Change in Your Pocket: Sell the House Without the Snags | Video

Joel Porter | 6/28/2012

Selling your house with a realtor`s help will give your property more exposure and likely more offers. However, with not many homes on the market in western North Dakota, selling your property on your own could potentially save you more than ten thousand dollars.

"John Burke lived here. One of our former governors," said Amy Clark

Clark is well practiced in giving a walking tour of her house.

"That is one of the original nails."

While the Clark family prepares for a move to our nation`s capital, they`re listing their 1908 Colonial Revival home independently. They say the timing is right since houses are selling fast in Bismarck.

"They are knocking on doors, they`re desperate for homes because we don`t have enough and whether they`re pre-qualified or not, you`re taking a risk," said Amy Hullet with Century 21 Realty.

That`s why realtors say it`s wise to be careful about who you let into your house. As a "For Sale by Owner," you`re responsible for the upkeep and giving potential buyers the nickel tour.

"If you`re working full-time, are you going to take off to go show your property at 2:30, 3:00 in the afternoon, take time off work, be there on weekends to show the property, explain the ins and outs of the home? So, it is very time consuming and demanding," said Dakota Community Bank Branch Manager John Evanson.

There are advantages to listing a house on your own. For one thing, you save the six percent commission that you would be paying to a realtor. And in Clark`s case, you can actually lower your asking price.

"The buyer is able to save a little money and we`re able to make a little money."

Realtors say if your house has sat on the market with no firm offers, it may be time to take another look at your asking price.

"Right now, if your home is not selling in certain price ranges within about two weeks, it`s price for product," Hullet said.

"You do see some issues with some "For Sale by Owners" when they get multiple offers because they`re not quite sure how to handle, that is the big thing," said Pat Koski with Trademark Realty.

As an independent seller, you`re also limited on how much information you can access about a buyer.

"Unfortunately, the bank can`t give you any information when you go to find out something about the buyer you have for your home as a "For Sale by Owner" because they have no liability to you. They can`t become your real estate agent. They can`t become your representative, so all you have is a letter of loan approval and I hope you get to the finish line without any headaches," Hullet said.

Clark says, so far, the process has been a breeze. She advises hiring an attorney to look over the documents, a step that could ensure your own home sale comes up roses, rather than hitting a snag. And you could potentially save thousands, leaving plenty of change in your pocket left for moving expenses.

For your own safety, agents say its wise to not show your house when you`re alone or after dark. And lock up or hide valuables ahead of time.

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