i am not going to try to convince you to
use a realtor
in this video i've seen so many videos
about how to sell a home
on your own where people just kind of
passive aggressively try to convince you
to use a realtor
you're searching for this so what i'm
going to do is i'm going to help you
understand how you can sell your house
get more money when you sell them by not
having to pay realtor commissions
we're going to walk through a seven step
process that's going to help you
save energy and stress going through the
process because it can feel
overwhelming going through all the steps
to sell so we're gonna walk through a
seven step process
it's gonna help you avoid stress and get
more cash
when you close on the sale of your home
all right so my name is kyle
i'm with winthouseyoulove.com let's go
ahead and jump into
this timestamps are going to be uh along
the scroll
thing so you can scroll through the
video to get to what you want
so normally commissions cost
about six percent so normally you have
three percent
goes to the buyer's agent and three
percent
goes to the seller's agent so that's
what's common for most
real estate deals okay um so
for instance a hundred thousand dollar
house that's six thousand dollars
on a two hundred thousand dollar house
that's twelve thousand dollars
so if you don't have to pay those
commissions that's money that you now
get to
keep um as extra profit when you sell
your home
so this is why a lot of people wanna
sell their home as a for sale by owner
and not use a real estate agent because
they want to
net more money so you can have really
high
savings if you sell on your own but what
you have to be prepared for
is there is some work involved that's
why realtors have jobs so what you need
to prep for is
understand that you're going to do the
marketing you're going to be showing the
property
you're going to be staging negotiating
and
closing so as long as you're comfortable
with doing that
then for sale by owner might be a great
option for you
moving forward now we're not going to do
six we're going to do seven steps
here to sell your home as a for sale by
owner
okay first thing you need to do is you
need to find the value of your home
and create a net sheet so this is the
hardest thing to do is figuring out how
much
does your house or how much is it
actually worth okay you know what you
paid for
but there's a couple ways that you can
find what it's worth
so online sites they really can only
take a guess
at uh how much your home is worth for
instance something like
zillow they have their uh zestimate
um it's not super great all right it
can't tell what kind of
a you know additions you did or what
improvements you did to make the
property value
increase it's only running off of data
so it's not
the best thing in the world what's going
to be
a really great option for you is to look
at comparables
so look at homes similar to yours that
have sold around the area
and see what they've they've listed for
so you can do this on a lot of home
search sites you can do this
on realtor.com or zillow.com you can
find the homes selling around your home
in close proximity and find how much
they're worth and if your home is close
to that then there's a good chance that
your home is worth
what the other homes are selling for
that's what the market is paying
for a home comparable to yours another
option
to get a really solid idea is to
consider
hiring an appraiser to do an independent
appraisal of your home
now this normally is probably around
three to five hundred dollars
to have an appraiser do this but this is
going to give you an incredibly solid
idea
of how much your home is worth and
you're not gonna have to play the
guessing game
so what i personally would do is look to
find comps
then list your home at one price and if
you need to you can always
decrease it down the line you don't have
to list it at one price and then
you know it never changes if you don't
get any buyers at one price for a
certain period of time
you can lower it and that's perfectly
fine then what you need to do is figure
out your net sheet
and what that means is you need to
figure out how much you're going to get
a check for
when you're at the closing table so for
instance if your home is worth
uh two hundred thousand dollars and
let's say you currently have a mortgage
on it
for a hundred and fifty thousand dollars
okay so we're going to subtract that so
we have fifty thousand dollars left over
and then what we need to do is we need
to take out any costs
so there are costs to sell even if
you're doing it for sale by owner
so things that you're going to run into
is maybe you have to pay some title
costs this
might be a couple hundred dollars maybe
you're paying seller
seller credits to the buyer okay that's
something you could do to help out with
their closing costs but
you're going to take any of your costs
here
and subtract them from your equity in
the home and that's going to give you
your total net amount that you're
estimating
that you're going to get a check for at
the closing table you really want to
have a solid idea of what this number is
so you don't think that you're getting
this big number up here
when in reality you're getting this net
number down here and you didn't
anticipate the costs
going with it okay so after step one is
done we found the value of the home
and how much we think we're going to get
for it or how much we're going to get a
check for at the closing table
after that we need to go ahead and prep
our home for sale so
normally you can't just list your home
in the condition it's in right now
it probably needs a little bit of work
right you put some love into it you put
some wear and tear into the home
so maybe you need to freshen up some
paint maybe you need to to do
little things put in new fixtures you
need to fix
any leaky plumbing do the little things
that buyers are going to want
when they're purchasing your home and
when they're doing an inspection
clean up make sure things are tidy
prepare the home
to sell make it look nice and pretty
because that's what people want
right you're trying to market your home
and make it attractive to buyers so you
have to understand
they want a home that they don't have to
do a lot of work and
little things add up in a buyer's mind
so even things like scuffed paint make
the buyer feel like
the rest of the home is maybe in not
such great condition
but things like really clean paint
everything that's really tidy a home
that smells nice
is going to help them have a higher
perceived value of your house
okay so after that we need to list our
home
and this is where it can be a little
tricky because
where most homes are listed is in an mls
it's a multiple listing service
and what this is it's a kind of an
aggregate of all of the homes for sale
in an area but realtors are the only
ones who have access to an mls
so you as a for sale by owner can't get
access to this mls
that means you have to individually put
your home for sale
on independent sites like zillow or
realtor.com or
i don't even think you can do
realtor.com you might be able to do
trulia or
homes.com so you have to independently
do this
or you have to do word of mouth uh to
get
let's check mark or to get um
you know the word out about your home
being for sale
so you kind of have a smaller pool a
smaller audience
of people who are looking at your home
so what you really want to do is get
that home
on an mls and one way that you can do
that is through what's called a flat fee
mls listing basically what this is is
there are there are realtors in your
market
who are offering the ability to put your
home on the mls they're going to use
their
their license to put your home on the
mls but they are going to charge a fee
normally it's anywhere between 300 to a
thousand dollars
they have different packages normally
where they're going to add in different
services and
whatever else bells and whistles there
that you can choose or not choose
but basically what you're doing is
you're paying a
a realtor to use their license to list
your home on the mls
so it gets in front of a lot more people
the benefit of this as well
is it syndicates your home to all the
other sites
so instead of you having to put your
home on zillow and another website
another website another website
individually
you put it on the mls and it immediately
goes out to all of the other
sites for free you're going to get a
bigger pool
if you go with something like a flat fee
mls listing and again this is something
that's going to add into your cost
here but it's not going to be a
percentage right paying 300
is not as bad as paying 6 000 or 12 000
okay after that you're gonna have to
prep for showings
uh and schedule showings right because
there's not going to be a realtor who's
going to help you out with this
so make sure that your schedule is
flexible or you have
times available that you're going to do
open houses or showings
that way when somebody wants to see your
home it's actually available
right you don't want to list your home
for sale but then never be available for
showings because
if a buyer can't get access to your
house in a timely manner they're
probably going to skip it and go to
something else
right especially in a really competitive
market they might have to move on to
something
else so be prepared to have those
showings and those times available for
yourself
next is the negotiation process so let's
say you have a buyer
uh they put in an offer on your home all
right so
you need to negotiate they're going to
give you a contract and you need to read
that
and understand do you want those terms
and the hard part here is
it can be a little daunting to go
through a contract and this is where you
really need to
to dig into some research look up online
terms uh you know what you're doing
right now you're watching a video on how
to sell your home
keep doing things like that to
understand the contract and what it's
saying
because normally a realtor is the one
who's going to help you through that
process
but you can do it on your own no problem
what you're going to have to do is take
these numbers and plug them back into
your net sheet because a buyer might
come to you and say hey i want to offer
this price
we want to close on this date we want
this much in credit we want the taxes to
be handled this way we want
this kind of warranty they're going to
do things that are going to impact your
bottom line
so you need to make sure when you're
looking at these offers you understand
what they're doing to your net sheet
that's why you want to have that net
sheet up front
maybe some somewhere in like a google
sheet or an excel document
that way you can kind of plug in numbers
and auto-calculate what these buyers are
offering you
and you can see how it impacts your
bottom line all right
then kind of the other tricky part is
you need a purchase contract
so either a buyer is going to give you a
purchase contract
if they're using a realtor or maybe the
buyer doesn't have a realtor and one of
you needs to provide a purchase contract
there needs to be some contract that's
binding
you as the seller and the buyer together
to perform on
the the transition of this house so
you can find purchase contracts online
you also might be able to find
a purchase contract with your local
board of realtors
sometimes they give them out sometimes
they don't really just depends
but that's an option that you have
just make sure that that contract is
covering all of the details that you
want to
have in the transition of that sale
okay so let's say that you went ahead
and you accepted
an offer now what you need to do is you
need to stay in contact
with the title company and the buyers
the buyer or the buyer's agent if they
have one so
the buyer is going to choose the title
company
that they're working with and they're
also probably going to choose their
lender if they're using
financing as well they're going to be
going through the financing process and
it's probably going to take 30 days
if they're using a loan like
conventional fha usda
va what you want to do is just
periodically touch in with the title
company say hey
do you need any documents from me touch
in with the buyer
or the buyer's agent hey is there
anything that you need from me
stay in the loop with them that way you
can understand what's going on in the
process
and if there's anything that needs to be
done for the most part
you're kind of going to be sitting back
and the buyer is going to be running the
scheduling
of inspections of the appraisal if
that's happening
and you need to just be responsive and
be ready to handle anything that comes
from the buyer moving forward so
something that can be tricky to handle
as for sale by owner is
your buyer may or may not have a realtor
that they're working with
okay and sometimes for sale by owners
will
either say i'm not paying any realtor
commission or sometimes they'll say hey
the realtor brought a buyer to me i'll
pay them
a three percent commission so maybe i'll
pay the buyer's realtor but i don't want
to realtor my own
so instead of paying six percent they're
paying three percent um sometimes you
can do that
i know some some people who will do for
sale by owners and they'll say
hey you know the buyer has a buyer's
agent i'm not gonna pay them three
percent but maybe i'll pay them
a thousand dollar flat fee that's an
option you have
options as you know doing for sale by
owner
it's really up to you but just be
considerate through the process
and you know if an agent brings you a
buyer then it might be worth paying that
agent to do some of that work to help
you through that
that process a little bit and then
finally what you need to do is
coordinate your funds and the way that
you're going to do this
is with the title company so the title
company is going to help you navigate
getting this net number here and what
you're going to do with it
either you're going to get that as a
check and you're just going to put it in
your bank account
or maybe you're having that wired over
to another purchase
that you're doing maybe moving those
funds over as a down payment
it's a lot of things that you can do
with the these funds
that you're going to get from the sale
of your home and the title company is
going to be the one
arranging that they're going to be the
ones who are arranging the payoff of
your mortgage
who are handling any taxes or handling
all of those logistics for you so that's
why you need to stay in touch
with the title company so obviously this
is not the most
detailed thing we could spend probably
hours talking about step by step by step
by step
but this should give you a good overview
kind of a good
launching platform to go do some more
research
on how to sell a home well all right so
i hope this helps you out
if you want to learn more about selling
i have a custom playlist over here
it's going to help you learn some more
ins and outs of selling but thank you so
much for watching