You do not need to have a realtor or a real estate agent to sell your home in California.
Although rare, thousands of buyers and sellers purchase or sell a home without a real estate agent every year.
In California, home buyers and sellers typically are represented by a California Department of Real Estate-licensed agent or broker.
However, in other states real property sales are commonly handled by a lawyer. This is less common in California.
Pro’s and Con’s to Going It Alone
- Find a Buyer
- Negotiate a Purchase Price
- Draft a Purchase and sale agreement
- Open an escrow with an escrow company
- Provide disclosures to the buyer, including mold disclosures, lead paint, etc.
- Buyer needs to perform inspections
- Buyer needs to line up financing
- Buyer needs to obtain a title insurance policy
- Obtain a home warranty from a home warranty company
- After receiving and reviewing the inspections, the Buyer may submit Requests for Repairs to the Seller. The Buyer and Seller then negotiate any credits or repairs. I usually recommend Sellers only issue credits rather than conducting repairs in order to minimize the chance of repairs going over budget or creating new problems.
- Draft a grant deed, promissory notes. The title company can handle this.
- If you’re doing seller carryback financing, you need to draft a promissory note and a deed.
- Record deeds and financing documents
Photo credit: Flickr.