10 Simple Steps to Selling a House by Owner - A Guide by Maramani.com

When it comes to landed properties like houses, buying and selling may become difficult.

Buying and selling of houses are usually done through real estate agents. But situations may arise that will require an owner to sell his or her house without going through an agent.

Selling your house by yourself is surely a great way to save money. You get to avoid paying the real estate agent's commission, which is about 6% of the sale price.

As good as the idea may be, it requires following some steps.

 

How to Sell a House by Owner

1. Give Yourself a Timeline

The sale of a house may take a very long time before the deal is done. It may take months or years, depending on the demand for houses in the area.

However, you must set a timeline for the sale. This allows you to plan properly. You get to carry out cleaning and repairs without delay, contact an attorney, begin advertisement, and thereafter look forward to receiving advances from prospective buyers.

Working without a plan might make the whole process longer.

If the house is unoccupied, it may lead to infestation by rodents, which may cause damages to the house and reduce its worth or incur unnecessary repair costs.

The value of your house may drop if you fail to sell it within a targeted period. New buildings with better designs are erected daily, so the demand for new houses may suppress the demand for the type of house you wish to sell.

 

2. Carryout Intensive Cleaning and Repairs

A way to increase the value of your house and the chances of selling it within the shortest possible time is to carry out an intensive cleaning and repair of all damaged components.

Check the doors, windows, kitchen cabinets, bathroom showers, and electrical switches and connections, and ensure that they are all in good working conditions.

Little faults that are not corrected may reduce the value of your home and cause buyers to be reluctant in buying. This is because they will have to carry out the needed repairs themselves after buying the house.

Employing the services of a cleaner to give the house a thorough cleaning will help to entice buyers when they come for an inspection. Keep the grasses in the lawn low, remove cobwebs from the corners of walls, clean the windows, and if possible, repaint the walls and ceilings.

You should, however, avoid carrying out major renovations and modifications in the building. This might incur costs that you might not be able to get back after-sales.

 

3. Get Good Snapshots

Before you begin advertising, you must have a good pictorial representation of the property you want to sell. A quick and efficient way of convincing buyers to inspect your house is by flashing beautiful pictures of your house before their eyes.

Employ the services of a professional photographer to take stunning photos of the house. A good photographer will know how to make your rooms appear big if they look small, how to make the wall paints appear sharp if they look dull, and how to make the exterior appear more beautiful.

The pictures will attract the needed buyers if taken properly and published on the internet and in magazines.

 

4. Peg a Realistic Price

Pegging the price of your house at a certain amount comes with a lot of considerations. You wouldn't want to put the building at a price that will scare buyers away, nor would you want a price that will make you feel like you’ve devalued your property.

Before you put a price on your house, it's important to do some research on what the prices of such types of buildings should be.

You may rely on your neighborhood's comps (data sheets that contain details of sold properties in your area) or visit blogs and websites that advertise houses. This will give you an idea of the right price to sell yours.

It’s also important to do proper research before fixing a price to avoid unnecessary deductions and increments. When you frequently increase or decrease your price, prospective buyers may begin to question the value of your house.

 

5. Give Room for Discounts

As you fix a price for your home, also set a percentage that you would allow for a discount in case a buyer insists on bargaining on the price. It's normal for buyers to always request a discount on properties. This discount should be considered already before fixing the price.

 

6. Get Your Documents Ready

Documents such as the purchase contract, certificate of occupancy, government's approval, property survey, tax records, mortgage documents, and proof of insurance should be kept handy. Buyers may request these documents during inspection to convince them of the value you gave your house.

 

7. Hire a Real Estate Attorney

Real estate attorneys are knowledgeable and experienced to advise on real estate transactions. They’re qualified and licensed to practice real estate law; they’re different from real estate agents.

A real estate attorney will help you to review contracts and documents, fill out paperwork, identify issues that may come up later, and ensure that the transaction with your buyer goes smoothly.

The attorneys try to spot issues such as tax issues, encroachments, and mortgage balances. Although hiring an attorney might cost some money, it's worth it. This is particularly true for a large financial transaction.

 

8. Design a Good Yard Sign

If you’re ready to let your neighbors know that your house is up for sale, you have to create an enticing signpost as an advert. Engage the services of a good graphic designer to put up a design that will depict the beauty and value of your house.

The signposts should be mounted at strategic points around your house and at places prospective buyers are likely to see them.

 

9. Make Flyers

You may also design flyers as a form of an advertisement for your house. Flyers and brochures contain more information about the house.

This information includes the property's address, your phone number and email address, the house sale price, number of rooms in the house, features of the house, discounts (if available), benefits of buying the house, and any other information you want to add.

You may also choose to include beautiful snapshots of your property on the flyer. The snapshots should reveal important areas such as the bathroom, bedrooms, sitting rooms, balconies, and other places that may boost the value of your building.

 

10. Advertise Online

Presently, the internet is arguably the most efficient means of advertising properties. Many websites are dedicated to connecting property buyers and sellers. Although some of such sites may demand a commission, they’re mostly affordable.

Online medium of advertisement allows you to easily update the information on your property and change the snapshots of your house to better ones.

The online advertisement reaches out to a wide audience due to the high usage of the internet. You can choose to make a particular set of people or people living in a particular area your target market.

 

Advantages of Selling Your House as an Owner

You Maximize Profit

The process of selling your house by yourself eliminates the need for a real estate agent. The percentage of the sale you would have paid to an agent will be saved and channeled towards other things.

 

You Make the Decisions Yourself

Part of the job of a real estate agent is to map out strategies that will attract buyers. Sometimes, the ideas and suggestions of an agent might be against your wish. But you’re at will to make decisions yourself when you avoid going through an agent.

 

The Sale Process Gets Maximum Attention

It's usual for a real estate agent to handle multiple sales of houses at the same time. This will cause the agent to divide his time among all the properties he has to sell, thereby making him less efficient.

When you sell your house by yourself, you dedicate your time to it and give it the needed attention it requires.

 

Conclusion

It’s necessary to have enough thought before you decide to sell your house by yourself. Ensure that passersby can easily see the sign indicating your interest to sell the house. If your house is in a location where real estate agents already have houses they are marketing, it could be an advantage to you. This is because the agents will draw potential buyers to the area.