I Want to Sell My House Without a Realtor

If you're thinking, "I want to sell my house without a realtor," you'll have to do a lot of work. This includes preparing the home for sale, taking photos, creating a listing on a real estate website, advertising and hosting open houses. In addition, you'll need to compare homes in your area and determine a sale price. Finally, you'll need to manage offers and negotiate with potential buyers. All of this is a lot to handle, especially for someone who doesn't have the time or expertise to do it on their own.

The good news is that it is legal and possible to sell a house in New York without a real estate agent. In fact, about 7 percent of sellers sold their property without a professional last year. But you should still hire a licensed real estate attorney to help draft the closing documents and minimize legal risks.

It's important to study properties in your area that have recently sold, especially those that have been listed for a long period of time. Look at the descriptions, photography, and language used in those listings to understand how to best market your own home. This research can also help you understand what buyers are looking for in a home, so you can better address their concerns during negotiations.

Another advantage to working without a realtor is that it can save you money in commission fees. A listing agent typically takes 3 percent of the selling price, and a buyer's agent can charge up to 6 percent. Depending on the value of your property, eliminating these fees can make a big difference in your final sales amount.

However, there are disadvantages to working without a realtor, and they can be significant. For starters, it can be difficult to get your property listed on the Multiple Listing Service (MLS) and seen by a large audience of potential buyers. You'll also need to have a strong understanding of real estate law and be able to respond quickly to inquiries from buyers. Finally, you'll likely need to invest a lot of money in preparing the home for sale, promoting it, and managing offers.

Once you've received an offer, you'll need to evaluate it against your home's fair market value and consider any financing options offered by the buyer. Cash buyers, for example, can close quickly and are more likely to be able to avoid costly inspections or appraisal delays.

Finally, if you decide to accept an offer, you'll need to work with the buyer's agent on contracts like the purchase agreement and transfer of ownership documents. While you can hire a lawyer to do this for you, it's often less expensive and simpler to have the buyer's agent do the work. As with any endeavor, there are pros and cons to working without a realtor, and the decision is ultimately up to you. By being aware of the potential drawbacks, you can decide if selling your house on your own is right for you.