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For Sale by Owner
Before you consider selling your house yourself, ask yourself if you are going to have the time needed to sell your house - even if you just cover the basics. (Please read the last paragraph if you are wanting to try to sell your home yourself!)
The Basics
- Complete an extensive research of local market conditions, including:
- the listing and selling price of all houses in your area for the last six months,
- the listing price of houses currently on the market, and
- the listing prices of houses that were on the market but did not sell.
Tips: Begin your research on the Internet. Follow-up by visiting the county tax records office to determine the selling prices of houses.
- Put together a marketing plan.
- How will you market your house to Realtors? Most buyers use a Realtor, so marketing to Realtors is essential. At a minimum, you'll want to send a letter and sales flyer to all Realtors within a 30 mile radius.
- How much money can you afford to devote to advertising? Call the local newspapers to determine how much it will cost for advertisements. You'll want to run daily and Sunday ads in the newspapers.
- Who will create your sales flyers? Buyers expect fact sheets to take with them when they drive-by or tour a house for sale.
- Where will you place signage? In addition to your front yard, is there areas leading in to your neighborhood where signage would be appropriate?
- How will potential buyers find information about your house on the Internet? You'll want potential buyers who begin their house shopping on the Internet to find your house. Be sure to build a website to help sell your house.
- Who will take inquiry calls and schedule appointments? You'll want someone to be available to answer inquiry calls and schedule appointments. Be sure to schedule showings as quickly as possible - even the same day.
- Don't forget about the importance of the web. How are you going to get your home on many different websites?
Tips: Ask newspapers for a discounted advertising rate for multiple placements. Be sure to check with local officials to determine if there are any restrictions on where you place signs. " Pre-qualify buyers before showing your house.
- Confirm that the potential buyer has pre-qualified for a mortgage loan.
- If the buyer is buying with cash, confirm that they have the necessary resources.
- If the purchase is contingent on the buyer selling their own house, confirm that the buyer's house is on the market. (You may also want to determine how long the buyer's house has been on the market.)
- Negotiations, Contracts and Closings
- Are you prepared to negotiate the contract?
- Do you know what the legal responsibilities of the seller are in your area?
- Who will write the contract? Will you need to hire an attorney? If so, what will be the attorney's fees?
Tips: In addition to the sales contract, you'll need to complete a Seller's Disclosure and a Lead Based Paint Disclosure.
* If you decide to attempt to sell your home yourself, I'm going to help you! (Bet you didn't think you would hear that from an real estate professional.) Just email me the pictures and description of your home and I will include it on my website FREE! All that I ask from you is two things.
(1.) If you decide to have a real estate professional sell your home then please give me an opportunity to meet with you so I can show you what I can do for you to get your home SOLD! You won't be disappointed and to prove it, I'll put my money where my mouth is with my $500 Guarantee!*
(2.) If you are successfull in getting your home sold on your own, then I would like the opportunity to help you find your next home. My services, as your buyer representative, are 100% FREE to you as the buyer. This is possible since you already know the seller pays all commissions. |