Home sellers usually wonder whether they can sell their home by themselves or they need a real estate agent to help them with the selling process. There are pros and cons when it comes to selling the home using either process. One benefit of selling by yourself is that you get more money since you will not have any commission expenses. The drawback is that you need to ensure you know everything about the selling process.If you are in the house selling dilemma, this article will help you find out if you legally need a realtor for you to sell your home.
DO I NEED A REAL ESTATE AGENT BY LAW?
Most people think that you need a real estate agent to sell your home. However, no law makes it a requirement. Some states make it a requirement to have a real estate agent to handle the paperwork associated with selling the home. If you are confused about the laws that apply in your state, you should consult the state department and see if you need the help of a real estate agent.
SELLING IT BY YOURSELF
Selling the house by yourself means you will be engaging in the ‘For sale by owner’ process. You will get more returns since there are no commission fees to pay. However, you will need to know why real estate agents earn that commission and know everything associated with the sale. Also, you will have to put in more effort, time and energy so you can close the deal.Before you think of putting up the For Sale by Owner sign, you need to look at the market. If it is a buyers’ market, you will have a hard time selling your house as you will be competing with real estate agents who have experience in selling homes. You will have to balance between selling your home, work and your personal life which can be emotionally and physically draining. The best time you should consider selling your home if you are doing it by yourself is when there is a seller’s market.
LEGAL CONSIDERATIONS FOR SELLING YOUR HOME
For you to sell your home, you need to learn the laws governing real estate transfers in your state. The laws will tell you the kind of paperwork you need to file for you to close. Also, you will know how to handle any issues that arise concerning your property. You will also get to learn the disclosure laws that govern your state. The disclosure laws indicate the information you have to give the buyer concerning the house.
LISTING YOUR HOME
If you want to list your home, you can consider doing it online. There are several websites that can help you sell your house. The best thing you can do is get your home listed on the Multiple Listing Service. Qualified and experienced lawyer, Justin Hennessy, points out that you can get your house listed on the MLS by:
• Hiring a real estate agent to do the listing
• Listing your home using websites like Zillow and Homebuyer for free
• Using certain free or low fee services provides by websites devoted to selling homes through owners.
• Using real estate agents
“Even though you may not need a real estate agent, there are instances where you will need the services of a real estate agent,” says Justin. “They can help you do the following tasks when you hire their services:”
• Help you determine the home market
- Determine an appropriate asking price
• List your home on MLS
• Help in some of the complex paperwork procedures.
Once you find a real estate agent who is willing to help you with these small tasks, you can negotiate on a compensation plan that suits you and the real estate agent. You can pay the agent an hourly fee or pay them a small commission for their service once you close the deal.
WHEN YOU NEED A REAL ESTATE AGENT
You need a real estate agent if you find that you are not comfortable selling the house by yourself. The agent will ask for a hefty commission, but in return, they will take care of all the details saving you time and effort. Your house will also not stay in the market for too long since they know where prospective buyers are. However, if you believe you can do all these things, you can consider selling it without their assistance.
GETTING A FREE LEGAL EVALUATION
The sale of every house is unique. If you have any concerns about the process, you can speak to an attorney.