Know Your Options
- Listing your home with an agent 89% of home sellers use a real estate agent to list their home. Keep in mind that an experienced, knowledgeable Realtor® will help you navigate a process involving hundred of documents and back-and-forth communications with prospective buyers. Expect to spend 4-6% of your equity toward your real estate agent’s commission.
- FSBO If you intend to sell your home without an agent, you’ll need to get educated on all of the closing documents and arrange for an attorney and title company to complete the transaction. You may save 2-6% towards commission, however don’t expect your home to sell quickly. You should anticipate additional challenges tracking the intricacies of the transaction.
- Short sale Selling short requires an agreement with your lender to sell your home for less than you owe on it. You must be eligible by being financially underwater on your home. Your lender does not have to agree to a short sale.
- iBuyer option You can skip the arduous process of prepping and listing your home by seeking a sight unseen offer on your home via an iBuyer. However, there are no guarantees that you will net more than listing on the open market. This new model isn’t available in all markets. Be sure to consult with an expert before considering this option!
- Auction sale Any homeowner can sell their house at an auction, and doing so may be a smart choice if you want to sell fast. However, you will typically set the minimum bid at 10-15% below the current market value. Competing bids may increase the price or you may be forced accepting the minimum bid. The NAR advises that sellers self-test their circumstances with the Two-Thirds Rule before choosing this option.