Did you know that you don’t always need an agent to sell your house? As hard as you may think it is, it’s not impossible. Just like how easy it is for people these days to remodel and renovate their homes without hiring contractors, it is possible to put your house for sale in Passaic NJ without an agent.
The Money Factor
This is perhaps the biggest reason why you’ll want to think of selling your house without an agent. Agents don’t come cheap. With a 6% commission on the final sale price, agents can make thousands of dollars from the homes for sale NJ.
When you factor in all of the costs, such as upkeep, repairs, and maintenance, you’ll end up pocketing far less than the final sale price. This is a huge problem if you still have a high mortgage balance to worry about. Additionally, just because you’re not going to hire an agent doesn’t mean that the buyer is not going to hire one as well. Don’t forget that.
It’s not unusual for a buyer’s agent to negotiate for a bigger commission since he or she will be doing more of the work because you choose not to hire an agent. In the end, you might still pay 6% commission, but only for the buyer’s agent instead.
A Point of Negotiation
Although you can’t force buyers not to hire an agent, as a seller, they might be more interested to buy your property because of the possibility of transacting without outside representation. The amount of savings in the transaction is a huge negotiating power that you can leverage while your property is on the market.
This is especially true if you know what you’re doing. Sellers who have sold properties before know the sales process in and out and have no problems walking buyers who choose not to hire an agent through it. If you’re comfortable enough to deal with the buyer directly or the buyer’s agent, you can save a lot of money from the commission, especially since you can prevent the buyer’s agent from negotiating a higher commission fee.
There are also cases where the transaction might be very straightforward. Newly constructed houses, in particular, are easy to sell. Or, perhaps, you’re willing to sell your property as it is without making any repairs. In such cases, it’s very easy to work with buyers because all they need to do is make an offer. You can just set your price and prepare all the necessary paperwork yourself without the need to hire an agent.
A Personal Affair
If it’s a transaction between two parties that know each other, such as family members, close friends, or known business associates, then both parties can skip hiring an agent. Usually, in such cases, both parties already know what to expect from the sale, so an agent is only an unnecessary expense.
Just remember to follow all the legal sale requirements. An underrated reason to hire an agent is to make sure that the transaction follows New Jersey codes for disclosures and timeline. But, if both parties are representing themselves, then extra care is necessary. As a seller, you want to make sure that you’re following all the legalities involved with your house for sale in Passaic NJ. Otherwise, you might just find yourself facing legal troubles for a property you’ve long sold down the line.
Follow the rules and ask for legal counsel if necessary. You can never be too careful when it comes to selling houses.
If you can do all of that, then you can sell your New Jersey house without an agent.