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The Risks Involved of Selling Your Own Home

Selling your own home without an agent can be a bit risky, but if you know what you’re doing, you could end up benefiting in the end. If you are willing to do a little extra research and work yourself, you could end up getting that extra commission in your pocket. This means that you’ll actually have to show the house yourself, find the potential buyers, and act like your own realtor.

Although it is entirely possible to sell the house yourself, don’t underestimate the work involved or the complexity of it. These are a few pointers and tips that you can use when trying to go the “sell it yourself” route.

Firstly you need to prepare your house for potential buyers. Make sure it has curb appeal, clean the clutter off the lawn and paint the outside of the house if necessary. You don’t want people turned away before they get in the door. On the inside of the house, apply a fresh coat of paint, get new carpeting if needed and fix minor repairs. Do whatever it is to get your house in tip top shape.

Secondly, make sure your price is set correctly. If you set your price too high, you will scare off potential buyers, but if you set it too low, you end up hurting yourself in the end. The best way to do it is to price it a little bit under market value. Your buyers will think they are getting a good deal and you still make a good profit off it by saving money on the commissions that you’d be spending with a realtor. If you still don’t know what your house is worth, ask a few agents for a Comparative Market Analysis which will give you an idea of what houses go for in your area. Most realtors will be happy to help because they have now made a contact and a potential lead for the future.

Third, it is best to hire a lawyer to complete the paperwork for you. Real estate attorneys know the laws and contracts to fill out when selling a house yourself. Or, at the very minimum, you can purchase real estate contracts from most office supply stores.

Lastly, it’s important to market your house. Yard signs, classified ads, fliers, or even Internet classifieds are a good way to get the word out that your house is for sale.

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