Checklist And Paperwork For Selling A House Without A Realtor
Do you own a property and are considering selling it in the near future? If so, you might be (and probably should be) considering selling without a realtor. Recently, there has been a lot of news focused on the high realtor commission fees that inflate the sale price of homes, fees that don't end up in your pocket after a home sale. In today's age, this doesn't make sense because selling a home by owner has never been easier.
Selling a house without a realtor can be an easy process, and we are here to help explain the process and give you the knowledge to evaluate this as an option when you sell your property. We’ll cover everything from the benefits of selling a house without a realtor, our selling a house without a realtor checklist, share who draws up contract in for sale by owner, and even lay out the needed paperwork for selling a house without a realtor. This way, you have the tools you need and understand the pros and cons of selling a house without a realtor.
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Does Realtor Get Commission On For Sale By Owner Home Sales
Selling a house without a realtor is a viable option for many property owners who want to take control of the sales process. This approach follows a different sales process compared to the traditional method of buying or selling through a realtor. However, before we cover the specifics of selling without a realtor, we are often asked does realtor get commission on for sale by owner (FSBO) property sales.
DOES REALTOR GET COMMISSION ON FOR SALE BY OWNER PROPERTY SALES?
The answer is NO, if you sell directly to a buyer without involving a realtor. This approach allows owners to save on real estate agent commission fees, and listing costs, and avoid the need to make improvements before a property sale. It also circumvents the lengthy and sometimes challenging home listing process.
Selling through a realtor often means needing to vacate your home during buyer showings, paying for furniture staging, listing on MLS platforms (such as Zillow or Redfin), hosting numerous potential buyers, and then potentially waiting up to 30 days or more to close after accepting an offer—a process that can extend even longer if the buyer withdraws.
Fortunately, these costs and delays are not a concern when selling a house without a realtor. The for sale by owner process can be much smoother, usually leaving more money in your pocket.
Selling a House Without a Realtor Checklist
The for sale by owner process may seem daunting for those who have not experienced it before. However, it's relatively straightforward and accessible to anyone wishing to take control of their home selling process. To ensure a smooth and successful off-market sale, we provide our selling a house without a realtor checklist. This selling a house without a realtor checklist will help you understand how to sell a house by owner, simplifying the process for you.
SELLING A HOUSE WITHOUT A REALTOR CHECKLIST
Determine the Market Value of Your Home: When selling a house without a realtor, it's your responsibility to set the selling price of your property. Research comparable sales in your area, which can be done by examining the sales prices of similar properties sold in the last 6 months (accessible via MLS websites like Redfin or Zillow). Focus on homes similar to yours in size, bed/bath count, structure type, condition, property improvements, fixtures, and lot size. Keep in mind that without realtor commissions and listing fees (which you're avoiding by selling without a realtor), your sale price should typically be lower than what you'd see in an MLS listing.
Identify The Closing Date: As the owner, you choose the ideal closing date for the sale of your property. It's important to select a realistic closing date, giving yourself enough time to find a buyer and for escrow to close. For sale by owner home sales can close in as little as one week or up to 20-30 days, depending on the buyer's financing method and the efficiency of your title and escrow agency.
Compile Paperwork for Selling a House Without a Realtor: Gather all necessary paperwork for selling a house without a realtor in advance to ensure you're prepared to sell. The specific required paperwork for selling a house by owner will be discussed later in this article.
Find A Property Buyer: Finding a buyer is your responsibility when selling a house without a realtor. Advertise the property through various channels such as property listing websites, social media platforms like Facebook, Craigslist, yard signs, or word of mouth. Consider reaching out to property buyers who purchase directly from owners for a quick and straightforward sale. For example, we specialize in purchasing properties directly from owners like yourself, bypassing the need for realtors. You are welcome to reach out to us to receive an offer on your property.
Host Property Showings: Organize and conduct an open house or private showings to display your home. This step can be burdensome since you will need to schedule these and have buyers visit the property. It is an essential step unless you work directly with a single property buyer like us, which can simplify the process.
Receive & Review Offers: Expect to receive offers if you have marketed the property effectively and priced it correctly. Carefully review each offer to ensure the terms are favorable for the sale.
Complete the Paperwork for Selling a House by Owner: Make sure all for sale by owner contracts and disclosures are properly filled out. We share our list of paperwork for selling a house without a realtor further in this article but it will be up to you or the buyer to pull these documents together. While the process is relatively straightforward, consulting with a real estate attorney for document review is advisable.
Send Completed Documents to Title & Escrow: Once all paperwork for selling a house by owner is complete, submit it to your chosen title and escrow company. They will manage the closing process, collecting necessary information from you and the buyer.
Close the Property Sale: If the title and escrow process proceeds without issues, your title and escrow agency will prepare the final closing documents. Upon completion, you can relax, knowing you have successfully managed selling a home without a realtor.
By following the selling a house without a realtor checklist, you can navigate the for sale by owner process with confidence, from preparing your home for sale to closing the deal successfully.
Who Draws Up Contract In For Sale By Owner Scenario Without A Realtor?
A common concern for those considering selling their property without a realtor is determining who draws up contract in for sale by owner property transactions. This is a valid concern since a realtor typically handles these documents. However, it's important to ask where realtors obtain these documents and whether it's possible for you to do the same.
Realtors often use standard agreements and addendums that are provided by the state for the purchase and sale of real estate. If these documents are standard and not always exclusively available to realtors, you might wonder whether you could obtain these documents yourself or work directly with a buyer who already has them.
SO, WHO DRAWS UP CONTRACT IN FOR SALE BY OWNER DEAL?
Either you or the buyer can draw up contract in for sale by owner transactions. Sometimes, access to state-specific forms requires being a realtor, but usually you can pay your local MLS for copies. If that option is not viable, you could hire a lawyer to draft the documents, although this can be expensive. Alternatively, you can easily obtain paperwork for selling a house without a realtor from reliable sources or you can have your buyer draft them if they have experience. We provide the necessary paperwork for selling a house by owner, ensuring you have the correct for sale by owner agreements for your transaction. In the next section, we'll discuss the most common for sale by owner documents you'll need.
List of Paperwork for Selling a House Without a Realtor
There are several essential documents and pieces of required paperwork for selling a house without a realtor, but the quantity may be less than you anticipate. In most cases, if you’re utilizing a reliable closing and escrow company (which manages the closing process) then you’ll only need the core documents. The title and agency company will typically handle any remaining documents and after conducting title due diligence they will prepare the final documents for closing. Below is a list of the typical paperwork for selling a house by owner before you send the documents to title and escrow:
PAPERWORK FOR SELLING A HOUSE WITHOUT A REALTOR
Real Estate Purchase & Sale Agreement (PSA): This document acts as the main agreement between a property owner and buyer in the real estate sale and purchase process. Its purpose is to document the sale details, provide property information, outline specific terms and stipulations between the owner and buyer, and address any other significant elements of the property sale. If you're looking for a PSA for your deal, you can check out our For Sale By Owner Contract Template.
Financing Addendum: Usually attached to the PSA, this addendum details how the buyer intends to pay for the property, whether through cash, traditional bank financing, or owner financing. It includes all specific financing details and any contingencies related to how the buyer will finance the purchase. Our Owner Financing Addendum Template is available if your property sale will be via seller financing.
Seller Property Condition & Disclosure Statement: Most states, cities, and counties require this document for residential property sales. It enables the seller to disclose the property's condition to the future buyer, ensuring they have all known information about the property before making the purchase. This paperwork for selling a house by owner is generally available through local state, city, or county websites.
Lead-Based Paint Disclosure: Required for most housing transactions involving properties built before 1978, this document informs the buyer about any known lead presence on the property and additional information on lead and its hazards. Like the Seller Property Disclosure, this additional paperwork for selling a house without a realtor can usually be found on federal or local government websites.
While these documents constitute the main paperwork for selling a house without a realtor, additional documents and clauses specific to your county, city, or state may be necessary for your property sale. Always conduct thorough due diligence and consult with a local legal professional before finalizing your for sale by owner paperwork to ensure all required documents and clauses are included in your FSBO contract.
Where to Get the Paperwork for Selling a House by Owner?
As mentioned earlier in the section about who draws up contract in for sale by owner property sales, you have several options for obtaining the necessary paperwork for selling a house without a realtor. Below is our list of options for acquiring the paperwork for selling a house by owner.
PAPERWORK FOR SELLING A HOUSE BY OWNER SOURCES
Local MLS Institution: Typically, you can pay your local MLS to access copies of their standard real estate purchase and sale agreements and addendums. However, these documents might not always be readily available or accessible to everyone in your jurisdiction.
Online Resources: Numerous online resources offer standard templates for the real estate sales process. Please note that it's crucial to verify their reliability and have a professional review them before use.
Experienced Buyer: Professionals who regularly purchase properties directly from owners usually have these for sale by owner forms on hand and will prepare them. When we purchase properties from owners like you, we assume the responsibility of drafting these documents and managing the property sale process.
Our Templates: We offer a collection of for sale by owner contract templates for selling a house by owner, ensuring you have the correct for sale by owner agreements for your transaction.
The paperwork for selling a house by owner should never prevent you from selling a house without a realtor. There are many resources available to ensure you have the paperwork for selling a house without a realtor so don’t let this prevent you from taking control of your property sale.
The Bottom Line: Follow Our Selling A House Without A Realtor Checklist
Selling a property without a realtor is both easy and cost-effective. Our selling a house without a realtor checklist should guide you in the off-market home sale process. Obtaining the necessary paperwork for selling a house without a realtor is simpler than you might think and can be quickly acquired. Don’t let anything deter you from selling your house by owner.
If you need assistance in this process and are looking for a direct property buyer, contact us! We specialize in purchasing properties from owners like you, employing various methods such as cash, traditional bank financing, or seller financing based on your preferences. We provide all the necessary paperwork for selling a house without a realtor, allowing you to avoid fees during the property sale process and helping you sell your property quickly and without hassle. Contact our team today to receive a for sale by owner offer on your property.
