How to Sell a House By Owner in Missouri
When the time comes to move, some tenacious homeowners in Missouri are eager to take over the reins of their home sale and figure out how to sell a house by owner.
Out of the millions of homes sold annually, a small percentage of sellers — just 7% of home sales in 2023 — opted to list their properties as “For Sale By Owner” (FSBO), as reported by the National Association of Realtors (NAR).
This guide to selling FSBO in Missouri will explore the most challenging aspects of selling your own home in the Show Me State, including steps that may prove more challenging than anticipated. We’ll also provide a comprehensive overview of the full process to prep, market, and close on your home without the assistance of a real estate agent.
Note: Once you’ve seen what’s required, you can roll up your sleeves and get started with your FSBO sale. Or, in the event you’d prefer to work with a real estate agent, HomeLight would be happy to introduce you to highly-rated professionals in your Missouri market who can help you command top dollar for your home and provide a low-stress selling experience.
How does FSBO work in Missouri?
Disclaimer: This blog post is intended for educational purposes only. HomeLight recommends that you look into the real estate regulations for your area and consult a trusted advisor.
FSBO is a method of selling your home without the involvement of a listing agent. In a FSBO scenario, the seller assumes the responsibilities that would usually fall to their agent, such as pricing the home, marketing it to potential buyers, arranging showings, and negotiating the deal.
In an agent-assisted sale, the seller typically pays a commission amounting to about 6% of the sale price, which is then most often split 50/50 with the buyer’s agent. That 6% is deducted from the seller’s proceeds at closing. By selling FSBO, a seller can eliminate the cost of the listing agent’s commission (about 3%), though they may still need to offer a buyer’s agent commission.
Buyer’s agents will expect compensation for the work they do to bring a buyer to a sale, such as arranging showings and helping prepare and qualify the buyer. Plus, when a seller isn’t working with an agent, the buyer’s agent may end up carrying more of the weight to get the deal to the finish line.
Next: Consult our guide on who pays closing costs when selling a house by owner for more details.
Finally, a FSBO sale does not mean that a seller won’t need any professional assistance. In Missouri, sellers are not required to hire a real estate attorney, but FSBO sales typically warrant legal and professional oversight of some kind to avoid an abundance of legal risk.
Most people who sell by owner will need to hire an attorney to review and prepare key documents and make sure paperwork is filled out properly, such as the seller’s disclosures. We’ll address what disclosures are required when selling a house in Missouri later in this post.
