Nowadays, many more homeowners are choosing to sell their home on their own instead of hiring a real estate agent. This can eliminate the middle man and help homeowners save money.
However, there are a few things homeowners must consider to succeed when selling their home themselves.
1. Fixing up the house is necessary
The for sale by owner (FSBO) process gives the homeowner control over the process, but they must be able to market their home. And any real estate sale often requires the homeowner to prepare the home for sale.
Maryland homeowners looking to sell should consider several preparations, including:
- Updating landscaping
- Repairing any foundation issues
- Painting the house and indoor rooms
- Ensuring plumbing and HVAC are in working condition
Upgrading the house improves the chance of obtaining a good price for the home. However, homeowners need to prioritize which repairs are the most important. It is just as important to stick to a budget as it is to invest and prepare the house for the sale.
2. Obtaining an official inspection
Smart home buyers usually will have an inspection done before finalizing the purchase. However, it is also beneficial if home sellers have a recent inspection on file.
This way, sellers can protect themselves from liability issues and protect both the sale and the home buyer as well. This step is critical, but it is also a way for home sellers to cover their bases.
3. Doing the research
This is possibly the most crucial step of the FSBO process. Without a real estate agent, it is up to the homeowner to obtain essential information regarding:
- The housing market
- Other home listings in the area
- Specific attractions or benefits in the area, such as the school district
- All information and documentation about the house
U.S. News & World Report also advises homeowners to obtain an official appraisal of their home. Researching in addition to an appraisal helps homeowners to accurately—but competitively—price and advertise their home.
You do not have to handle the process alone
Choosing to work without a real estate agent does not mean that homeowners have to approach the process of selling their home on their own. This process can be overwhelming with details.
So, it is often beneficial to work with an experienced real estate lawyer who will:
- Review all documents to ensure they are correct
- Guide you and provide advice throughout the process
- Protect your rights as a homeowner
Selling your home can be the start of a new chapter in your life. And following these steps can help reduce the stress of beginning that new chapter.