You can decide to sell your house on your own and forgo the services of a realtor. You can save yourself the cost of the commission if you do this. And there are several ways a for-sale-by-owner can be handled.

Through the Bank

The seller can choose to go the route a realtor would with a buyer. Normally a pre-approved buyer will go through a financial institution in order to complete the sale. There will be a down payment as usual and then the loan to pay for the rest of the house.

Owner Financing

A seller can also choose to finance the whole deal. The buyer would still provide a down payment but instead of a loan that covers the cost of the home the monthly payments would go directly to the owner. The original owner would hold the title until the home was completely paid off.

Handling Things on Your Own

The disadvantage to selling your home on your own is that you will have to handle all the details yourself. You will need to get the house inspected and taken care of any last minute details before the sale. You will also need to decide upon a fair market value for your home.

Getting the word out can take some time and energy, too. You will want to list your home in the newspaper and any other available outlets. You may want to hold an open house. Make up flyers and pass them out door to door. Post them in stores and around area neighborhoods.

Legal Aspects

You will want to have a lawyer on hand to help with the final closing of the house. Have your lawyer look over and review all the documents before settling the deal. Consider having your lawyer or a third party handle the money.

Read the fine print on everything. Do not sign or agree to anything unless you completely understand what you are signing and are in agreement with all terms.

Be Wise

Know what is required to close and sell your home. Knowing what you are talking about will give you an advantage when selling your home.

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