Can I Sell My House Without a Real Estate Agent?

Selling your house in Philadelphia can be emotional and stressful, as you’re likely selling your most valuable asset. If you’re thinking about selling your home in the Philadelphia, PA area without the professional guidance of a real estate agent, you could be adding an additional level of complexity to the  process — or streamlining the overall experience. You can sell your house without using a licensed agent, but it’s best to learn the pros and cons of selling a home by yourself, and which option is best for your situation.

The advantages of Selling a House by Yourself In Philadelphia.

Selling your house is perhaps a match for you in the event you have an up to date home, stay in a strong market and aren’t in an enormous hurry to leave. Below are the highest execs of promoting your home by your self.

  • Potential worth financial savings. One of many main causes Sellers select to sell their properties by themselves is to save lots of on the fee an actual property agent makes from the sale, which is normally between 5 to seven %. In line with Zillow, the median Philadelphia residence worth is $219,600, that means a possible fee financial savings of roughly $13,336.
  • Inherent property information. As home-owner, you recognize the home higher than an actual property agent ever will. You may spotlight the property’s finest options and tackle how they may profit the subsequent homeowners. Moreover, you don’t have to fret about any amenity highlights getting misplaced in translation between you and a list agent.
  • Full management of the promoting course of. Should you promote your house by your self, you’ve got full management all through the promoting course of, together with setting the worth, controlling displaying availability, deciding when to listing, how you can stage and extra. Additionally, you will be straight concerned within the negotiation and may set up the phrases of the deal, first-hand.
  • Skill to cost competitively. With the financial savings from the fee, promoting your house by proprietor can present the flexibleness to cost your house decrease than an actual property agent would. This financial savings may be the deciding issue between a purchaser selecting your house over a home with related comps that’s listed by an actual property agent. This additionally provides you extra room to barter closing prices.

Negatives of Selling a House by Yourself.

Selling your house is a gigantic endeavor, and is a course of that would considerably profit from the skilled steerage of licensed  real estate agent.  Brokers research the native market, perceive the comps and have a powerful understanding on pricing. Under are the highest cons of promoting your home by your self.

  • Emotional attachment. Should you’re promoting your house by your self, it’s necessary to separate your self emotionally from the home all through the promoting course of. If may be straightforward to be offended by low gives and be tougher to supply concessions through the negotiation course of. An actual property agent may be your finest ally through the promoting course of and negotiate as a impartial occasion, whereas holding your finest pursuits at stake.
  • Time Savings. Between advertising the home, organising showings, negotiating and shutting the deal, promoting your house could be a important time funding. Enlisting the assistance of an actual property agent within the Phoenix space can guarantee all these steps are dealt with professionally.
  • Lack of Buyers. Actual property brokers have entry to a mess of selling assets to assist your house attain goal patrons. Brokers can publish properties on the A number of Itemizing Service (MLS), which permits different native brokers to entry property info to share with their patrons, and can normally develop a complete advertising marketing campaign particularly designed to promote your home, comparable to customized collateral, on-line advertising, social media promotion, open homes, entry to skilled residence stagers, pictures, digital excursions and extra.
  • Lack of market information. Promoting your house by your self requires you to have a powerful information of the native market and how you can worth your house. Not having a complete understanding of the present residence values could lead to you overpricing your house and being unable to promote, or underpricing your home and promoting for too little.

    Relying in your promoting motivations, promoting your house by your self comes with many various execs and cons. Fastidiously weigh each choices and decide which works finest together with your way of life earlier than selecting to promote by your self, or to enlist an actual property agent.

The Deed in Lieu Process Philadelphia

A deed in lieu of foreclosure (deed in lieu) is a loss mitigation option, along with short sales, loan modifications, and forbearances, which may be available to borrowers who are in financial distress and facing foreclosure. Specifically, a deed in lieu is a transaction where the homeowner voluntarily transfers title to the property to the holder of the loan (the bank) in exchange for a release from the mortgage obligation. In most cases, completing a deed in lieu will release the borrowers from all obligations and liability under the mortgage.

The Deed in Lieu Process

The first step in obtaining a deed in lieu is for the borrower to request a loss mitigation package from the loan servicer (the company you make your mortgage payments to). The application will need to be filled out and submitted along with documentation pertaining to the borrower’s income and expenses including:

  • proof of income (generally two recent paystubs or, if the borrower is self-employed, profit and loss statements);
  • recent tax returns;
  • a financial statement, detailing monthly income and expenses;
  • bank statements (two recent statements for all accounts); and
  • a hardship letter or hardship affidavit.

A hardship is a circumstance that is beyond the borrower’s control that results in the borrower no longer being able to afford to make mortgage payments. Hardships that qualify for loss mitigation consideration include, for example, job loss, reduced income, death of a spouse, illness, medical expenses, divorce, adjustable mortgage loan interest rate reset, and a natural disaster. (Sometimes, the loan servicer requires the borrower to attempt to sell his or her home for its fair market value before it will consider accepting a deed in lieu.)

Next, the loan servicer will order a title search. The bank will generally only accept a deed in lieu of foreclosure on a first mortgage, meaning there must be no additional liens, such as second mortgages, judgments from creditors, or tax liens exist on the property. An exception to this is if the same bank holds both the first and the second mortgage on the property. Alternatively, a borrower can choose to pay off any additional liens (such as a tax lien or judgment) to facilitate the deed in lieu transaction. If the loan is insured by the U.S. Department of Housing & Urban Development (HUD), HUD will cover up to $2,000 to pay off second liens when determining eligibility for a deed in lieu. If the title is clear, then the loan servicer will arrange for a brokers price opinion (BPO), which will determine the fair market value of the property.

Once the bank agrees to accept the deed in lieu, the borrower will be required to sign a grant deed in lieu of foreclosure, which is the document that transfers ownership of the property to the bank, and an estoppel affidavit. The estoppel affidavit sets out the terms of the agreement between the bank and the borrower and will include a provision that the borrower acted freely and voluntarily, not under coercion or duress. It may also include provisions addressing whether the transaction is in full satisfaction of the debt or whether the bank has the right to seek a deficiency judgment.

Deficiency Judgments Following a Deed in Lieu of Foreclosure

A deed in lieu is generally considered to be in full satisfaction of the mortgage debt and, as such, there can be no action for a deficiency judgment since there is no deficiency. So, with most deeds in lieu, the bank can’t obtain a deficiency judgment for the difference between the property’s fair market value and the debt. However, if the bank wants to preserve its right to seek a deficiency judgment, in most jurisdictions the bank can do so by explicitly and clearly negotiating that a balance remains after the deed in lieu. The bank would need to specify the amount of the deficiency and include this amount in the deed in lieu documents or in a separate agreement.

See Deficiency Judgments for more information.

Whether or not the bank can pursue a deficiency judgment following a deed in lieu is also dependent on state law. For example, Washington has explicit case law that states a loan holder may not obtain a deficiency judgment after a deed in lieu, even if the consideration is less than a full discharge of the debt. Thompson v. Smith, 58 Wn. App. 361 [1990]. The Washington court ruled that because the deed in lieu was effectively a nonjudicial foreclosure, the borrower was entitled to protection under Washington’s anti-deficiency laws. Additionally, certain states, such as California, have laws prohibiting a deficiency following a short sale, which could potentially be interpreted by courts as analogous to prohibiting a deficiency following a deed in lieu. Cal. Code Civ. Pro. § 580[e]. While the California statute does not technically apply to a deed in lieu, a court could potentially view this as evidence of a legislative intent to prohibit deficiency judgments following all loss mitigation transactions.

Deed-For-Lease Program Under Fannie Mae

If Fannie Mae owns the borrower’s mortgage, he or she may be eligible to participate in its Deed-for-Lease program. Under this program, a borrower who is eligible for a deed in lieu and who indicates an interest in remaining in the property as a tenant following the deed in lieu may lease it from Fannie Mae for 12 months at market rate. For more information on requirements and how to partake in the Deed-For-Lease program, go here.

Sell My Vacant Lot Philadelphia

This is the starting point for selling privately owned property in the City of Philadelphia.  We purchase vacant lots in Philadelphia frequently, however are always concerned with the J.L.M (Judgement , liens and Municipal) hurdles.

First impressions are lasting in real estate. When selling a home you would never leave out your dirty laundry for potential buyers to see, and you should also clean up your Philadelphia vacant lot before it is shown and marketed, correct?  Cut the grass (or weeds), remove trash and take photos of your property when it is looking its best. Some sellers even plant wildflowers to make their vacant land look beautiful. It’s like staging a home, but you’re just working with land instead.

Also consider having a survey done in advance and mark your boundaries.


We know that it is not easy to complete…. We can help complete these MUST HAVES for sellers as needed to provide a service to sell your lot fast. This will provide useful information and help buyers see the potential in a property to encourage a sale.

Choose Your Price Carefully

Pricing can determine your success in attracting potential buyers, and pricing your lot or land too high is one of the biggest mistakes that sellers make.. The wrong price will both scare away buyers from even inquiring about your property, and will cause your property to take longer to sell.

Pricing land can be trickier when compared to pricing a home.  Developed lots in communities may have a clear “market” price based on the recent sale of similar lots. Raw land, however, may have fewer “comparable” sales to use in determining your price. In addition, the price you ultimately can attract for a singular lot or undeveloped land can vary greatly depending on the buyer’s intended use of the property. For example, if a buyer feels that your acreage is appropriate for a high-end home development it likely will bring a higher price per acre than if a buyer only intends to build a single home on it.

Consider your own needs when pricing, and understand how pricing could impact buyers’ interest. When selling real estate, you sometimes have to choose between getting the highest price and possibly selling quicker. Plus, your pricing may be influenced if you need to sell for financial reasons. In addition to your own situation, pricing your property ultimately requires an understanding of the land market as a whole, why people are buying lots or land in that area and who these people are. A good real estate agent with land expertise can help greatly in this process.

Show Your Vacant lot At Its Best

It can be challenging to market vacant residential lots. Homes are visual, convey a sense of place and evoke emotional responses from buyers. But there is no house for an Open House when selling lots and land.

Be sure to use visual tools to tell the story of your lot or land in your online listing in a beautiful and compelling way. You can’t show photos of a kitchen or great room, so be creative with your lot or land photographs. Use attractive photos of the home site, natural features of the land, the view from your property and even community amenities We use maps, surveys and zoning to show the property boundaries and where it is located. To make sure your loy gets sold fast in Philadelphia.

And although it may not be the same as an Open House, you always should offer to “walk the property” with a potential buyer. You can show them the property lines and tour things like the neighborhood pool or walking trails. Use this opportunity to strategically point out the positive aspects and minimize the negative aspects.

Tell the Story with your Sign

In addition to online listings that target lot and land buyers, effective property signs always should be part of your marketing plan. Don’t just use a standard “For Sale” sign; we suggest that you have a sign custom-made for selling your lot or land (which can be done relatively inexpensively these days). You can help tell the story with your custom signs by including a few key points like acreage and property features. The sign(s) should be located for visibility, look professional and be kept clean and upright.

Work with Pros

Having knowledgeable professionals on your side will always helps when selling your lots and land. There are many benefits from having specialized expertise on board, so we encourage you to work with real estate professionals  We will help you understand the market.

Selling lots and land has its unique challenges and strategies when compared to selling a home, and these are several of the ways you can boost your selling efforts. Whether you’re just starting the process of selling your lot or land in Philadelphia or you need to re-energize your efforts, we hope these tips help you. So take action and find a way to reach past and get to that pool of active lot and land buyers.

Contact us to help with the  process? 

Selling Your House in Philadelphia

If you’re selling your home in Philadelphia, be acknowledged before calling a local real estate agent.

The days of putting a property on the market, receiving multiple bids, getting more than you expected, and accepting an offer in just days — or weeks — are over. Especially with a home that needs”Work”

Philadelphia it’s a sellers market, however Sellers must understand what they’re property is worth. That means that more houses are for sale, there are longer stretches on the market, and prices have slowed, plateaued or, in some places, decreased.

Sellers “need to be prepared for a sustained effort,”