Q.Dear LoanSafe.org, I have come to a conclusion that I would like to sell my home instead or continuing trying for a loan modification. It has been hard over the past few months to pay the mortgage payment, but somehow I am able to manage it. I’m not at all worried about having to short sale my home because I only owe 150,000 and my home has recently been appraised at $210,000.
My question to you, “Is it possible to sell my home without a real estate agent? The only reason I ask is because I would like to come up on as much profit as possible for a down payment on my next home.”
A. Selling your home without a real estate agent can be an efficient method to help cut out the middle man and save some money, while making as much profit as possible from your home. Realtors do make selling your home a lot easier, but it certainly can be done on your own.
It may be difficult for some if they are unfamiliar with the way this process works, but with a little research on how to properly market your home and a lot of entrepreneurial spirit, it is definitely possible.
Price your home right!
One of the most important things you can remember is to list your house at a fair price. One of the benefits of using a realtor is that they have a pretty good understanding of the local real estate market and what your house should be worth. There are plenty of websites out there such as Zillow that you can use to judge the market value of your home. This will allow you to place it on the market at a competitive price. It is also wise to get comparisons of what similar houses in your immediate area are selling for. Keep in mind that not all websites that list home values will be completely accurate so always make sure to check out recent comps in your neighborhood.
It’s all about marketing!
Another important aspect of selling your home is to ensure that you are marketing your house effectively. One of the main reasons to hire a realtor is so that he or she can market your home for you and let as many potential home buyers know that your house is for sale. An agent will be able to place your home in the Multiple Listing Service (MLS) which acts as a Realtor networking service. The MLS will be expose your home to a pool of thousands of other agents and potential home buyers. Thus increasing your chances of selling much quicker.
Since you you are planning to perform the sale without assistance of a realtor you will have to do this marketing all on your own.
Market your home by taking out ads in the newspapers and placing ads through online classifieds like Craigslist and Forsalebyowner.com. Also, if you put up a few signs around your neighborhood you will be sure to garner some interest in your home. But the internet has got to be the best place to list your home because these days the majority of potential home buyers use the internet to locate properties in areas in which they wish to live.
Many homeowners also come to think that home improvements will be best when trying to sell their property. While this is true in some cases, why not invest that money into needed repairs. Instead of adding another bathroom or bedroom, you can focus those funds on a new paint job or repairing plumbing, windows, walls, or anything else that may need some touch ups.
Another step you will want to take when selling your home yourself is to screen any potential buyers and require them to have a pre-approved mortgage letter. By requiring your potential buyers to be pre-approved you will help speed up the closing process. This will also help ensure you do not waste any time negotiating with people who are not qualified to purchase your home.
While using a real estate agent to sell your house is probably the most efficient way to put your home on the market, it is certainly plausible that you can sell your home yourself. By taking a few necessary precautions and doing a little research, you may be able to make some profit from the sale by cutting out the middle man. This can easily save you tens of thousands of dollars!