How to Sell a House Without a Realtor in West Virginia (FSBO Guide)
If you want to sell a house without a realtor in West Virginia, you can do it legally, and thousands of Mountain State owners try the For Sale By Owner (FSBO) route every year to save on commission. The catch is that you take on every job a listing agent normally handles: pricing, marketing, showings, negotiation, paperwork, and closing coordination. This guide walks through the exact process, the legal rules unique to West Virginia, how to reach buyers through a flat fee MLS listing, what it costs, and how to decide whether going it alone actually leaves more money in your pocket. If you would rather compare the DIY path against full representation, a West Virginia real estate agent can show you both sides before you commit.
Selling on your own is not the same as selling without help. West Virginia requires a closing attorney, follows the buyer beware (caveat emptor) doctrine, and has its own transfer tax and disclosure quirks. Understanding those rules up front is what separates a smooth FSBO sale from an expensive mistake.
Quick Answer: Yes, you can legally sell your home without a realtor in West Virginia. You handle pricing, marketing, negotiation, and paperwork yourself, but a licensed attorney must examine the title and conduct your closing under West Virginia State Bar rules. Most FSBO sellers pay a flat fee MLS service ($99 to $499) for exposure. Be realistic about price: nationally, FSBO homes tend to sell for less than agent assisted homes, so the commission you save does not always translate into higher net proceeds.
Key Takeaways
- FSBO sits near a record low. Recent National Association of Realtors data puts owner sold homes at roughly 5 to 6 percent of the market, with about 90 percent of sellers using an agent.
- West Virginia is a caveat emptor (buyer beware) state, but you still must disclose lead based paint, answer buyer questions truthfully, and avoid misrepresenting known defects.
- A licensed attorney is required to examine title and conduct the closing in West Virginia. Budget roughly $750 to $1,250 for a standard transaction.
- Flat fee MLS services ($99 to $499) put your home on the same MLS that agents use, and your listing syndicates to Zillow, Realtor.com, and Redfin.
- The state transfer (excise) tax is $1.10 per $500 of sale price, about 0.22 percent, and the seller usually pays it. Some counties add a local portion.
- After the NAR settlement, you are no longer expected to offer a buyer agent commission, but most sellers still offer 2 to 2.5 percent to stay competitive.
In This Guide
- What Selling Without a Realtor Means in West Virginia
- FSBO by the Numbers: What the Data Shows
- Legal Requirements for Selling a House by Owner
- How to Sell Your House FSBO, Step by Step
- How to Get Your FSBO Home on the MLS
- How to Price Your West Virginia Home
- Paperwork and Contracts You Will Need
- FSBO Closing Costs in West Virginia
- Pros and Cons of Selling FSBO
- Common FSBO Mistakes to Avoid
- Alternatives to Selling Completely on Your Own
- How the NAR Settlement Changed FSBO Sales
- Is Selling Without a Realtor Worth It?
- Frequently Asked Questions
- FSBO Glossary
What Selling Without a Realtor Means in West Virginia
FSBO, pronounced "fizz-bo," stands for For Sale By Owner. It simply means selling your property without hiring a listing agent. You absorb the work a listing agent normally does: setting the price, writing the listing, taking photos, hosting showings, fielding offers, negotiating terms, and steering the deal to closing.
The appeal is money. Listing agents in West Virginia typically charge 2.5 to 3 percent of the sale price. On a $250,000 home that is roughly $6,250 to $7,500 you might keep. The word "might" matters, because your actual take home depends on your final sale price and whether you offer a buyer agent commission.
When Selling a House by Owner Makes the Most Sense
FSBO works best in specific situations rather than as a default. You are a strong candidate when most of the following are true:
- You already have a buyer in mind, such as a relative, neighbor, or tenant. A large share of FSBO sellers sell to someone they know.
- You have real estate, sales, or negotiation experience.
- You have time to manage inquiries, showings, and deadlines, often 10 or more hours a week.
- Your local market has steady buyer demand.
- The property is straightforward, with clear title and no liens or complicated ownership.
Are You a Good FSBO Candidate?
- ✓ Can you give the sale 10 or more hours a week?
- ✓ Are you comfortable negotiating directly with buyers?
- ✓ Can you handle contracts and disclosures with confidence?
- ✓ Is your timeline flexible enough for 60 days or more?
- ✓ Do you already have a likely buyer lined up?
If you answered no to three or more, full FSBO will be tough without professional support.
FSBO by the Numbers: What the Data Shows
Before you decide, look at what actually happens when owners sell on their own. According to the National Association of Realtors' most recent Profile of Home Buyers and Sellers, FSBO transactions have fallen to a record low of around 5 to 6 percent of all sales, while roughly 90 percent of sellers worked with an agent, also a record. The trend has been one direction for decades. It also helps to know how long homes take to sell in West Virginia before you commit to a DIY timeline.
| FSBO Reality Check | What It Means for You |
|---|---|
| About 5 to 6 percent of homes sell FSBO | You are choosing an uncommon path, so preparation matters more |
| FSBO median price trails agent assisted price nationally | Saved commission can be offset by a lower sale price |
| Many FSBO sellers report paperwork or legal mistakes | Contracts and disclosures are where DIY sellers slip |
| Pricing is the top reported FSBO challenge | Comps, not gut feel, should set your number |
The price gap is the part most owners underestimate. Even after subtracting the listing commission you would have paid, a meaningful share of FSBO sellers end up netting less than they would have with an agent, because they priced too low, negotiated softly, or reached fewer buyers. That does not mean FSBO never works. It means you need realistic expectations and tight preparation, especially in a state like West Virginia with its own legal requirements.
The Long Decline of For Sale By Owner
Source: National Association of Realtors annual seller surveys.
Before you commit to selling on your own, run the math. Our seller net sheet breaks down transfer taxes, attorney fees, and commission scenarios so you can compare FSBO against full service side by side.
Legal Requirements for Selling a House by Owner in West Virginia
West Virginia has rules that shape how a FSBO sale must be handled. The state follows the caveat emptor doctrine, which puts more responsibility on buyers to inspect, but that does not erase your obligations as a seller.
You Must Use a Closing Attorney
West Virginia is an attorney closing state. Under West Virginia State Bar Committee Opinion No. 2003-01, a licensed attorney must examine and certify the title and conduct the closing. For FSBO sellers this is a built in safeguard, since you get professional legal oversight on the most technical part of the deal. Plan on roughly $750 to $1,250 for a standard closing, with hourly rates applying if your sale gets complicated. This is general information, not legal advice, so confirm details with your own attorney.
What You Have to Disclose
West Virginia does not mandate a statewide seller disclosure form the way many states do, but you still carry real obligations:
| Disclosure Type | Requirement in West Virginia |
|---|---|
| Lead based paint | Required by federal law for homes built before 1978 |
| Known material defects | Must be answered truthfully when buyers ask |
| State disclosure form | Not legally required, but strongly recommended |
| Misrepresentation | Lying about defects can lead to a lawsuit |
| Local rules | May vary by county, so ask your attorney |
Even in a caveat emptor state, providing a voluntary disclosure statement is smart. It builds buyer trust and shields you from later claims. A large portion of real estate disputes trace back to disclosure issues, so being upfront protects you.
Core Legal Documents in a FSBO Sale
- Purchase agreement (sales contract): the binding agreement between you and the buyer.
- Lead based paint disclosure: required for pre 1978 homes.
- Warranty deed: transfers ownership to the buyer with a guarantee of clear title.
- Settlement statement (Closing Disclosure): itemizes the financial side of the deal.
- Bill of sale: covers any personal property included in the sale.
- Affidavit of title: confirms you hold clear ownership.
How to Sell Your House Without a Realtor in West Virginia, Step by Step
Selling on your own rewards a methodical plan. Here is a realistic timeline from preparation to closing, which usually runs 8 to 12 weeks for a well priced home.
Prepare to List (Week 1 to 2)
Pull comparable sales, order a preliminary title report, consider a pre listing inspection, gather your documents, and make quick repairs.
Price and Prep Marketing (Week 2 to 3)
Set a competitive price from your comps, hire a professional photographer ($150 to $400), stage the home, and write a listing that leads with the strongest features.
List on the MLS (Week 3)
Choose a flat fee MLS service. Your listing typically syndicates to Zillow, Realtor.com, and Redfin within a day or two.
Showings and Open Houses (Week 3 to 6)
Respond fast, offer evening and weekend showings, and keep the home ready to view at all times.
Review Offers and Negotiate (Week 4 to 7)
Weigh price, contingencies, and timeline. Counter where needed, and have your attorney review the contract before you sign.
Inspections and Appraisal (Week 6 to 10)
The buyer inspects and may request repairs. If they are financing, the lender orders an appraisal. Negotiate any repair or price requests.
Close the Sale (Week 10 to 12)
Work with your attorney and title company, review the settlement statement carefully, sign, hand over the keys, and collect your proceeds.
If at any step the workload feels heavier than the savings are worth, you can pause and compare the DIY plan against working with a full service listing team instead.
How to Get Your FSBO Home on the MLS in West Virginia
The Multiple Listing Service (MLS) is where buyer agents search for homes. Skip it, and your audience shrinks dramatically. The fix is a flat fee MLS service, which gets you full MLS exposure without a percentage based listing commission.
In West Virginia these services usually run $99 to $499 depending on the package. Your listing looks identical to an agent's on the MLS and syndicates automatically to Zillow, Realtor.com, Redfin, and Trulia.
| Package | Price | Typical Inclusions | Best For |
|---|---|---|---|
| Basic | $99 to $199 | MLS listing, 6 to 10 photos, major site syndication | Experienced sellers |
| Standard | $299 to $399 | Longer listing, 20 plus photos, forms, yard sign, unlimited changes | Most FSBO sellers |
| Premium | $399 to $599 | Listed until sold, max photos, contract review, broker support | First time FSBO |
What to Look for in a Flat Fee MLS Service
- A local West Virginia broker: work directly with the listing broker, not a distant referral site.
- Strong reviews: look for high ratings on Google or Trustpilot.
- Contract support: access to West Virginia specific forms and disclosures.
- Unlimited changes: you will want to adjust price or details without extra fees.
- No hidden charges: some services tack on fees at closing.
- A clear cancellation policy: read the terms before you sign.
Since the NAR settlement, you can list on the MLS and set the buyer agent commission to zero. Just know that offering nothing can suppress showings, since buyer agents may steer clients toward homes where their fee is covered. Many sellers still offer around 2 to 2.5 percent to stay competitive.
If running the sale yourself sounds like a lot, there is a middle path. Get professional photography, full MLS marketing, expert negotiation, and closing coordination at a flat 1.5 percent listing fee instead of the traditional 3 percent.
How to Price Your West Virginia Home Without an Agent
Pricing is the single biggest lever in a FSBO sale, and the place DIY sellers struggle most. Overprice and your home lingers, then sells for less after cuts. Underprice and you leave money behind. The goal is a number grounded in evidence. Study current West Virginia market trends so your price reflects real conditions, and weigh the best time to sell a house in West Virginia so timing works in your favor.
West Virginia Market Snapshot
Statewide Median
~$243K
Median Days on Market
~59 to 62
Sale to List Ratio
~96%
Sold Above List
~16%
Approximate figures. Local conditions shift, so always verify current comps.
Regional Price Differences Across the State
| Region or City | Approx. Median Price | Recent Trend |
|---|---|---|
| Morgantown | ~$267K | Rising |
| Eastern Panhandle (Martinsburg) | ~$245K | Rising |
| Charleston metro | ~$225K | Rising |
| Huntington area | ~$157K | Rising |
Steps to Price Your Home Accurately
- Study recent comps: find 3 to 5 similar homes sold in the last 90 days, within about a mile, with comparable size, beds, and condition.
- Adjust for differences: add or subtract value for updated kitchens, extra baths, a garage, lot size, and overall condition.
- Watch active competition: check what comparable homes are listed for right now, since you compete with them directly.
- Factor in conditions: note whether local homes sell above or below list and how fast.
- Consider an appraisal: a pre listing appraisal gives an objective value and is optional but helpful.
Want a precise estimate of your bottom line at a given price? You can run a free seller net sheet to see proceeds after every cost.
Paperwork and Contracts You Will Need
Documents are where FSBO sellers most often slip, and a large share report legal or paperwork mistakes. West Virginia calls for specific documents at each stage. Use this checklist to stay organized.
Before Listing
- ☐ Property deed (proof of ownership)
- ☐ Mortgage payoff statement
- ☐ Property survey, if available
- ☐ Preliminary title report
- ☐ Pre listing inspection report (recommended)
- ☐ HOA documents, if applicable
During Listing
- ☐ MLS listing agreement with your flat fee service
- ☐ Voluntary seller disclosure statement
- ☐ Lead based paint disclosure (pre 1978 homes)
- ☐ Property fact sheet for showings
Under Contract
- ☐ Purchase agreement (sales contract)
- ☐ Earnest money receipt
- ☐ Counter offer forms, if needed
- ☐ Addenda for inspection and financing contingencies
At Closing
- ☐ Warranty deed
- ☐ Settlement statement (Closing Disclosure)
- ☐ Affidavit of title
- ☐ Bill of sale for included personal property
- ☐ Transfer tax payment
- ☐ Keys, openers, and security codes
Flat fee MLS services usually supply standard contracts and disclosures, and your closing attorney can provide or review the rest. Always have the attorney check your purchase agreement before you sign.
FSBO Closing Costs in West Virginia
Even without a listing commission, FSBO sellers face real closing costs. Knowing them up front keeps your net proceeds estimate honest. For a line by line view, see this full breakdown of West Virginia seller closing costs.
| Cost | Typical Amount | Notes |
|---|---|---|
| Transfer (excise) tax | ~0.22% | $1.10 per $500 of price; seller usually pays |
| Attorney fees | $750 to $1,250 | Required in West Virginia; more if complex |
| Title search | $75 to $500 | Confirms clear ownership |
| Owner's title insurance | $500 to $1,500 | Who pays is negotiable |
| Prorated property tax | Varies | Prorated to the closing date |
| Recording fees | ~$11 to $50 | Varies by county |
| Flat fee MLS | $99 to $499 | One time, paid upfront |
| Buyer agent commission | 2 to 3% (optional) | Not required, but commonly offered |
| FSBO total without buyer commission | ~2 to 3% | Before any buyer agent fee |
After the NAR settlement, you are not automatically expected to cover a buyer agent commission. Still, most sellers offer 2 to 3 percent to attract represented buyers. Offer zero and you should expect fewer showings from agent represented buyers.
Seller Savings Calculator
How much more do you keep with a 1.5% listing fee?
Select your home's estimated value to compare your real net proceeds side by side.
Traditional Agent, 3%
Our Fee, Only 1.5%
Extra in your pocket
$2,250
vs a traditional 3 percent listing agent, with zero reduction in service or marketing.
Traditional Agent, 3%
Our Fee, Only 1.5%
Extra in your pocket
$3,750
vs a traditional 3 percent listing agent, with zero reduction in service or marketing.
Traditional Agent, 3%
Our Fee, Only 1.5%
Extra in your pocket
$5,250
vs a traditional 3 percent listing agent, with zero reduction in service or marketing.
Traditional Agent, 3%
Our Fee, Only 1.5%
Extra in your pocket
$7,500
vs a traditional 3 percent listing agent, with zero reduction in service or marketing.
Traditional Agent, 3%
Our Fee, Only 1.5%
Extra in your pocket
$11,250
vs a traditional 3 percent listing agent, with zero reduction in service or marketing.
Estimates only. Closing costs vary by county. Buyer's agent commission is negotiable.
Pros and Cons of Selling FSBO in West Virginia
Weigh the upside against the risk based on your own experience, timeline, and market. The table below lays it out plainly.
| ✓ Pros | ✗ Cons |
|---|---|
| Save the 2.5 to 3 percent listing commission | FSBO homes often sell below agent assisted prices |
| Full control over price, marketing, and terms | Large time commitment, often 10 to 20 hours a week |
| Direct communication with buyers | Risk of contract and disclosure errors |
| Flexible showing schedule on your terms | Less leverage against experienced buyer agents |
| Ideal when selling to a known buyer | Pricing accurately is genuinely hard |
| Flat fee MLS gives affordable exposure | Emotion can cloud negotiation judgment |
Common FSBO Mistakes to Avoid
Most failed FSBO sales trip over the same handful of errors. Avoid these and you remove the biggest risks.
The Eight Mistakes That Sink FSBO Sales
1. Pricing on emotion
Sentimental value is not market value. Overpriced homes sit, then sell for less. Use comps, not feelings.
2. Skipping professional photos
Most buyers start online. Weak phone photos kill first impressions. Professional photos are one of the highest return expenses you can make.
3. Ignoring the MLS
A yard sign alone will not cut it. Most buyers work with agents who search the MLS, so a flat fee listing is essential.
4. Offering zero buyer agent commission
It is allowed now, but it can shrink your buyer pool, since agents prioritize homes where their fee is covered.
5. Not screening buyers
Always ask for a mortgage pre approval or proof of funds before accepting an offer, so you do not waste weeks on an unqualified buyer.
6. Doing legal paperwork solo
West Virginia requires an attorney for closing, so use one earlier too. Have them review the purchase agreement, not just the closing documents.
7. Being hard to reach for showings
Buyers want evenings and weekends. If you cannot accommodate showings within a day or two, you lose interested buyers.
8. Taking negotiation personally
Buyers will point out flaws and make low offers. Stay calm and focus on the numbers, not your pride.
Alternatives to Selling Completely on Your Own
If full DIY feels like too much but you still want to keep more of your equity, several middle ground options exist.
Low Commission Full Service Listing
Some teams provide complete service, professional marketing, MLS listing, negotiation, and closing support, for a reduced fee. The Jamil Brothers full-service 1.5% listing program keeps full representation while cutting the listing fee in half compared with a traditional 3 percent agent. If your situation is unusual, you can also ask about flexible commission options built around your specific sale.
Flat Fee MLS Plus a Transaction Coordinator
Pair a flat fee MLS listing with a transaction coordinator who manages paperwork, deadlines, and closing logistics for a flat fee. You still handle showings and negotiation, but the administrative load is covered.
A Cash Sale for Speed or Certainty
If timing or condition matters more than top dollar, you can sell directly to a cash buyer. Cash buyers typically pay below full market value but close quickly with no repairs or showings, which can suit an inherited property, a relocation, or a tight deadline.
Sell As Is Without Repairs
If your home needs work, you do not have to renovate before listing. Many owners sell their house as is and let the buyer take on the projects, while others prefer investors who buy homes that need repairs. Either way, you trade a little on price for the convenience of skipping the fix up phase.
Start FSBO, Then Switch if Needed
Many owners try FSBO for 30 to 60 days, then hire an agent if results lag. A meaningful share of FSBO sellers end up listing with an agent, so know that relisting can reset buyer perception. If you switch, this walkthrough of the full home selling process in West Virginia shows what a listing agent handles. If a quick exit matters more than top price, you can also weigh ways to sell your house fast in West Virginia rather than relist.
| Approach | Your Effort | Cost | Likely Price |
|---|---|---|---|
| Full FSBO | High | ~2 to 3.5% | Often below market |
| 1.5% full service | Low | ~4 to 4.5% | Market value |
| Traditional agent | Low | ~5.5 to 6% | Market value |
| Cash buyer | Very low | Minimal | Below market |
Cost ranges assume a typical 2.5 percent buyer agent commission when offered.
If timing, condition, or certainty matters more than maximum price, a cash offer may fit. We will walk you through your full range of options with no pressure.
How the NAR Settlement Changed FSBO Sales
In August 2024, new commission rules took effect after the National Association of Realtors settlement. They affect FSBO sellers in a few concrete ways.
What Actually Changed
- No mandatory buyer agent commission: you are no longer expected to compensate a buyer agent, and you can offer zero.
- Compensation off the MLS: buyer agent commissions can no longer be advertised on MLS listings, so any offer is communicated separately.
- Written buyer agreements: buyers now sign agreements with their agents before touring, spelling out the agent's pay.
What It Means for You as a FSBO Seller
- Most sellers still offer something: average buyer agent commissions have stayed close to prior levels as sellers compete for buyers.
- Zero can mean fewer showings: agents tend to prioritize homes where their fee is covered.
- Buyers may ask you to pay: even without a listed commission, a buyer can request it as a seller concession in the offer.
- More transparency overall: clearer commission conversations can become a negotiating point in your favor.
The bottom line: the settlement gives you flexibility, but it does not change market behavior. In West Virginia, offering around 2 to 2.5 percent to buyer agents remains the competitive norm.
Is Selling Without a Realtor Worth It in West Virginia?
Selling your West Virginia home on your own is absolutely possible, and for the right seller it pays off. If you have experience, a buyer already in mind, and time to manage the details, FSBO can put real money back in your pocket.
If you are unsure about pricing, negotiation, or paperwork, the savings can quietly evaporate through a lower sale price or a costly error. The smartest move is to start with your numbers, then choose the path that nets you the most. Whether you go fully DIY or hand the work to a professional, going in informed protects your outcome.
Know your equity, understand your costs, and see exactly what you would walk away with before you decide. The Jamil Brothers provide a full seller consultation at no cost or obligation, whether you list with an agent or sell on your own.
Frequently Asked Questions
Is it legal to sell my house without a realtor in West Virginia?
Yes, it is completely legal. West Virginia lets homeowners sell their own property FSBO. You will still need a licensed attorney to examine the title and conduct the closing, which the state requires, but you handle everything a listing agent normally does, including pricing, marketing, showings, and negotiation.
Do I need a lawyer to sell a house in West Virginia?
Yes. West Virginia is an attorney closing state, so a licensed attorney must examine and certify the title and conduct the closing under State Bar rules. For FSBO sellers this is helpful, since you get legal oversight on the most technical part of the deal. Attorney fees typically run $750 to $1,250 for a standard transaction.
How do I get my FSBO home on the MLS in West Virginia?
Use a flat fee MLS service. These companies list your home on the MLS for a one time fee of about $99 to $499 instead of a percentage based commission. Your listing appears alongside agent listings and syndicates to Zillow, Realtor.com, Redfin, and other major sites, giving you exposure comparable to an agent listed home.
What disclosures are required for FSBO sellers in West Virginia?
West Virginia follows caveat emptor, so there is no mandated statewide disclosure form. However, you must provide the federal lead based paint disclosure for homes built before 1978, answer buyer questions about the property truthfully, and avoid misrepresenting known defects. A voluntary disclosure statement is strongly recommended to protect you from later claims.
How much does it cost to sell a house by owner in West Virginia?
Without offering a buyer agent commission, expect closing costs of roughly 2 to 3 percent of the sale price. That includes transfer tax of about 0.22 percent, attorney fees of $750 to $1,250, title services of $500 to $1,500, a flat fee MLS charge of $99 to $499, and prorated property taxes. If you offer a buyer agent commission of 2 to 2.5 percent, add that to your total.
Do I have to pay a buyer's agent commission if I sell FSBO?
No, it is not required, especially after the 2024 NAR settlement. Most FSBO sellers still choose to offer 2 to 2.5 percent to attract buyers who have agents. If you offer zero, buyer agents may be less likely to show your home, which can shrink your buyer pool. Buyers can also request that you cover their agent's fee as part of their offer.
How long does it take to sell a house FSBO in West Virginia?
It varies with price, location, and conditions. Homes in West Virginia spend roughly 59 to 62 days on market on average. FSBO homes often take longer because of narrower marketing reach and pricing challenges. Plan for at least 8 to 12 weeks from listing to closing, though a well priced home in a desirable area can move faster.
What is the transfer tax rate in West Virginia?
West Virginia's real estate transfer (excise) tax is $1.10 per $500 of sale price, which works out to about 0.22 percent. On a $250,000 home that is roughly $550. Some counties add a local portion, and a few charge more, so confirm your county rate. The seller typically pays the tax at closing.
Can I sell my house FSBO if I still have a mortgage?
Yes. A mortgage does not prevent a FSBO sale. At closing, the sale proceeds first pay off your remaining loan balance, then closing costs, and you keep the rest. Request a payoff statement from your lender before listing so you know exactly what you owe, and make sure your price covers the loan, closing costs, and ideally leaves positive equity.
What if my FSBO home does not sell?
If you are not getting showings or offers after 30 to 60 days, consider reducing the price, since overpricing is the top reason homes stall, improving your photos and description, raising your buyer agent commission offer, or hiring a professional agent. A meaningful share of FSBO sellers eventually list with an agent to finish the sale.
How do I choose a good real estate agent if I decide not to go FSBO?
Look for strong local market knowledge, a proven track record with a healthy list to sale price ratio, clear communication, a transparent fee structure with no hidden charges, solid reviews, and professional marketing including quality photography. Interview at least two or three agents before deciding. The Jamil Brothers Realty Group, for example, pairs deep transaction experience with flexible options including a full service 1.5 percent listing fee.
Should I get an inspection before listing FSBO?
A pre listing inspection is highly recommended for FSBO sellers. It lets you find issues before buyers do, avoid surprises during the buyer's inspection that can derail a deal, show transparency that builds trust, and price more accurately based on real condition. In a caveat emptor state, knowing your home's condition also protects you.
FSBO Glossary
A few key terms you will run into while selling on your own.
Buyer's Agent Commission
The fee paid to the agent representing the buyer, traditionally 2.5 to 3 percent. After the NAR settlement it is negotiable and optional for sellers.
Caveat Emptor
Latin for "buyer beware." West Virginia follows this doctrine, putting more responsibility on buyers to inspect before purchasing.
Closing Disclosure
The standardized form detailing the financial side of the sale, including price, closing costs, and credits. It replaced the older HUD-1.
Comparative Market Analysis
A report comparing recent sales of similar homes to estimate value. FSBO sellers can build their own using comps and public records.
Contingency
A condition that must be met for the sale to proceed, such as financing, inspection, or appraisal contingencies.
Earnest Money
A buyer's good faith deposit, usually 1 to 3 percent, held in escrow and applied toward closing costs or down payment.
Flat Fee MLS
A service that lists your home on the MLS for a one time fee, about $99 to $499, instead of a percentage based listing commission.
MLS
The Multiple Listing Service, a database of homes for sale that feeds the major consumer sites and where buyer agents search.
Net Sheet
A breakdown of your estimated proceeds after mortgage payoff, closing costs, and commissions, so you see your real bottom line.
Transfer (Excise) Tax
A tax charged when ownership transfers. In West Virginia it is $1.10 per $500 of sale price, about 0.22 percent.
Title Insurance
Protection against ownership claims or title defects discovered after closing. Owner's coverage protects the buyer.
Warranty Deed
A deed transferring ownership with a guarantee of clear title. It is the most common deed in residential sales.
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