For Sale by Owner? Any advice?

MY husband and I are selling our home. We're not in a rush so we're going to try it on our own. Any advice would be appreciated.

Despite the fact that "your not in any hurry", you should seriously make very effort to sell your home quickly. Homes that sit on the market for a long time gain a reputation and become stale (buyers see the home has been on the market for a long time therefore , there must be something wrong with it).

Secondly, be ready for lots of low-ball offers. Homes listed "by owner" are prime targets for people trying for a steal. The commission that you are trying to save by selling yourself is what the buyers look at as their discount off the purchase price. So what do you really make in the long run?!?

Lastly, I will second the post above regarding safety. Be very careful about who you let in your home. Make sure someone is always with you, always follow and not lead, and have an emergency exit, just in case. Not trying to scare you, but these days you can't be too careful. Good luck.

Hire a Realtor. Would you try to operate on yourself, represent yourself in court....etc. etc. You get the point. You need a professional who knows how to market your home, present offers, make sure buyers are qualified, fills out the proper paperwork, the list goes on.

I agree with Mikeyc01060 . . . Get an agent. The amount of money you will end up paying on your mortgage, taxes, and insurance will be far greater than the amount of money you will pay to an agent and will take less time with an agent (yes, I read that you're not in any hurry, which is good). Also, you have no idea who will be walking through your home while you're showing it . . . convicted criminal checking the place out, perhaps?

Do agents a favor and don't take ST's advice and ask for a free market analysis as we prefer not to work for free, just like you do. You can do your own market analysis online rather than keep an agent from helping a client who is actually going to buy and/or sell real estate via the agent.

I don't mean to be rude, but please just remember that agents have bills to pay and families to take care of, too.

Clean up paint up Fix up and de clutter that will help a lot i know i am a Realtor

http://www.sideroad.com/Real_Estate/fsbo-advice.html

We've sold two homes by ourselves. Read as much as you can on the subject, get a fair market appraisal of your home, check other homes in your area, to see how you compare.
Keep colors neutral, and things crisp appearing.. the less furniture the better.
Avoid cooking 'fragrant' foods at least two days before a showing!
Watch some hgtv (hgtv.com) programs, such as designed to sell - etc.
Be prepared to answer any and all questions your potential buyer may ask!
Good Luck!

Make sure you have a real estate lawyer and tax accountant on your team. Happy selling!

When someone says "I love it and will pay your price!" are you ready for what comes next? Got the contracts, disclosures, etc?

Probably not. If you don't want a realtor, at least get an attorney to make sure your contracts are binding.

Oh, for marketing, which is probably what you really wanted.... make a nice informative one page flyer, and give one to everyone within two or three blocks. Possibly one has a relative that wants to live in your neighborhood.

Stay upbeat good offers do not always come right away. Agents are going to hound you and try and get you depressed so that you will hire them. Stick it out. Also contact freinds in your area to get a good idea on what the price will end up being. Best of luck.

Watch a show called "Sell this House" on A & E to get tips. :)

Get your ducks...ooops I mean lawyers all in a row. :)

Get copies of heating bills ready for potential buyers. (they will want to know that for their own budget, and will also be indication of insulation in your home) Also, when your furnace was bought, windows, what kind of insulation is in the house (attic and walls). Incidently, if you have asbestos on your home you are usually required to tell the seller that, by law.

Have a real estate agent do a free estimate of your home, if you can get a couple. That way you have a real idea of market value.

Good luck!

Edit: To the Real Estate Agent who said to not take my advice about getting a free estimate... This seller is looking out for THEM and not YOU so the advice is for them. People need to look out for themselves and not worry about anyone else. Take care of yourself first, nobody else will. For the amount real estate agents make on sales, they can do a few free estimates for the value of the word of mouth references they will get for doing it.

Use call cature for sure. When people drive by your home they will call the number and you get it emailed to you so you can follow up with them.

I provide this service free of charge if you are in my lending area.

Matt
http://www.diversifiedlender.com
http://www.minnesota-mortgage-rates.net
http://www.refinance-second-mortgage.biz

Make sure you know what your home is worth. See what other homes in your area are selling for and price your home accordingly. If you price the home too high, you won't get much interest. If you can afford to price it on the low end of the market, you could be in for a quick sale without the real estate commissions.

Make sure your buyers are pre-qualified. You could waste a lot of time if not.

Homeowners today are more informed about their options when selling their homes. Yet they still make some major mistakes when it comes to their property. I am going to discuss in this article 5 important steps when it comes to selling your home yourself.

The first step is to contact a mortgage specialist. There are thousands of mortgage professionals. Selecting the right professional should be like searching for a doctor. Ask questions that will are important to you. The professional should be able to work with you and easily accessible. Mortgage professionals should not charge you for getting a potential homebuyer pre-approved. Not pre-qualified. Ask the professional what steps it takes to getting the client pre-approved verses pre-qualified. You should be comfortable with your choice. This person should give back to you a list of potential homebuyers for your home after they go through the approval process. You never want total strangers walking through your home and wasting your valuable time. This brings me to the next step.

The second step is to set up with the mortgage professional a phone number that you can use in your ads and on “For Sale” signs. You don’t want to have a “blind” open house. After you receive the list call the potential buyers and make appointments to show the home. Also, call an appraiser to give you an idea of what the fair selling price is in your neighborhood. If you don’t know an appraiser ask your mortgage professional.

The third step is to go through your home. Clean it and refresh it. You want your home to be immaculate. Make it look picture perfect as if it was in Good Housekeeping® magazine. Repaint the house. Obtain a storage unit to hide the junk or making your home look cramped. Mow the lawn, plant new flowers, and/or shrubs. Remember your marketing your home. Make it look appealing. Purchase candles that have a scent like baked pies. There is a lot of competition vying for the same buyer you want.

The fourth step is to take pictures of the property. Take as many pictures from every possible angle. Set up a blog on the Internet. There are many free blog web sites such as blogger.com. Describe the property as if you were the visitor and saw it for the very first time. Upload your pictures to the blog. Put your mortgage professionals name, phone number, and his web site on the blog. In advertisements and on the “For Sale” signs put the web site address people can view your blog. Obtain the necessary paperwork needed to close the deal such as the Agreement of Sale, informational flyers that list all the pertinent information about your property, a brochure illustrating the mortgage payments that the mortgage professional can offer the buyer. When a “For Sale by Owner” calls me on the phone I discuss all my services with them. These services range from informational brochures, Payment option Flyers, and getting the buyer to the table. I offer other services from third party vendors that I use on a consistent basis.

The fifth and final step is to advertise in your local newspaper, on “For Sale by Owner” web sites, free classified advertising web sites, etc. Be careful of “For Sale by Owner” web sites that will charge a fee unless they are going to list it the property in the local MLS (Multiple Listing Service). Realtors use the MLS. Discuss the possibility of having to pay a realtor some commission if he/she brings a client to the home. Also, think about giving a seller concession to the buyer. A seller concession allows up to 6% of the sale amount for non-recurring fees at closing. A buyer who doesn’t have a lot of money for closing but has a down payment might be ideal for the subject property. The seller concession would help them afford the home.

Finally have fun. Don’t get stressed out if someone doesn’t offer you the price you are looking for. You may have to throw in a warranty or lower the price. This doesn’t mean your home isn’t worth the initial price. Many people are looking for bargains when it comes to For Sale By Owners.

Enter Your Message or Comment

User Name:
User Email:
Post a comment:

Archive: Forum -Forum -Finance - Links - 1 - 2 - RSS - All RSS Feeds
The Causes and the Results. 0.004
Copyright (c) 2011 Financial Crisis Tuesday, May 29, 2012 - Terms of use - Privacy Policy