Selling a house by owner in Texas is totally possible and can help you save a lot of money. Many sellers are lured by this route but are unsure about how to go ahead. They often wonder how to sell a house by owner in Texas.
In this article, we break down the process for you to sell a house by owner in Texas. But first, we list the benefits of adopting the private route to home sales.
Benefits of selling a house by owner
There is a high possibility of big monetary gain if you sell a house by owner in Texas. Here are a few reasons why going down this lane could be beneficial for you:
- You get full control over the process of the sale,
- You know all about the offers coming in,
- You can dictate when the house is shown, and
- You can devote complete attention to the sale of your house, unlike an agent who has multiple houses to sell.
How to sell a house by owner in Texas
Here are the key things to consider when selling a house in Texas by owner
Calculate the market value of your property
Before selling your house, it is ideal to know what it is worth. The simplest way is to contact a realtor who can give you an estimate of how much your home should sell for. The advantage here is that if you are unable to sell your house, you can list it with an agent who knows about your property.
Since you are selling your house by owner it is easier to visit a reliable real-estate site that displays what similar homes in the area are selling for. It is best to use the houses sold most recently in your area. This will help you in setting a competitive price.
Clean and make repairs
Buyers are more drawn to houses that have less clutter and have neutral colors unless they want to remodel them completely.
Jot down the minor repairs that the house may need. This may include leaky faucets, holes in the walls, touch-ups, or anything that is easy to fix but can really make a big difference to the overall appeal of your house.
The fewer things the buyer finds he has to do after buying the house, the better the deal you can get.
Prepare all the documents
Preparing documents beforehand relieves you of the stress when you actually get an offer. There is no point in waiting days for the paperwork when a buyer shows interest in your home.
If a buyer is willing to buy your house for cash and is quoting a price that suits your bill, it is advisable that you move quickly. This is possible if your paperwork is completed well in time.
Collect all the readily available documents related to your property. These could be warranty deeds, paid tax receipts, mortgage papers, receipts of any repairs made, etc.
List your house on the MLS and social media
The multiple listing service (MLS) is a database that is created, paid, and maintained by real estate agents to assist their clients in selling/buying homes. It is important to list on your local MLS to get the correct exposure for your house. But being an FSBO (for sale by owner) seller, you cannot list on your own.
This is where flat fee MLS services come into play. There are several companies like Houzeo, Texas MLS Broker, Congress Realty, etc. that can help you list your home on the MLS for a flat fee. Most of these companies’ listing process is totally online.
You should also leverage the power of social media to promote your house and give relevant details so that potential buyers can connect with you.
However, the thing with promoting your house on social media is that while you get hundreds of interested leads, you will also get a large number of window shoppers.
Show your home
You will need an organized scheduling system to save your leads’ contact information. Also, it is important to be flexible to hold the showings at the convenience of your potential buyers.
Negotiations are not just about the final sale price. You and your buyer will also have to come on the same page regarding contract contingencies, division of closing costs, timeline, and other things.
You might want to dabble with seller concessions to get an upper hand. While this could add a bit to your closing cost, concessions act as a deal maker for buyers and can eventually result in a higher final sale price.
This is the final step of a real estate transaction. Here, the property’s title gets transferred to the buyer and both parties pay their closing costs.
You can use a title company to enable a smoother closing. These companies get the signatures, collect and apportion closing costs, ensure all documents are in place, and file them with the relevant parties.
So, if you feel confident about carrying out all the above steps on your own, you might be ready to sell a house by owner in Texas.