Welcome! Here at Ask Cathy Marketing Group, our number one goal is to help homeowners reach their real estate and financial goals.
Selling a home is no small task. It can be challenging, but some homeowners like the idea of doing it on their own. Only 6.2% of home sales are done for sale by owner, so it’s not a super common way to sell a home – but if you are up for it, here is everything you need to know.
What is needed from a seller to accomplish a For Sale By Owner?
Some homeowners opt for FSBO so they can save money by not paying a listing agent. They may have sold a property before, so they feel like they know the drill.
While most steps to selling a house are the same for FSBO as selling with a listing agent, in the FSBO case, the seller does all of the work. Not sure if the process is something you can (or want) to do? Here is an overview of everything involved in selling a home for sale by owner.
Pricing Your Home
For sale by owner, homes are typically priced 2% higher than homes listed by an agent. Unfortunately, that doesn’t mean homeowners get that price. Homes that are not accurately priced tend to stay on the market longer.
A real estate agent will help you determine what your home is worth. A large part of the home valuation has to do with a comparative market analysis, which relies on data only licensed real estate agents have access to.
If you want to try and price your home on your own, check out our blog post, Pricing Your Home to Sell.
Prepare & Stage Your Property
A real estate agent typically offers their expertise on which home improvements to make and are more attractive to potential buyers.
You can review our checklist for getting your home ready to sell here.
Create Your Listing
One rather large downside to for sale by owner, only licensed agents can put their homes on the MLS. When it is posted, it is automatically listed on all real estate websites such as Zillow and all local real estate offices.
It is possible to pay a flat fee to a specialized real estate company to list your home, but they typically cost a few hundred dollars and don’t offer any other services.
Learn the Sellers Disclosure for Your State
Anyone wanting to sell their home on their own needs to be well-versed in the Seller’s Disclosure for Missouri (or Kansas). It is crucial to do careful research on what sellers MUST tell buyers about their homes, such as structural problems, flooding, and the use of lead paint.
You can download your own Seller’s Disclosure Template below.
Be Prepared to Communicate Directly with the Buyers & Buyer’s Agents
Even if you don’t have an agent, but potential buyers will likely have one. That means you will be communicating directly, not only with potential buyers but also with their real estate agent.
This can go any number of ways. Keep in mind, they do this for a living and you may feel some emotions about selling your home. Take time to think about and consider every communication prior to responding. Think about how you’d respond if you had no emotional attachment to the house or the price you set.
Have a List of Potential Attorneys or Other Third-Party Experts Ready to Go
Some states require attorney representation at closing to protect the interests of both parties. You may also just want an attorney on hand to help you through various stages of the process. Any time you complete a legal document, from a seller’s disclosure to a purchase agreement, it’s smart to have an attorney review it.
You can find a list of recommended vendors here.
Get Ask Cathy Offers to Consider a Quick, Convenient Sale
There is an “easy button” option if you are needing to move quickly. Check out Ask Cathy Offers to see if selling directly to Cathy is the right move for you.
Cathy will purchase your home directly. This saves you the need to paint, clean, do repairs, host showings, or wonder if you will get the price you want in the timing that works for you.
You can request a free, no-obligation cash offer today. Whether or not this is the right option for you, this free offer is a great place to start to understand the market and pricing.