Do you want to sell your home on your own?

We’re here to tell you that you can legally sell your home on your own. It’s not necessary to have a real estate agent to help you do that. 

Before you do, you’ll want to ask yourself the following:

1. Do you know how to write a contract?

• What about reading one and interpreting the language? What use is being able to read if you can’t actually understand what is being said? Who writes a contract varies by state. In Pennsylvania, an agent representing a buyer writes the contract and presents it as an offer with supporting documentation, meanwhile in New Jersey, the seller is presented with an offer sheet outlining the details and it is up to the seller to write the contract and deliver it back to the buyer. By the way, the Pennsylvania Residential Agreement of Sale is 14 pages long, and you’ll need to be sure you understand it fully, and be aware of both your obligations and the buyer’s responsibilities so you can stay on track and make it to the closing table by the settlement deadline. 

2. If the buyer encounters an issue, do you know what solutions can be applied? 

• An array of items can become relevant with inspections, appraisals, title reports, deposits, and much more that will need to be addressed prior to closing.

3. Do you know the market value for your home? 

• We’ll keep it simple: your home may add value to you, but only you. Your home is filled with memories and a level of attachment that a buyer nor their agent possesses, and at the end of the day, adds no monetary value to it. Pricing your home incorrectly based on the current market puts you at risk for losing both money and time; wasted time could result in you losing real money on the home. Selling your home quickly avoids paying extra mortgage payments, association dues, and also saves you the time of having to coordinate the deal, which we get into in #6. 

4. Can you not be emotional? 

• As forward as this question is, it is extremely important and is in theme with #3. Not only does refraining from biases and pricing your home accurately matter at the beginning, you also need to not exercise those biases throughout the transaction after you get under contract. Even with an agent representing you, you can still get emotional (especially around inspection time), but an agent can present negotiation topics in a logical, unbiased perspective. Don’t let your emotions blow up a perfectly good deal with negotiable issues. Having a third party negotiating on your behalf is very valuable. 

5. Do you have the budget for photography and marketing?

• And do you know a good photographer? Not all photographers are the same or have the same level of expertise. Just because someone can take a phenomenal photo of a person or seascape doesn’t mean they can do the same for your house. Everyone knows first impressions are crucial and as great as cellphones are these days, they don’t measure up to a professional photographer who is trained to capture your home at its best. 
• Real estate is a numbers game in every aspect. The more people that see it, the greater your chances are at getting offers. Depending on the housing market at the time, you may not have to do as much marketing to get an offer, but if you do the right marketing, your chances of getting the best offer are greater.     

6. Do you have time to handle everything?

• A LOT goes on in the background that agents do that many sellers (and buyers) aren’t aware of including– but not limited to:

       A. Listing the property and learning the systems to do so.

       B. Creating your marketing & publishing it on the right platforms.

       C. Coordinating the photographer (an appointment that can take up to 3-4 hours or more) or taking quality photos yourself.

       D. Taking phone calls and having conversations with agents, while also making sure you aren’t leaving yourself exposed or disadvantaged that may result in you losing negotiating power. A real estate agent on both the buyer and seller side knows what to look for in those conversations. 

       E. Scheduling showings on your home, which will come in the form of phone calls that can easily turn into conversations as mentioned in item D. 

       F. Reviewing the contract and fully understanding it, and signing it before the offer deadline. 

       G. Keeping track of everything. Even if the buyer is represented by an agent, to ensure the deal closes on time, you’ll want to make sure all of their ducks are in a row too. 

       H. Shopping alternatives if needed in any situation. For example, if you’re under contract and the buyer is requesting funds for an inspection issue, do you have time to call a contractor to request a quote? Agents have many reliable resources from working in the field frequently. 

7. Do you know what questions to ask?

• Asking the right questions can give you details that can strengthen your negotiating power. 

8. Do you know how to prepare your home to sell for top market value? 

9. Do you know how to qualify a potential buyer and what that means? 

10. Are you prepared for the process after an agreement has been reached?

• We’ll say it again: there is a lot of behind the scenes many sellers and buyers don’t realize that involve the conveyance of a transaction to ensure everyone gets to the closing table. Also, negotiations continue sometimes up until the property is transferred. A thorough knowledge of the process is the best defense against the risk of a transaction failing. 

Many homeowners leave money on the table by selling without an agent. Agents sell homes for around 26% more than FSBO (For Sale By Owner), which can completely cover the costs of the agent commissions that many well-meaning sellers try to avoid.  

If you got through this article and would like to exercise your option to sell your home with an agent, give us a ring! If you have more questions, don’t be afraid to call us!