Real estate experts project that home sales will jump by 5% from 2020 to 10% this 2021. According to them, 2021 will have more home sales than any year since 2006. They also predict the homeownership rate to grow to 69% this year.
So, if you plan to put a home up for sale, you should definitely consider doing so this year. To make the most profits, though, you’d need to cut the middleman. If you can sell a house without a realtor, you won’t have to pay their commission rate, which can be anywhere from 5% to 7%.
On that note, we came up with this guide covering the basics of how to sell a house fast without the help of a third-party. Read on to discover your options so that you can seal the deal on your own.
Go With the FSBO Method
FSBO, or “for sale by owner,” is the process of selling a house without a real estate agent or realtor. You won’t pay a commission rate, but you would shoulder all their responsibilities. These include writing disclosures, pricing your house, and listing it, to name a few.
Keep in mind that most states have specific disclosure laws, and they vary from one state to another. For instance, California requires disclosure of a previous occupant’s death. However, you don’t have to do this in other states, nor do you need to put it into writing.
With that said, be sure to check your state’s legislation about the things you need to disclose to buyers.
There are also federal disclosure rules, such as Title X, Section 1018. This applies to homes built before 1978, back when lead paint was still widely used.
Going with the FSBO approach also means you’d have to decide which home repairs to carry out. You’d also need to market your home yourself, such as list it in a multiple listing service database. It would also be up to you to browse through offers and negotiate with buyers.
The key advantage of FSBOs is that they usually sell faster than agent-assisted homes. For instance, in 2019, three in four FSBOs sold in under two weeks.
Sell Your House for Cash
Have you ever found yourself asking, “is selling my house quickly for cash a good idea?” If so, then the answer is that it can be, so long as your main goal is to close a deal as soon as possible. In this case, you can sell to a real estate investor or a flipping company without doing any repairs to your home.
You can sell your home quickly to a house flipper as these businesses buy properties as-is. They aren’t concerned about the condition of homes, as their goal is to fix them up and then sell them for a profit. For this reason, they usually prefer old, badly-damaged, or even decrepit properties.
Sell a House Without a Realtor So You Can Pocket the Most Cash
As you can see, you can sell a house without a realtor either by going with the FSBO approach or working with a flipper. In either case, you won’t have to pay a commission rate, so you get to pocket everything. So long as you don’t mind doing the legwork, consider these two methods when selling your home.
Ready for more of the latest in real estate news? Then be sure to check out our other recent home-related guides!
