How to Sell Your House Without a REALTOR® in Knoxville, TN
Are you thinking of selling your house without a REALTOR® in Tennessee? While selling without a REALTOR® is doable, it's important to understand the benefits and drawbacks of your other selling options.
Our experienced home buyer breaks down the process of selling a house without a REALTOR® so you can decide what's right for you. Find out how you can sell your property without a REALTOR® here.
3 Options for Selling a House Without a REALTOR®
1. For Sale By Owner
For Sale By Owner (FSBO) listings are properties advertised for sale by the homeowner. This means the entire transaction is finalized with an owner-occupant buyer without the help of a real estate agent. In many cases, FSBO sellers decide to sell without an agent because they want to avoid commission fees.
That said, selling FSBO can be a huge undertaking. You'll need to advertise the listing, make repairs, and host walk-throughs and open houses. FSBO is often harder on the seller because they don't have the experience or connections to market their property.
Pros of Selling a House at Auction
- You can save money on agent commissions. Selling your home yourself means you won't have to pay a listing agent, saving you 2.5-6%. However, you may still have to pay the buyer's agent commission if they're represented.
- You have control of the entire process. FSBO sellers don't have to worry about listing agents' opinions, allowing them to call the shots and make their own decisions. While FSBO isn't always the easiest option for selling a home, you may feel greater satisfaction knowing you were able to sell without a listing agent.
- FSBO homes sometimes sell faster. In a hot market, when demand exceeds supply, your home may sell itself. Also, if you're selling to a friend or family member, FSBO simplifies the process.
Cons of Selling a House at Auction
- Sellers are more likely to under or over-price their property. Many homeowners miss the mark when it comes to competitive listing prices. If the house is priced too low, the owner risks losing money. Whereas, if the property is overpriced, the house may sit on the market and receive lower offers over time.
- Most FSBO sellers do not attract qualified buyers. Most owner-occupants work with a REALTOR® when buying a house. As a result, a FSBO seller typically has to deal with unsophisticated buyers that don't have their financing in place and may never complete the transaction.
- The process can be time-consuming. Selling FSBO is a time-intensive process. If you have other obligations, you may not have the time for a home sale. Make sure you have the time to manage marketing, open houses, and communicating with potential buyers.
- There's a lot of paperwork. The amount of paperwork involved in FSBO can be overwhelming. And if anything isn't documented properly, you could face litigation or put your home sale at risk.
- You won't have a built-in network. REALTORS® often have relationships with other agents who help find buyers and expedite the selling process.
All in all, FSBO is a large time commitment. However, If you have the time (and money!) for repairs and home inspections, it's a decent option for selling a house without a REALTOR®.
2. Sell Your House at Auction
If a slow housing market is making it hard to generate offers, selling your house at auction is another option.
An auction house is a company that facilitates the buying and selling of property, including real estate.
With a house auction, sellers select the bidding arrangements, including whether the auction is open (interested buyers tour the property before the auction) or blind (buyers privately submit an offer without knowing what others bid).
Here are some potential advantages and disadvantages you might face when selling your house at auction.
Pros of Selling a House at Auction
- Sell faster than listing. Auction houses gather prospective buyers, online or in person, to make offers on homes. The auctioning process is often done in an hour, making it more efficient than listing with an agent or FSBO. However, while the sale is quicker, the closing process can be the same or longer than a traditional real estate listing.
- Instant offer. It can be difficult to set a price for your property. In many cases, you're not sure what buyers could be willing to pay. With a home auction, any interested bids will tell you how buyers value your property.
- There's no need to make repairs. At auction, interested buyers understand sellers are selling property "as-is" and are provided with information upfront. Once the auction is over, you also don't have to worry about the buyer backing out.
Cons of Selling a House at Auction
- Extra costs. When you sell at auction, you have to pay the cost associated with working with a veteran auction company. While these rates may vary, consider them an investment.
- The property might not sell. Although auctions put the seller in control, there's no guarantee your property will sell. No one may attend the auction or put a bid in on your house.
- You could be stuck with an unfavorable offer. The most successful real estate auctions are usually those where sellers agree to accept the highest offer. In an absolute auction the highest bidder wins - regardless of the amount. Plus, all sales are final.
- You might not close right away. While selling at auction may help you sell faster than listing, real estate auctions still take 45 to 60 days from start to finish. In this time, the auction house will publicize the auction, hold the auction, and then close the transaction.
Real estate auctions are great if you're looking for a quick sale. That said, you might not get the amount of money you're expecting. And in some cases, you could be stuck with a low-ball offer.
3. Sell Your House for Cash to a Local Home Buyer
If you're looking to sell your house fast, consider selling to a local home buyer. Cash buyers are individuals or businesses that purchase your home outright, without any prepping, upgrading, or repairing required!
Homebuyers offer sellers a convenient way to sell, especially if you're against the clock and selling to prevent foreclosure.
Pros of Selling to a Cash for Home Buyer
- No open houses or showings. There's no need for open houses, showings, or price negotiations when you sell to a home buyer. The cash offer you receive is the amount of money you'll get. And you won't pay a cent to close!
- Sell your house as-is. Selling to a home buyer means you won't have to do anything to your house before selling. With Reliant Home Buyers of TN, you can even leave everything inside of your house and we'll take care of it for you. Your cash offer is based on the location and condition of the property.
- Avoid inspection fees and closing costs. There are no home inspections with a home buyer - you can even name your closing date! You won't have to wait months to close on your house and you can avoid double-moves and double-mortgages.
Cons of Selling to a Cash for Home Buyer
The sale price may be lower than you want. Selling to a professional home buyer means you might make less than your house's market value. However, in some cases this ends up evening out. For example, if you're looking to sell a home that needs a lot of repairs, you'd be forced to list the house below market value anyways. Selling to a home buyer ensures you get a fair cash offer for your home without the hassle of listing it with a REALTOR®.
We Buy Houses As-Is in the Greater Knoxville Area
Whether you're selling an inherited property or a house that needs extensive repairs, consider selling to Reliant Home Buyers of TN! With us, you won't have to deal with selling a house yourself or making less than you expected at auction.
Our Greater Knoxville homebuyers have helped hundreds of homeowners solve their real estate issues, including:
- Selling a house in probate
- Selling property with code violations
- Selling homes with unpermitted work
- Selling a home with foundation issues
- Selling houses with water damage
With over two decades of experience, we've streamlined our home buying process into three easy steps:
- Contact us. Call 865-567-6391 or fill out the form to contact our homebuyers. We'll get in touch to ask about your house and go over potential solutions with you.
- Receive your WIN-WIN proposal. If you'd like to sell, we'll conduct a 15-30 minute walk-through of your home. During this time, we'll provide you with a list of any necessary house updates and their estimated costs. If we're interested in buying, we'll also make you a fair cash offer for your property.
- Sell your house for cash. Our one-page contract contains closing and move-out dates and a cash selling price. While there's never any obligation to sign, if you do, we'll take your paperwork to a title company for processing. This is also where we'll drop off your check on the closing date!
Need to Sell Your House Fast in the Greater Knoxville Area?
If you're interested in selling your house without a REALTOR® in the Greater Knoxville area, request a FREE, no-hassle offer from Reliant Home Buyers of TN today!
We buy houses throughout East Tennessee, including:
- Oak Ridge
Call 865-567-6391 for more information today!