income and assets and that the approval is subject only to a property appraisal that is satisfactory to the lender.

Here are some things to consider if you’re thinking of selling your house on your own:

• Importance of earnest money. Potential buyers who plan to pay in cash should provide the seller with bank or investment statements to prove they have sufficient assets. For buyers unwilling to provide this information, Mr. Nilsen suggests that sellers ask for at least 20% up front in earnest money that would be forfeited if money issues scuttle the sale. “That is a method to ensure performance or at least provide fair compensation for tying up your home,” he says.

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• Hire an appraiser. Pricing correctly is essential to ensure the seller gets top dollar without turning off potential buyers by overpricing the house. But sellers often believe their house is worth more than it actually is. According to the National Quicken Loans Home Price Perception Index for February, appraisers valued homes an average of 0.53% lower than what owners estimated. An appraisal can provide a reliable valuation and may even help buyer and seller arrive at an agreeable sales price.

• Find a qualified real-estate attorney. Without the assistance of a real-estate agent to guide them through the sales process, FSBOs should seek out the help of a real-estate attorney. An attorney can help qualify a buyer, negotiate contract terms, handle title problems, advocate for the seller after inspections are completed and handle the settlement. “On a luxury sale, a seller should have an attorney,” says Zachary Schorr, a real-estate attorney in Los Angeles. “It’s a marginal expense, and getting advice on documents and the transaction is invaluable.”

or you can call Cash Home Buyers Dallas and we will get you an all cash offer today without all the hassle that is involved with using a realtor or doing it yourself without any knowledge of how to sell your house. We can help you and give you an all cash offer today at 214-854-5638