This is a guest post from Niki at Debt Free By Thirty. She blogs about living a frugal lifestyle and pursuing her goal to be debt free by the time she turns thirty.
We bought our very first home a couple years ago. While we love our home dearly, but the process of buying it was anything but painless. It didn’t help that we were in Washington and our soon-to-be home was in Pennsylvania, but even if we had lived in the same town I think we would have hit road bumps. Now, I think we could sell our house ourselves and here’s why…
Our realtor had no idea what she was doing
I know that this is not the norm and lots of realtors are fantastic and more than capable at their jobs. Most even care about their clients. We just happened to get the one realtor that had no idea about anything and could care less. It didn’t help that we were also ignorant about the ins and outs of buying a home.
The realtor had no idea how to process VA loans, but she also made no effort to learn more about it when she found out we would be using one. Many questions were answered with “I don’t know”, but there was little done to find useful information.
I could actually go on and on about how little our realtor cared or knew. It was completely obvious by the end that she did not have our best interest at heart.
We have to get a lawyer anyway
Where we live, a lawyer (or title company, there just happens to be no local title companies) closes or finalizes the home buying process. I would rather pay more to a lawyer to get advice on what we need to do to sell the home ourselves. Lawyers can be expensive, but they are not nearly as expensive as 6% of your home sale price.
We live in a small town
When we put our house up for sale, it will be known.
Since we have lived in our house (two years) we have met three different families that have lived in or house and all of them lived here for 15 years or longer. It’s now the joke that everyone in our town has lived in our house at one time or another. One advantage of small town living, everyone knows your business or has lived in your house.
Let’s not forget what is available for advertising these days. Newspaper, Craigslist and even getting your own MLS number so you can advertise on places like Realtor.com. That is how I found this house to begin with.
Yes, there will be out of pocket fees that you are not accustomed to when selling your home. But just because it all gets wrapped up in the closing doesn’t mean you didn’t pay for it. There will be lawyer, advertising and even realtor’s fees, if the buyer has a realtor, but it will be much more cost effective to do it yourself.
This may not work for everyone. This would be a colossal undertaking and it might not be worth the time and effort for you, but I think it is something I would love to try and see if we could do it. Being DIY dorks, this would be the ultimate DIY for us.
What is your opinion? Do you often try to sell your house yourself? Or do you feel that the extra cost is worth it?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.