Have you ever driven down the street and seen a “for sale by owner” sign and wondered what on earth that means? Or maybe you are getting ready to sell your home and aren’t comfortable dealing with and paying a real estate agent.
Whatever your reason for considering selling your home on your own, here are five essential aspects to keep in mind when selling your home:
1. Setting the Price for Your Home
When selling your home on your own, you want to ensure that the price you list is fair to both the buyer and seller. Pricing your property too high may drive away potential buyers, and setting it too low could be a missed opportunity to earn more in the sale.
A great place to start when deciding how to price your home is by looking at similar recently listed properties in your area. For example, a four-bedroom house in Fairfax will likely be more expensive than a four-bedroom home in Middleburg, so make sure you are looking in the same area you are selling in.
It is essential to consider factors such as square footage, acreage, the number of bedrooms and bathrooms, and the condition of your house. These things can all raise or lower the price that you will set. If your house has any desirable unique amenities, such as a pool, home theater, or guest house, make sure that those are factored into your price, as you can get quite a bit more money for extra features like those.
2. Disclosure and Liability
Lucky for you (when selling), Virginia is a “buyer beware” state. This means you don’t need to disclose most of your home’s issues. It is the buyer’s job to do their due diligence and ensure the property is in the state they would like it to be in. However, they can request that an inspector check the property.
3. Managing Inspections and Upgrades
When selling a home, a buyer often requires an inspector to inspect the property to ensure it is in good condition. Any faults found in the house can spark a renegotiation of the price. Either money equivalent to the cost of the repairs will be taken off the selling price, or you, as the seller, will be asked to make those repairs.
If you do not want to go through the inspection process, are worried that your home will not pass inspection, or do not want to pay for upgrades, repairs, or renovations, you can sell your house in “as-is” condition. You may not get the same money you would otherwise, as many buyers can be cautious around as-is homes, but you can avoid a potentially costly inspection and repairs process.
To avoid this hassle, look for as-is home buyers in Northern Virginia who are ready to quickly purchase your home in its current condition.
4. Legal Obligations
In the state of Virginia, as a “by owner” seller, you are not required to hire an attorney to assist in the legal aspects of home sales. However, many sellers opt to pay an attorney to help complete the complicated details of the selling process.
In Virginia, attorneys often charge upwards of $200-300 an hour to handle those issues. You can choose to handle the legal pieces on your own but double-check you’ve done them correctly. You don’t want to run into any snags during your closing process.
5. Selling to Individuals vs. a Company that Buys Houses Northern Virginia
As the home seller, you have the ultimate decision over who you sell your home to. When selling to an individual buyer, you carry a lot of responsibility. You must list your house at an adequate price, get it ready for sale, be prepared to haggle over any repairs that the inspection may reveal, or fix them, and ensure you’ve followed all legal processes throughout the sale. You may even need to confirm the buyer’s finances are in order. It is on you as the seller to ensure that a buyer is pre-qualified to purchase the home and has adequate funds to make payments.
If you want to relieve the stress around pre-qualification and selling, you can sell to cash house buyers in Northern Virginia and be paid entirely up-front. You may not get the full amount in your asking price, but you will have a fair offer without making any repairs. These home buyers have extensive knowledge and experience in the buying and selling process to make any “for sale by owner” process go smoothly. You won’t doubt the buyers’ ability to pay; the whole process can be seamless and stress-free.
Ultimately, how you choose to sell your home is up to you. But if you’re selling your home “by owner,” selling to an experienced company that buys houses in Northern Virginia is an excellent choice for an expedited sale without the stress or headache.