All you need to sell your home without a realtor
As a homeowner and Real Estate investor in Miami with several properties to maintain, I have turned more into a DIYer than I ever desired. This is why I respect the choice of embarking on the journey of selling your home on your own, reflecting a keen interest in the real estate process and the intent of preserving more of your hard-earned equity.
As a professional real estate broker with years of experience, I understand the motivations behind this choice and respect the determination it requires. My goal in writing this blog post is not to dissuade you but to arm you with knowledge, tips, and insights to ensure your success as well as to help you navigate the potential pitfalls of this process.
documents and paperwork you need to sell your own home in Florida:
Title Deed: This is the legal document proving your ownership of the property. You can download a copy for free at your County’s Public Records website. Here’s Miami-Dade’s.
Property Disclosure Form: This document outlines any known issues or defects with the property that could affect its value or safety. Florida law requires sellers to disclose certain information about the property's condition.
Sales Contract: This is the agreement between you (the seller) and the buyer outlining the terms and conditions of the sale, including the purchase price, closing date, and any contingencies.
Certificate of Title: This document verifies that the property has a clear title, meaning there are no outstanding liens or legal issues that could affect the sale.
Closing Statement: Also known as the HUD-1 Settlement Statement, this document provides a detailed breakdown of the financial transactions involved in the sale, including closing costs and any credits or prorations.
Survey: While not always required, a survey may be necessary to confirm property boundaries and identify any encroachments or easements.
Homeowners Association (HOA) Documents: If the property is part of a homeowners association or condo association, you may need to provide documents such as HOA rules and regulations, financial statements, and meeting minutes.
Mortgage Payoff Statement: If you still owe money on your mortgage, you'll need a payoff statement from your lender showing the remaining balance and any fees or penalties for early repayment.
Compliance with Florida Real Estate Law is Key
Selling a home involves preparing all legal requirements, disclosures of seller-known information, and paperwork that, if not done properly can expose the seller to liability and litigation after the sale. Typically, an experienced Real Estate Agent handles this in a way that still maximizes your selling value, but if you decide to avoid an agent, you can hire a Real Estate Attorney instead (for a cost of $2,000 to $5,000).
Naturally, for those fees, attorneys won’t design a strategy for a high selling price and market the property to as many buyers as possible, but they can ensure you meet all legal obligations to avoid unintentional errors that could lead to significant issues. For instance:
You must disclose all known information that materially affects the value of your property (here’s more about Florida Disclosures Law), ideally using the “Seller’s Property Disclosure” form found below in this article. Failure to do so can lead to legal repercussions. Similarly, if you're a foreign seller (which is common here in Miami, FL), the Foreign Investment in Real Property Tax Act (FIRPTA) could have implications for you, potentially holding up your funds at closing for an extended period.
FIRPTA withholding of funds at closing can be avoided if the property is sold to certain buyers only (I wrote an article about avoiding FIRPTA here). Ensuring compliance with these and other laws is critical in protecting yourself during the sale.
Even if you decide to hire a real estate attorney to ensure legal compliance throughout the selling process, it's important to recognize that an attorney's expertise lies in the law, not in maximizing your home's selling price. While an attorney can be invaluable in navigating legal requirements and contracts, they do not specialize in market analysis, pricing strategies, marketing, or negotiation — all critical components that directly influence the final sale price of your home.
Understand the Market and the type of buyer you should aim to find
First and foremost, understanding the Miami real estate market is crucial. Some properties cannot be sold to just any buyer. For example:
Certain condos and townhomes don’t qualify at all for financing in Florida and can only be sold to cash buyers. Others may require high down payments such as 25% to 50% depending on how well the association's finances are managed. You should avoid marketing your property to the wrong type of buyers.
Since 2023, Florida Law SB 264 banned certain foreigners commonly found as Miami home buyers (Cuba, China, Russia, Venezuela, among others) from buying property within close proximity to Military bases (such as the Homestead Air Reserve Base here in Miami-Dade). SB 264 also includes provisions for criminal penalties for sellers near critical infrastructure or military installations. Criminal penalties for selling any interest in real property to a foreign principal of China are more severe and such disposition could be considered a felony.
Learn more about SB 264 in the article I wrote about it: Navigating the Waters of SB 264 for Miami Home Sellers: Insights from an Expert Real Estate Broker
The market fluctuates based on numerous factors, including season, economic conditions, and local demand. Pricing your home correctly from the outset is essential to avoid the common pitfall of setting the price too high or too low. Utilize online tools and resources to research comparable sales in your area (see more in my article about how to determine the value of your home yourself).
Making an educated Decision of not paying a real estate commission
I often witness sellers who, in an effort to save on commission fees, leave significant amounts of money on the table. This approach may not only result in a lower selling price but also require you to shoulder a considerable workload and expose you to unnecessary risks. The work of a professional real estate agent extends beyond just legal compliance; it encompasses a service aimed at securing the best possible outcome for your sale, ensuring you don't just save on expenses but actually maximize your financial gain with less stress and more confidence.
Steps to Maximizing Your Home's Sale Value without a realtor
To honor my purpose of writing this article as thoroughly as possible to help you sell your home without a Realtor, I’m sharing below the process sellers in Miami should follow to ensure a successful sale that maximizes your Selling Price and can potentially save you the agent compensation:
Perform Market Analysis: Conduct a thorough comparative market analysis to price the home accurately. (See my guide in this other article: How to determine my home value myself)
Define your pricing strategy: Pricing your home correctly from the beginning is crucial. An overpriced home can deter potential buyers, while underpricing can lead to leaving money on the table. Use your market research to set a competitive yet realistic price that will attract serious offers. Many sellers overprice their homes. This causes the property to stay on the market “FOR SALE” for prolonged periods of time while you are paying Property Taxes and other expenses (interest, HOA, maintenance).
Furthermore, this is often seen by buyers as a reason to think there is something wrong with the property that keeps it from selling like the rest.Preparing and Decluttering your home (and possibly Staging it): Enhancing your home's appeal can significantly impact its selling price. Steps like decluttering, making minor repairs, and staging your home can make a big difference. If you decide not to stage but you have a room or two that may need an appeal boost, you can try Virtual Staging.
Professional designers can do this task for you for a fee (~$300-$900, or you can Do it Yourself for around $50-$100 here) [FREE when you sell with West of Brickell Homes]Arrange Professional Photography: Arrange for high-quality photos by great Real Estate photographers (Cost: $250-$500, here) [FREE when you sell with West of Brickell Homes]
Arrange videographer and 3D tours maker: Showcase the property effectively online and in marketing materials, this is especially important in Miami due to the large quantity of foreign and out-of-state buyers, who are precisely the ones who can pay the most for your property. (You can order your own 3D Matterport Tour here, from one of our vendors for ~$350)[FREE when you sell with West of Brickell Homes]
List your home on as many websites as possible to maximize exposure to all potential buyers: Make sure your property appears on Zillow, Redfin, Trulia, Luxury Portfolio, HomeFinder, ForSaleByOwner.com, Movoto, Apartments.com, and you could also reach out to local Real Estate brokerages to offer a commission if they bring a buyer.
Ensure the Details are correct everywhere: It is very important to ensure all the previous listings are complete, as sometimes they can show no pictures or a computer-generated description. You should ensure all your property photos show along your chosen description to make sure all buyers see your home’s best pictures and description.Purchase and install a Real Estate yard post: (~$100 Amazon, Home Depot) and FOR SALE signs (~$300, Top Class Signs is a local Miami company, they can also come install the sign in your Yard for $150) to announce your home is for sale.
Additional Marketing: Utilize social media and post regularly about your For Sale home. If the price point of your home is substantial, you could also invest in some paid ads and possibly create a website with all the pictures and details, as well as a contact form for people who want to come see your home. Design and Order printed materials so you can hand them out to interested prospective buyers.
This makes a big impact when they are shopping and visiting different homes. (Cost: Design $200, Printing $300) [FREE when you sell with West of Brickell Homes]Promote and Host Open Houses with signs around the neighborhood on weekends, so you can grab buyers who are looking for homes in the area during those days (typically Saturdays and Sundays).
Show the home to prospective buyers and explain all the features of the home and its location to highlight the differences against other neighboring homes for sale.
Evaluate offers: When you receive an offer, look beyond the price. Consider the buyer's financing strength, contingencies, proposed closing date, and any financial documentation or additional attachments. Sometimes, a slightly lower offer from a buyer with pre-approved financing and no contingencies might be more appealing than a higher offer with complicated conditions.
Negotiate offers:
Leverage Multiple Offers: If you receive multiple offers, use them to your advantage without alienating potential buyers. You can inform interested parties that you have received other offers, which may prompt them to improve their bids. However, be transparent and professional in your communications to maintain goodwill.
Counter Strategically: If an offer is below your expectations but still in the ballpark, make a counteroffer. Be specific about what you want, whether it's a higher price, a larger earnest money deposit, fewer contingencies, or a different closing date. A detailed counteroffer can help keep the negotiation moving forward.
Highlight Your Home’s Strengths: During negotiations, remind buyers (through your agent) of your home's unique features and benefits, especially those that set it apart from other properties in the area. This can help justify your asking price and reinforce the buyer's interest in your home.
Be Prepared to Concede Something: Negotiation is a two-way street. Be prepared to make concessions, whether it's on price, closing costs, closing date, or included personal property. Decide in advance what you're willing to compromise on.
Keep Emotions in Check: Selling a home can be emotionally challenging, but it’s important to stay objective during negotiations. Focus on your end goal and don’t let personal feelings about lowball offers or criticism of your home interfere with your decision-making.
Vendor Coordination: Coordinate visits from the Buyer’s inspectors, appraisers, contractors, and other professionals as needed. (Termite inspectors, plumbing, etc)
Check the Closing documents: Check the closing costs calculation such as the prorations of Real Estate Taxes, Utilities, Garbage services and Community Development Distric charges which are very common in Miami. Your attorney should be able to help you with this.
Forms and paperwork you need to sell your home without a realtor, by owner
Download all the forms below:
*If your home was built before 1978, you must fill and provide the buyer with the following: Lead-based Paint addendum in addition to this pamphlet from the EPA.gov
** Other addenda may apply depending on an array of circumstances that are less common and harder to explain in this blog post.
We Offer reduced commissions to Our home-Seller clients.
While selling your home independently is a significant undertaking, remember, help is available. Should you decide you need assistance, know that I'm here to support you. I offer a reduced fee/commission for homeowners like you, providing full service and outstanding marketing to ensure your home sells for more, in less time. My approach is collaborative, working closely with you to meet your goals and alleviate the burdens of selling on your own.
By considering the advice shared here, you can increase your chances of a successful and profitable sale.
Wishing you success on your home-selling journey,
Ali Trompiz, Principal Broker
West of Brickell Homes.
Disclaimer: The information provided in this blog post is for general informational and educational purposes only and is not intended to be a substitute for professional legal advice. While we strive to ensure the accuracy and reliability of the information, real estate laws and regulations can vary widely by location and are subject to change. We recommend consulting with a qualified legal professional or real estate advisor who can provide advice tailored to your specific situation. The author and publisher of this blog post disclaim any liability or responsibility for any loss or damage that may arise directly or indirectly from reliance on any information contained herein.