Today I’m answering your question, “How hard is it to sell your own house?” and the topics I’ll be covering are:
- Can I Sell My House Without a Realtor?
- FSBO Real Estate
- For Sale By Owner Real Estate Investing (FSBO)
- A Little-Known Way to Buy and Sell Property
- Home Selling Strategies That Work
- The Buy Low, Sell Low FSBO Process
- How to Sell a House Fast by Owner Financing
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Can I Sell My House Without a Realtor?
Can I sell my house without a realtor? How hard is it to sell your own house? I address these questions all the time, so let’s talk about it.
I’m Ted Thomas, and I’ve been involved in tax defaulted properties for well over 30 years. Today I’m going to answer the question, “How hard is it to sell your own house?” starting out this way.
It’s not difficult to sell FSBO real estate if you have some experience and understand that you’ve got a good location and good pricing. Now, that made it sound simple, right?
FSBO Real Estate
Experience, location, and pricing are a big deal. Thousands of property owners want to sell using a For Sale by Owner process so they can save that real estate commission.
What do they call these people? For sale by owners. They have their own title, FSBOs, and this form of selling is happening all the time. However, not that many of them are successful at doing so.
I’ve been involved as an investor, buyer, and seller for the past 30 years, and I’ve helped thousands of people buy and sell properties. How do we do that? We make sure we use a lot of media and that we sell the properties at absolute right prices. I’ll teach you how to do that because we do that with our clients all the time.
For Sale By Owner Real Estate Investing (FSBO)
I’m involved in a subset of the real estate business which is called tax defaulted property and tax lien certificates. Tax defaulted real estate has been around for over 200 years. These are properties that the county treasurer has confiscated. They’re seized and sold at auction because the people didn’t pay property taxes.
Many real estate people are a little on the nervous side when it comes to tax defaulted property, so we’ve had to teach our clients how to sell the properties as For Sale by Owner.
We still use the Multiple Listing Service (MLS), and I still recommend that people hire an agent, broker, or realtor as part of the selling mix. However, we use an awful lot of media, which I’m about to explain in a minute.
The type of real estate that we’re talking about is not traditional real estate. What is traditional? Of course, it’s homes, small apartment buildings, small farms, small office buildings, even residential buildable lots. That’s traditional.
Well, we buy and sell the same kind of real estate. The difference is that it’s tax defaulted.
A Little-Known Way to Buy and Sell Property
Tax defaulted properties are sold at auction with the starting bids at really close to the back taxes. We buy them for pennies on the dollar of the tax assessed value, then we resell them at a small profit.
We try to buy them at 10 cents on the dollar with the goal of selling them at less than the tax assessed value. So, we want to make money on that margin. That’s where we make our profit, and we resell quickly by pricing it below the tax assessed value.
In a nutshell, we want to buy for 10 and 20 cents on the dollar then resell for 50 or 60 cents on the dollar. I’m sure you’d want to do many of those if you could find them. Well, they’re happening at over 3,000 counties and over 5,000 auctions nationwide every year.
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Home Selling Strategies That Work
How hard is it to sell your own house? We sell properties all the time. What are our strategies?
- Buy low, sell low.
- Use a lot of media to let people know that it’s for sale.
The broker community lets us use the MLS, but most brokers and agents aren’t versed in tax defaulted property. There’s nothing wrong with the properties, it’s just that this community doesn’t educate themselves on how to sell them. So our students have to sell their own properties.
Properties will sell with the three things that are most important.
- Location
- Pricing
- Financing
We’re going to use media to sell. What’s the media going to be? Craigslist, eBay, Facebook Marketplace, the MLS, Zillow and Trulia all at the same time.
Signs in front of the property are a great idea. Signs in the neighborhood are even better.
You can still use newspapers and real estate clubs because there are a lot of bargain hunters there, and you want to aggressively market the property.
The Buy Low, Sell Low FSBO Process
Conventional thinking is always telling you, “If I’m going to make big money in real estate, I’m going to need a lot of money.” Let me prove to you in the next few minutes that you don’t need a bundle of cash to make money with tax defaulted properties.
A married couple from Wisconsin bought tax defaulted property in Michigan and solved their income problem. They’re senior citizens, and because we’re in inflationary times now, they were concerned about having enough money.
We taught them how to sell their first property. As soon as they graduated from the classes we gave them, they went right to work finding tax defaulted auctions and simultaneously started the selling process upon purchasing the property.
The property they purchased had a tax assessed value of $55,000. However, they bought it at auction for $8,000.
On tax defaulted real estate, the deed of trust or mortgage has already been canceled from the property as part of the auction. So, they owned a $55,000 property mortgage-free for only $8,000.
We teach people not to fix the property up, so they didn’t, but they cleaned it up and did a little touch up that cost them about $4,000. Now they were all in for a total of $12,000.
The couple advertised the property for sale on all the media that I’ve already mentioned, and the next thing they knew, they had an offer for $35,000.
How to Sell a House Fast by Owner Financing
To recap, the tax assessed value was $55,000. They had a purchase offer for $35,000, and they had only spent $12,000. They made a $23,000 profit. Not bad at all.
Would this work for you if you could buy a property for $12,000 and sell it for $35,000? Of course, it would.
Did they just sell it outright? No, the people who were buying it wanted an installment sale. There are a lot of ways to do installment sales, and my students had already learned to use a contract of sale.
How hard is it to sell your own house with an installment sale? Most sellers don’t realize that there’s a lot of paperwork to do for the sale. You’d better get a title company, attorney or broker to help you with that. You’re going to have to do everything in writing. It’s state law in every state in the United States.
Conclusion
We hope you enjoyed Ted’s lesson, “How Hard is It to Sell Your Own House?”
So how hard is it to sell your own house and do it fast? If you use media and price it right, you’re going to be able to sell property a lot quicker.
We start by buying at a tax defaulted auction and finish by using a contract for sale.
Buy it low, and sell it low which will attract everything from fixers to renovators to flippers. If you can offer financing, if you’re willing to do that, then offer that too.
This is a process, and it’s what’s working the best right now to generate high income. We use this system, and we just do it again and again and again. How hard is it to sell your own house? Once you learn this system, it becomes much easier and more profitable.
If you’d like to learn how to reap huge rewards from tax delinquent property investing, Ted Thomas provides full support and complete training with home study courses, Q&A webinars, live tutorials, workshops, web classes, and personal coaching with certified coaches.
Get started today by taking advantage of this Free Gift from Ted. Act now, it costs you nothing and will give you a big head start!
Ted Thomas is America’s Leading Authority on Tax Lien Certificates and Tax Deed Auctions, as well as a publisher and author of more than 30 books. His guidebooks on Real Estate have sold in four corners of the world. He has been teaching people just like you for over 30 years how to buy houses in good neighborhoods for pennies on the dollar. He teaches how to create wealth with minimum risk and easy-to-learn methods.
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