Here are a few things to think about before selling off-market.
Should you sell your home off-market?
Right now, a lot of people are thinking about selling their homes. If you’re in the same situation and tell your friends and family about your plans, you’ll inevitably hear of someone looking to buy a home. They might even sound like the right buyer for your home, in which case it’s inevitable to wonder whether you’re better off selling directly to them instead of hiring an agent, paying their commission, and listing on the MLS. There are a few things to consider before going this route.
First, you may very well save a lot of money on agent fees if you sell off-market. Aside from making any major repairs, this is the biggest expense you’ll incur when selling a home. However, if you don’t list your home on the MLS and negotiate with just one buyer, you might not get the highest sale price. That said, what sounds better: Negotiating with every buyer on the MLS or just one? The answer is obvious.
With that in mind, if you do find an off-market buyer, I have an alternative option I’d like to recommend: Hire an agent at a reduced commission to help you negotiate and process the transaction. Under California law you’re required to make certain disclosures about your home’s systems, any alterations that have recently been made, and about a million other things. If you don’t have an agent by your side, you might not know how to disclose these things. If you don’t disclose them correctly, the buyer can sue you down the road. Aside from that, an agent can help tremendously in terms of scheduling and making sure everything closes on time.
If you have any questions about our real estate market or need help selling your home, feel free to reach out to me. I look forward to hearing from you soon.