Selling your home can be surprisingly time-consuming and emotional, especially if you’ve never done it before. Sometimes this may seem like a violation of privacy, because strangers enter the house and rummage in wardrobes and closets. They will criticize a place that probably has become more than just four walls and a roof for you, and in addition they will offer you less money than you think your home is worth. Can I sell my house myself?
Why do you want to sell your house yourself?
One of the most obvious reasons for selling your home yourself – is to avoid paying commissions for real estate.
In most markets, a typical real estate commission is six percent of the sale price. This means that if you sell a house for $ 400,000, you will have to pay a commission of $ 24,000 ($ 400,000 times six percent).
This may not seem like a lot of money from selling for $ 400,000. But at this point it should be remembered that although the commission is based on the sale price of the property, it is in fact paid out from the equity of the house.
For example, suppose your home may be worth $ 400,000, you have a $ 250,000 mortgage on it. That means you have $ 150,000 equity. But if you pay a commission on real estate, you must reduce it by USD 24,000. This will give you a net of $ 126,000 at the closing table.
Value your home the right way
When selling your home yourself, getting the right price can be difficult, especially if it’s your first time. If you overstate the price of your home, this can be a huge distraction for potential buyers, making comparable homes for sale in your area look more valuable and attractive. In some cases, an overpriced house price may result in rejection of your home loan application if your mortgage lender decides otherwise.
If you underestimate the price of your home, it means you end up with less money for sale than you deserve.
Have the house inspected. Many standard real estate contracts give the home buyer the right to check the property, so be prepared. Check your home before advertising. As part of the general inspection, you may be required to seriously repair equipment, plumbing, septic tanks, electrical and heating installations, etc. You can also check the roof of the house and foundations. Follow the instructions and make the necessary repairs. Additional checks required by the buyer are customarily at their expense.
Collect information and write your entry
Then collect the information needed to create the entry, including:
- Home data. This includes quantitative information, such as year of construction, finished interior area, plot size, and number of bedrooms and bathrooms, as well as details such as heating and cooling configuration and parking arrangements.
- Pictures. Photos from your home can create or spoil your business card. If you don’t want to spend a few hundred dollars on a professional photo package, try to play it back.
- Description. Your description should combine factual information not included in standard auction data with a copy of sales that attracts buyers’ attention.