Selling A Home by Owner
User JD0804 (Opens a pop up layer) Contributor
I am selling my home in Colorado, but I have not yet listed with a real estate agent. By word of mouth, two parties have expressed an interest in purchasing my home. I can save about $20,000 in commission if I do not sell through a real estate agent. My house is in need of substantial repairs and I am planning to sell "as is" for less than the market value. What are the steps I need to take to sell the home on my own? Do I need an attorney? How do I assure that my interests and not just the buyer's are represented?
User Happy2014 (Opens a pop up layer) Occasional Contributor
User Massnativern (Opens a pop up layer) Contributor
Ask friends for recommendations on real estate attorney. Many possible pot holes if not knowledgeable about local and state requirements. Make sure your deed description is LETTER perfect. Tour as many open houses as possible to check competition and presentation. Rearrange furniture to maximize space. Ask honest friend to tour house and give feed back. Remove personal pictures and awards visible to anyone entering home. Fix all thise little faults you have become used to living with - ignoring. Be accepting of criticisms, take calmly, listen or ask for suggestions to improve appearance. Be ready to give highlights of community, schools, etc.
User Jenny14 (Opens a pop up layer) Contributor
I would definitely say get an Attorney if not a Real Estate professional. Unless the person who is buying the home is paying in cash they will need to qualify for a loan. If the purchaser goes VA or FHA there are certain inspections that the home must pass in order for the purchaser to qualify. You may think you are saving the money but those closing costs can be split with the buyer. The other thing is if the buyer has an agent you still will be paying a commission and the agent will be working to get the best deal for the buyer and that will leave you at a disadvantage. Please be careful so you don't end up getting a bad deal or being sued along the way.
User Real Agent (Opens a pop up layer) Contributor
Get a real estate agent. Lawyers charge by the hour. It can easily end up costing you way more with an attorney than an agent. Real estate agents will also know what your house is worth saving you from any lost equity. I'm an agent in Michigan and if you need a recommendation out near you I work with the top company in the US. My email should be in my profile or just send it to firstname.lastname@example.org.
Typically people think they will save money selling on their own. I have NOT had that be the case when FSBO people come and ask for my help. Feel free to contact me with any questions and I'll do the best I legally can to help you.