Selling your home can be a daunting task and expensive when you consider having to pay a realtor's commission, but it is something you can do on your own without professional help. Here are some tips to help you sell your home in a timely manner by yourself.
Advertise Your Home Appropriately
The first step to sell your home is to let buyers know it is for sale. Place a sign in your yard, take as many photos as possible, and place the home's details online through various for-sale websites. Post a listing on social media to get the word out to your friends, family, and acquaintances. You can also put a notice in a local newspaper to advertise its sale and details of the property.
Even though you may not be using the services of a professional real estate agent, you can do the work yourself to advertise it just as a realtor can. Instead of paying a realtor for their time and work, you can save money by advertising the property yourself.
Be Open to Seller-Financing
One way to open up your home's sale to an additional market is to offer seller financing. This makes the purchase of your home available to those who don't have the best credit or may not be able to qualify for a home loan if, for example, they already have several mortgages in their name for various rental properties.
Seller financing allows you to accept a down payment and monthly payments from the buyer of your home. You can negotiate the interest rate of the loan you are holding and complete a purchase contract and a note for the loan, which you and the buyer keep copies of. This mortgage lien you create provides protection to you in the event they default on the loan or get behind on their payments., and you can foreclose to take back the property if necessary. As the buyer makes payments to you, you benefit by earning interest on the loan as you sell your home.
Look for and Accept a Cash Offer
When a buyer makes an offer to purchase your house with cash, it can be beneficial to you to accept the offer, especially when you are trying to sell your home quickly. This can be the case if you are behind on the payments and you are at risk of losing your equity to foreclosure. Accepting a cash offer to buy your home is a sure deal for you to get paid for your home, even if their offer price to buy your home is a bit less than what you are asking.
With a cash offer to buy your home, you and the buyer do not have to wait for bank financing to be approved and for the transaction to close. A buyer using bank financing to buy your home can come upon many details that will cause the sale to fail, leaving you with having to find a new buyer to sell a house for cash. A cash offer from a buyer can usually close more quickly than one financed by a bank.