How to Sell a House by Owner

$427,496 is the median home sale price for houses in the USA. An agent listing your house charges anywhere between 2.5% to 3%. If you sell your home by owner, you can potentially save up to $142,498.

No wonder 64% of millennials have decided to sell their homes themselves. However, this has a slight learning curve, but selling a home is not what people do every day.

Selling your home by listing on for sale by owner websites is a great place to start. reAlpha is an excellent website to list your house. You can leverage its AI capabilities to help you find the best buyer for your home.

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There are many challenges when you want to sell a house without an agent.

Here is our guide on how to sell a house by owner that’ll help you navigate through these complexities.

The first thing in the FSBO checklist is to competitively price your home. If your home price is too high, it can turn away buyers. So, coming into the market with an accurate listing price is important.

The best way to price your home is to determine the type of market. For example,

• Buyer’s Market- Price your home slightly lower to get more offers.
• Seller’s Market- Price your home 10% above the market value. 

You can look at property search websites, but they can be inaccurate as they may not have data on recently sold houses. 

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When selling a house by owner, you need to properly present your home to potential buyers. A well-presented home can influence 58% of buyers. So, you need to

• Declutter- A home has several attachments to the owner, but when you decide to sell, it's no longer your house. Ensure you spend time in staging to leave an impression on buyers.
• Improve Curb appeal- A good first impression can be immaculate on your house's exterior. Remove any weeds or add some plants to the entryway. Further, a new coat of paint with a new welcome mat can add a nice finishing touch.
• Hire a Professional Photographer- A professionally photographed home has a higher chance of selling. So, hire professionals to prep your house with crafted photographs and walkthroughs.

Selling your house by owner is tricky, especially when you have to market it yourself. After you are done with the above-mentioned step, you can post your home across social channels.

Put up yard signs that will help you sell faster as people drive in through the neighborhoods. Additionally, you can list on the MLS. A sale by owner home doesn’t give you visibility as with an MLS service. 

Scheduling a showing or open house is also an effective way to showcase your home to potential buyers.

Once you get an offer, it's exciting, but you must look into the offer and review it properly. You need to negotiate and put your counteroffer on their proposal. Confirm a few metrics about the buyer that matter, which are

• Will you get a cash offer on your house?
• Is everything in writing?
• Is the buyer getting preapproval for a mortgage?
• Are they offering to cover closing costs?

If you plan on selling your home by owner, you should hire a real estate attorney to help with the paperwork. The documents include details of the property, title, and closing documents. This helps reduce any legal pitfalls and unnecessary issues.‍

Sell Your Home, Keep More of What You Earn!

Streamline the selling process and unlock the best value with reAlpha’s tools and expert guidance.

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Some common mistakes that people make as FSBO sellers that you can avoid are:

• No affiliation to the MLS- An FSBO listing doesn’t get your home on the MLS. So, an MLS listing by owner doesn’t exist. However, you can try Flat Fee MLS websites and be syndicated across 100+ websites, giving you better exposure. This is one of the best way to sell a house other than FSBO.
• Closing Costs- Errors in closing costs can impact your income. If there is a shortfall, your ability to secure a new home will be hindered.
• Inaccurate paperwork- Any issues in the paperwork can hamper or even cancel the sale of your home.

Pros

• Save on commissions- A listing agent charges 3% commissions, so going FSBO saves you all those commissions. So, you’ll save more on home sales if you go this route.
• Maintain control- There are no middlemen involved in your dealings, which complicates things. You have control over the marketing as well as the offers you consider.
• Personalized information- Buyers want inside knowledge of the neighborhood, like restaurants, parks, etc. As a resident, you can get insights about the locality with potential buyers. 

Cons

• Hidden fees- There are a few FSBO websites that have some hidden fees and high closing costs. So, you need to do your research before selecting a platform to list your home.
• May require professional help- As a FSBO home seller, there are inspections, negotiations, and paperwork to manage yourself. So, you’ll need to consult a licensed attorney for help.

Yes, it can save you thousands in commissions. However, selling a house by owner is a daunting task that home sellers don’t anticipate. Further, selling as an FSBO doesn’t get your home listed on the MLS. This limits your exposure and increases the time to sell the home.

If you want to find reliable platforms to sell a house by owner, you can list with reAlpha. The real estate website will list your house and get you offers from potential buyers through its robust AI technology. 

If you are planning to sell your house without a realtor, you need to start by pricing the house correctly. Then, you should declutter, advertise, and follow by negotiating and finalizing the offers.

Selling a house by owner is more complex than it seems. To start off, it requires you to have plenty of time, with lower exposure to potential buyers. Further, you may face some financial risks if you don’t do the paperwork correctly.

You can sell your home by owner through different avenues quickly. You can check out house flippers, cash companies, and wholesalers for a quick sale. You can use real estate websites like reAlpha. The technology-backed service will help you with pricing, home valuation, photography, property listings, and more.

Sell Your Home, Keep More of What You Earn!

Streamline the selling process and unlock the best value with reAlpha’s tools and expert guidance.

Sign up for free