If you are wondering how to sell a house by owner in Michigan, it is quite a simple process and you can sell it yourself if you know what to do or by taking the help of cheap realtors. Being a Michigan homeowner if you want to sell your property, you fall in a unique position.
You have lived in your Michigan home for some time and have knowledge of your property’s unique details and perks, which a real estate agent can easily miss. Even when a realtor has all the right tools and experience, she lacks the connection you have with your house.
People remember personal details. When you sell a house by owner in Michigan, you can take advantage of the unique perspective you have of your home and use the personal touch as much as possible, something cheap realtors can’t provide. This will help you connect better with potential buyers and stay separate from the competition.
As per our research and knowledge, it is fixed that a realtor is not useful for every home seller. There are many benefits of selling your house by owner in Michigan like it can offer you great flexibility.
How to sell your house by owner in Michigan?
Below are the steps if you are wondering how to sell your house by owner in Michigan:
- Price it right
If you can get into a position wherein multiple home buyers want your house, you can sell it for the highest amount possible. This is ideally what you want to achieve and to make that possible, the first step is to price your home right. Buyers will be interested in your property and possibly start a bidding war for it if they think the property is priced low or unique.
Pricing your property right also generates traffic and interest enabling you to sell it faster. And believe me, a quick sale will be both financially and emotionally beneficial to you.
To price your home right, you can start by using tools like Zillow and Realtor.com to look up comparable sales in your area. You can also enquire about other houses recently sold in your area.
You can analyze Michigan’s data on the real estate market to view the correct listing price. You can also look into public records in your municipality or ask for advice from local realtors who work with properties similar to yours.
- Give your house a new life
Your house might need a lot of cleaning up. While having a great structure is certainly important, a house designed 10 to 20 years back simply won’t sell for anything close to an updated property.
Deep-clean your house, scrub the appliances and kitchen counters, clean the linoleum, shampoo the carpets, and don’t forget to stash your momentos in a closet. The end goal must be a home that is squeaky clean and devoid of any personal items. When you start hosting open houses, people will be visiting your house on a daily basis so it’s important that you keep your house presentable.
- Prep your home for sale
Preparing your home is a huge step to selling a house by owner in Michigan, often played down by home sellers. If you look at any houses for sale you’ll notice that they are in ‘retail condition’, which means ready for sale. Things like newer baths, flooring, kitchens, open concept layouts, fresh paint, etc. can attract top dollar on the market to your home.
Many houses don’t sell due to a lack of prep. Have an unbiased, realistic view of your property and get it ready so that you can sell it smoothly.
- Get it flat fee listed on the MLS
After you have priced it right and prepared it for the sale, it’s time to attract buyers. MLS is a comprehensive list of all the real estate on sale in the country. Only realtors, and in certain areas, prospective buyers can access the MLS. But you also have services that let you list your property on the MLS for some hundred dollars.
Getting your house listed on MLS is the best way to kickstart your home sale process. Upon getting listed, your house listing is sent out to many potential buyers looking for a property in your area. A reputed flat fee MLS like Houzeo can help you in selling your home.
- Market it well
There are many other ways in which you can market your property apart from listing it on the MLS. Some easy, low-cost ways to advertise your property are putting up ‘For Sale By Owner signs, posting your listing on social media, etc. You can also put your property listing on websites like FSBO.com to get increased exposure. However, if you list your house with a good flat fee service like Houzeo, your listing is automatically syndicated with top real estate websites like Zillow, Realtor.com, etc. giving your property better exposure.
The costs involved in advertising your home sale like printing brochures and making yard signs will be a fraction of what you would have paid to an agent as commissions. But you have to put some amount of time and energy into selling your home for a good price.
- Be a good host
After you have got the attention of buyers, it is time to be a good host. Hold an open house to welcome some foot traffic in your house. The more people you are able to attract, the better the chances of your property getting sold for a good price. It also works in your favor when potential buyers see other buyers showing interest in your property. Due to this sense of urgency, you can get competitive offers. Place flowers and put out refreshments throughout the house to make a good impression.
One other thing you can do is buy a lock box from a local hardware store and leave a key inside it. This will save much of your time when the buyer’s agent wants to do showings. In case someone inquires about your property without an agent, you must walk them through your property yourself. While you do that, highlight the prime aspects of your house.
- Sign the contract
Real estate negotiations are what end up becoming contracts submitted to home sellers. As a seller, you can accept the offer, revise it, and send it to the buyer. The process can go on until both the buyer and the seller sign a contract.
Most states in the US have a standard contract for real estate-related purchases. In case you are unfamiliar with the contract, you must get it reviewed by an attorney or hire a real estate agent who can help you with it. Paperwork can be overwhelming for you if you aren’t familiar with the process or uncomfortable with the legalities. The best way out is to consult an attorney or take help from other reliable sources.
- Follow local laws
It is important that you comply with all the Michigan laws pertaining to selling homes when selling a house by owner in Michigan. While some real estate laws are common and apply to the sale of your home in all the localities in the US, you must also comply with state-specific laws.
For example, according to the Fair Housing Act, you cannot discriminate against buyers for reasons like religion, race, and sex. You can get started on the selling process with the agreements and contracts found online, but you must also note that the forms won’t be specific to your particular situation. The best way to ensure that you comply with all the local laws is to have a real estate attorney review all the contracts and documents related to your home sale.
- Close the sale
Closing is the final step in the process of selling a house by owner in Michigan. Closing is when the transfer of property funds and title take place between you and the buyer. While the closing usually takes place at the title company, it can also be held at the lender or the attorney's office and would typically take an hour.
Before closing, you must provide the home buyer with a walk through inspection of your home to verify the fact that you have complied with all the terms in the purchase agreement. Also in pre-closing, the title company makes a closing statement that details the net amount received by the seller and the amount owed by the buyer.
For every real estate transaction involving the transfer of property, a closing statement is required. The title company receives and distributes funds at closing, confirms that the buyer gets appropriate documents, ensures that all conditions have been satisfied, and does accounting for the transfer process.
In conclusion
So, hopefully, now you have an idea of how to sell a house by owner in Michigan. Also, as you know most of what awaits you in the home selling process, you can step up and take the plunge to sell your house without any traditional or cheap realtor.
It is easy to sell a house by owner in Michigan. With the average real estate agent commission in the state of around USD 15,000, you can save thousands of dollars by selling your home by owner in Michigan with a good flat fee MLS platform like Houzeo.
