How to sell a house by owner in Oklahoma

Thinking about selling your house in Oklahoma? It’s natural to want to earn as much profit as possible. Since hiring a real estate agent means paying an agent’s commission fee — typically 2.5 to 3 percent of the sale price — saving money by selling without one can be tempting. But doing it all on your own is more work than you might think. Read on to learn more about how to sell a house by owner in Oklahoma.

Selling a house without a Realtor in Oklahoma

FSBO sellers (that’s short for “for sale by owner”) act as their own real estate agent, taking on all the responsibilities a licensed pro would normally handle. If you’re selling to someone you already know, you can skip a lot of these steps and race ahead to negotiating the terms. If not, however, you’re in for a sizable chunk of work. Here are some of the main steps to follow:

Set a fair price

The biggest aspect of a home sale, of course, is price. How much is your house worth? Figuring it out can be tricky: You’ll want to look at comparable properties in your area to see what other buyers have been willing to pay for homes like yours. Do your research, digging into the details of your local market, and try to be as objective as possible. You may think your fond memories of raising a family there make it more valuable, for example, but buyers may not agree.

Create your listing

Once you have an idea of your home’s fair market value, it’s time to take photos and craft a listing. Buyers browse listings online before deciding whether to go see them in person, so you’ll want to do better than dimly lit smartphone photos — consider hiring a professional photographer to get the best images possible. Remember, you’re trying to get someone on their couch to envision themselves on your couch. First impressions matter, even when they’re online.

A listing also needs a written description of the property, highlighting both basic details (square footage, number of bedrooms and bathrooms, etc.) and special features (such as a barn or a swimming pool). It’s smart to include neighborhood info, nearby shopping or amenities and local school districts too. 

Promote your listing

Next, you need to get your listing in front of potential homebuyers. Old-school approaches like word of mouth and yard signs in the front yard are a good start, and social media can be useful too (but be careful what you share about a home you and your family are still living in). 

The best way to get your listing seen widely, though, is to get it on the local MLS. This aggregation of homes for sale in the area is used by real estate professionals, but many online companies will place your FSBO listing there for a fee. Options in Oklahoma include OK Flat Fee Realty, Trinity Properties, Houzeo and FSBO.com.

Marketing your listing also means coordinating open houses and in-person showings with potential buyers. This can be a lot of scheduling to juggle, and you’ll need to keep things tidy in case of last-minute drop-ins. 

Negotiate and close a deal 

Hopefully, you’ll receive an offer from a buyer — or maybe even multiple buyers. Without a Realtor, you’ll be the one responsible for negotiating all contract terms, including going back-and-forth on price and possible seller concessions. There’s a lot of paperwork involved in a home sale, and you don’t want to make a mistake on a financial deal this big and important. So for FSBO sales, it’s always smart to have a local real estate attorney help you with the documentation and keeping everything on-track to close. It can take a lot of work to get the deal across the finish line.

Required disclosures for Oklahoma home sellers

Oklahoma home sellers will need to complete a copy of the state’s residential property condition disclosure statement. The three-page form outlines everything you know about the property, including the flood zone status, any known defects, the working condition of just about everything in the home and more. Be upfront and honest about everything — state law gives buyers up to two years to pursue legal action if they feel the form has been completed inaccurately. If the property is in a community that’s managed by a homeowners association, you’ll also be required to provide documentation about the HOA’s fees, rules and financial picture.

Pros and cons of selling a house by owner in Oklahoma

Pros

• You save money: Not having to pay a listing agent’s commission means you get to keep more of the proceeds for yourself.
• You call the shots: When you sell on your own, you’re in the driver’s seat. You get to make the call about everything without outside input.
• You set the schedule: Good real estate agents tend to have multiple clients at the same time, which can be frustrating if you’re waiting on a reply or unable to schedule a timely house tour. With a FSBO listing, you’re always the top priority.

Cons

• A lot of work: Without an agent managing the transaction, everything lands on your plate: creating a listing, hosting open houses, negotiating with buyers and more. Get ready to carve out time in your schedule to handle all the responsibilities.
• No professional guidance: Agents are licensed pros — they put their expertise, and their networks, to work for their clients. Not having one by your side means missing out on good advice and confident navigation of a complex process.
• Potentially lower price: FSBO homes often sell for less than homes that have the benefit of an agent’s efforts — nearly $100K less, according to data from the National Association of Realtors.  

FAQs

• Do I need a lawyer to sell my house in Oklahoma?
  

  Oklahoma state law does not require you to work with an attorney to sell your house. However, selling a home is a huge financial transaction, and it’s wise to have legal guidance to help you navigate the complexities of the process and sift through complex contract language. If you don’t have any real estate experience, doing it on your own can lead to costly missteps.

• Do you have to pay taxes when you sell your house in Oklahoma?
  

  Yes. Like many states, Oklahoma has a documentary stamp tax (often called real estate transfer tax). The rate is 75 cents for every $500 of home value: For example, if you sold your home for $250,000, that would come to $375. In addition, you’ll be responsible for any applicable property taxes right up until the day the sale closes, and if you make a very significant profit, you may also be subject to capital gains taxes.