The decision to sell your own house is becoming more and more popular. The percentage of home sales that were completed last year without a realtor is around 14%, and that figure doesn't include those sellers who used a discount realtor service like a flat fee listing or an open listing contract - both options that can lower the cost of commission dramatically.
There are a lot of factors to consider when you sell your own house, but let's skip right past setting the right price, assume that you did all the right things, got the house looking great, advertises in all the right places - and in less than two weeks, got an offer from a buyer that's pretty darn close to your asking price. Now what?
Negotiating with a Buyer When You Sell Your Own Home
Be prepared to negotiate with the buyer. Remember, while you've been studying how to get the best price for your house, he's been studying how to get the best deal on your house. Be ready to counter his offer with one of your own - and keep in mind that non-cash inducements can go a long way. An offer to pay closing costs will help a young couple without ready cash, for instance, far more than coming down $2000 on your price.
Hire a Real Estate Consultant to Oversee the Sale
Even if your selling your own home, there comes a point when you should have professional advice and consultation. Once you've settled on a price, you don't want to lose the sale because of an oversight in the paperwork or signatures. Hire a real estate attorney or a realtor just to oversee the closing and make sure that all the i's are dotted and all the t's are crossed.
Be Clear About Your Legal Responsibilities When You Sell Your Own Home
If you choose not to consult a real estate professional, do find other ways to educate yourself. Make sure that you get all necessary paperwork done, the required inspections, the escrows are appropriately secured. Missing or misfiled paperwork can derail the closing, delaying or permanently sidelining your sale if you're not careful.
Among the disclosures and inspections that may be part of the closing of the sale:
Roof
Wiring
Plumbing
Termites
Lead Paint
Warranties on All Home Fixtures
Major Repairs
You can save thousands of dollars in real estate commissions when you sell your own home, but it's important that you know all your legal responsibilities. Make sure that you don't miss the smallest detail so that your closing goes through without a hitch.
