By selling your home without a realtor, you can save money on commissions. You can also have more control over the selling process and make decisions that are in your best interest. Additionally, you can market your home directly to potential buyers, which can lead to a faster sale. Once you accept an offer from a potential buyer, there is still much to do to finalize the sale
Here is an outline of the process a home seller goes through after accepting an offer on their house without a realtor:
Tasks to complete
Schedule a home inspection. The buyer will likely have a home inspection done to make sure the property is in good condition. To schedule a home inspection after accepting an offer on your house without a realtor, you will need to find a qualified home inspector, get multiple quotes, schedule the inspection, provide the inspector with access to all areas of the home, be prepared to answer questions, and get a copy of the inspection report.
You can ask for recommendations from friends, family, or your real estate agent. You can also search online for home inspectors in your area. It is a good idea to get quotes from at least three different home inspectors to compare prices and services.
Once you have chosen a home inspector, schedule the inspection for a time when you will be available to be present. The home inspector will need to be able to access all areas of the home, including the attic, basement, and crawl space.
Be prepared to answer questions about the home’s history or any repairs that have been made. The home inspector will provide you with a written report of their findings, which will be helpful in negotiating any repairs or credits with the buyer.
The cost of a home inspection typically ranges from $300 to $500. You should be prepared to pay for the inspection.
Negotiate any repairs or credits. If the home inspection reveals any major repairs that need to be made, you and the buyer will need to negotiate who is responsible for making the repairs or providing credits.
You can start by asking the buyer to make the repairs themselves. If they are not willing to do this, you can offer to pay for the repairs yourself or give them a credit towards the purchase price of the home.
The amount of the credit or the cost of the repairs will depend on the severity of the problem and the market value of the home. It is important to be reasonable in your negotiations and to consider the buyer’s financial situation.
If you are unable to reach an agreement, you may need to walk away from the sale. However, this is a last resort, as it could damage your reputation as a seller.
Here are some additional tips for negotiating repairs or credits:
- Be prepared to compromise. You may not get everything you want, but you may be able to reach a mutually agreeable solution.
- Be professional and respectful. Even if you are frustrated, it is important to stay calm and polite.
- Get everything in writing. Once you have reached an agreement, make sure to get it in writing, so there is no confusion later on.
Sign the purchase agreement. Once you have agreed on the terms of the sale, you and the buyer will need to sign a purchase agreement. This is a legally binding contract that outlines the terms of the sale, including the purchase price, closing date, and any contingencies.
The purchase agreement should be reviewed by an attorney before it is signed. This is important to ensure that the agreement is fair and that you understand all of the terms.
The purchase agreement will typically be prepared by the buyer’s attorney. However, if you are not using a real estate agent, you may need to find an attorney to help you review and negotiate the agreement.
Once the purchase agreement is signed, it is considered a legally binding contract. This means that both parties are obligated to follow the terms of the agreement.
Here are some additional tips for signing the purchase agreement:
- Read the agreement carefully before you sign it. Make sure you understand all of the terms.
- Get everything in writing. Once you have signed the agreement, make sure to get a copy for your records.
- Be prepared to negotiate. The purchase agreement is not set in stone. You may be able to negotiate the terms of the agreement.
Order an appraisal. The buyer will need to order an appraisal to determine the fair market value of the property. This is important to ensure that the buyer is not overpaying for the home.
The appraisal will be conducted by a licensed appraiser. The appraiser will visit the property and assess its condition, location, and amenities. They will then compare the property to similar properties that have sold recently to determine its fair market value.
The appraisal report will be provided to you and the buyer. This report will include the appraiser’s opinion of the fair market value of the property.
Here are some additional tips for ordering an appraisal:
- Get multiple quotes from different appraisers. This will help you compare prices and services.
- Make sure the appraiser is licensed and experienced.
- Be clear with the appraiser about the purpose of the appraisal.
- Be prepared to provide the appraiser with access to the property.
Set the closing date. The closing date is the date on which the sale will be finalized and the buyer will take possession of the property.
The closing date should be set after the purchase agreement has been signed and the appraisal has been completed. The closing date should be mutually agreeable to both parties and should allow enough time for all of the paperwork to be processed.
The closing date is typically set 30-45 days after the purchase agreement has been signed. However, it may be sooner or later, depending on the circumstances.
It is important to be flexible when setting the closing date. There may be unforeseen circumstances that delay the closing, such as a delay in the appraisal or a problem with the title.
Here are some additional tips for setting the closing date:
- Be realistic about your timeline. The closing date should be realistic and achievable.
- Be flexible. Things don’t always go according to plan, so be prepared to be flexible with the closing date.
- Communicate with the buyer. Make sure to communicate with the buyer about the closing date and any potential delays.
Gather closing documents. The closing documents are the final paperwork that needs to be signed and exchanged in order to complete the sale of a home. These documents typically include (but may vary by location):
- Purchase agreement: This is the legally binding contract that outlines the terms of the sale, including the purchase price, closing date, and any contingencies.
- Appraisal report: This report provides an estimate of the fair market value of the property.
- Title insurance: This insurance protects the buyer against any title defects.
- Closing disclosure: This document provides a final summary of all of the costs associated with the sale, including the purchase price, closing costs, and mortgage interest.
- Earnest money deposit receipt: This document shows that the buyer has deposited money into escrow to secure the purchase of the property.
- Homeowners association documents (if applicable): These documents outline the rules and regulations of the homeowners association.
- Other miscellaneous paperwork: This may include things like a bill of sale for personal property or a mortgage discharge.
The seller typically attains these documents from the buyer or the buyer’s real estate agent, or a title company.
Here are some additional tips for gathering closing documents:
- Get all of the documents together well in advance of the closing. This will help to avoid any delays.
- Make sure that you understand all of the documents before you sign them.
- Ask questions if you have any concerns about the documents.
Attend the closing. The closing is the final step in the home buying process. This is where all of the paperwork will be signed and exchanged, and the buyer will officially take possession of the property.
The seller is typically required to attend the closing in person. However, there are some alternative solutions if the seller is unable to attend in person.
One option is to have a power of attorney sign the closing documents on the seller’s behalf. A power of attorney is a legal document that gives someone else the authority to act on your behalf.
Another option is to do a remote closing. This is where the closing documents are signed electronically. This option is becoming increasingly popular, especially for sellers who are out of town or unable to travel.
If the seller is unable to attend the closing in person, they should contact the title company or closing attorney to discuss their options.
Here are some additional tips for attending the closing:
- Bring a valid form of identification.
- Bring the original purchase agreement.
- Bring the original deed to the property.
- Bring any other documents that the title company or closing attorney requests.
Selling a home without a realtor can be a daunting task, but it is possible. By following the steps outlined in this article, you can ensure that the process goes smoothly and that you get the best possible price for your home.
The key is to be organized and prepared. Gather all of the necessary paperwork, get multiple quotes for services, and be prepared to negotiate. If you are able to do this, you will be well on your way to selling your home without a realtor.