You probably have your fingers crossed, hoping that you can sell your house fast. After all, who doesn’t want to sell their house for top dollar, without any hassle? If you plan on selling your house by owner, there are some things you need to know first.
There isn’t just one way to sell your home; it might be the quickest and easiest way to get the ball rolling but it’s not the only option. The advantages of selling house by owner in California are obvious; you avoid paying real estate agents commissions and instead pocket every penny from the sale.
But there also drawbacks; most buyers consider a lower-priced offer as a red flag. Unless you have an excellent reputation in the community or friends with high-level connections, it might be impossible to find someone willing to pay what your home is worth.
Things you should keep in mind while Selling House by Owner
Get the Basics Together
If you want to go with the concept of selling house by owner, you’ll have to gather the following:
The most important document in the process is the property title. Make sure the title is clean and free of liens, mortgages, encumbrances, and judgments. Without a clean title, you’ll have a hard time selling your house.
The next step is to get a property appraisal; this will give prospective buyers an idea of what your home is worth. Ideally, the appraisal should be done before you put the house on the market.
Find out what the property taxes are on the house and make sure you can afford the payments. You’ll have to pay them yourself until the house sells. Depending on where your house is located, you might be able to petition for a lower property tax rate.
Understand How Selling house By Owner Works
Selling your house by owner is pretty straightforward. You put the house up for sale on the market and wait for buyers to come to you. Some sellers prefer to put up a “For Sale By Owner” sign in their yard to attract buyers and save on real estate fees. In theory, selling house by owner sounds easy but in practice, it’s a bit more complicated.
First, you need to advertise your house. You can do it online or by word-of-mouth but you’ll probably find that it’s pretty difficult to get buyers to come your way. Most people don’t have time to drive around looking at houses and even if they did, they probably wouldn’t even know which one is for sale by owner.
Find a Reputable Property Manager
If you want to sell house by your own in California, you’ll need to find a reputable property manager. A good property manager will increase the number of interested buyers, reduce your stress levels and make the whole process much easier.
You’ll probably want a property manager who specializes in selling house by owner. A property manager might charge a one-time fee or an ongoing percentage of the sales proceeds. But it’s probably worth it: managers often sell houses fast and for more cash. A property manager will take over the advertising of your property, set up showings, show potential buyers through the house and make sure they’re qualified to buy.
Most importantly, a good property manager will screen potential buyers and only show your house to those who are ready to buy.
Advertise Your Home and Set Expectations
You’ll probably have to lower the price of your home a few times before someone buys it. You’ll also need to be realistic about what type of person is likely to buy your house. Most people selling house by their own are looking for first-time buyers. If you want to go with the concept of selling house by owner in California, you’ll probably have to lower the price until it’s affordable for a young family rather than a wealthy investor.
You’ll also need to set expectations. A property manager will show your house to as many people as possible, but you probably won’t sell your home in a week or even a month. You’ll probably need to be patient and wait for the right buyer to come along.
Negotiate with Prospective Buyers and Agents
Most prospective buyers who are serious about buying your house will come to you with an offer. If you have a property manager, they’ll be in charge of negotiating on your behalf.
One note of caution: lots of buyers will try to lowball you and will expect you to sell your house for peanuts because you’re selling house as an owner and they perceive it as a risk. Once they come to terms with the fact that you’re not desperate to sell, they’ll offer you a much higher price.
Be Prepared to Walk Away
If you’re selling house by owner and you get an offer you don’t like, you don’t have to accept it. You can always walk away and wait for the right buyer to come along. And don’t feel guilty about it; there are plenty of other houses for sale.
There are some times when you might want to accept an offer; for example, if the buyer is cash house buyer and you need the money quickly.
Selling house by owner can be a long process; you’ll have to be patient and wait for the right buyer to come along.
In order to sell house fast, you’ll need to price it right and find a motivated buyer. There are several ways for selling house by owner in California. You can advertise your house online, in newspapers, and in magazines. You can also network with friends and family to find potential buyers.
When selling your house by your own, it’s essential to price your home correctly and make sure it’s in good condition.