Tips To Sell Your House By Owner
Want to sell your home without a realtor?
If you are thinking about selling a home by owner, without using a realtor and save money on the commission fee, which is generally around 6% it can be done, however, it requires a little planning and work.
1. Determine a Fair and Competitive Price
Before you list your property, do your research on recently sold homes in your area and properties on the market, make sure you’ve priced the home competitively. Use the Internet to get an idea of selling prices for comparable homes in your neighborhood, and then price your house accordingly.
It’s easy to get hung up on this step and, especially if you’ve lived in your home for some time, you may feel compelled to overprice the home. Don’t fall into that trap. Remember, the goal of this process is to sell your home, so make sure the asking price is realistic. Keep your emotions out of the sale price.
2. Market Your Property
With all the money you will be saving over hiring an agent, spend a big chunk on advertising the sale of your home, it will be a fraction of an agent's commission. The real cost is the amount of time and energy you will need to put into selling your home.
Figure out your target audience and get the message to them by specific targeting. Today's home buyers are looking on the internet at homes for sale. All marketing should be geared toward making your phone ring and increasing traffic to your home. Remember, you aren't trying to sell the home online, you are trying to get buyers inside.
3. Know Your Property’s Selling Points
When writing your ad copy for websites or brochures, make sure to include basic information about the house, including the price, number of bedrooms, number of bathrooms, lot size, location, and of course the specific details that make the house special to potential buyers. Take a look at other listings on Realtors’ websites, and Yahoo! Real Estate to get a sense of what sort of details sellers and agents are including in their listings. You’ll quickly find out that features like granite countertops, stainless steel appliances, and oversized windows entice buyers. Determine what’s special about your home and highlight those features in your marketing efforts.
4. Home Staging
Do not under estimate the power of home staging. It can mean the difference of selling now for more money or not at all. You will have to prepare your house for showings and open house events. Deep-clean the house, including scrubbing the kitchen counters and the appliances, shampooing the carpets, cleaning the linoleum, and stashing your keepsakes in a closet (i.e. house spring cleaning tips and checklist). The final result should be a home that’s squeaky clean and stripped bare of most personal items.
5. Show Your House Like a Pro
If you are at home during the day, you can show the house yourself. Ask people to sign in with their phone number and email address, and ask to see some form of ID. Follow-up with an email thanking them for looking at your home. You can also hold an open house to advertise the sale of your home. Advertise for the open house by posting signs in your neighborhood. Have some light refreshments available and set out brochures about the home that visitors can take with them as they leave. Saturdays are just as popular as Sundays.
6. Perform Your Own Negotiations
Does your potential buyer have a mortgage commitment, and are you open to negotiate the price? Real estate negotiations take the form of a contract that is submitted to the seller. The seller can accept the offer, or revise the contract and submit it to the buyer. The process continues until both parties sign a contract.
In most states, there is a standard contract for real estate purchases. If you are not familiar with the contract, you should have it reviewed by an attorney. Many states do not require a lawyer for a real estate sale, but hiring one who is familiar with for-sale-by-owner can help execute contracts, and arrange closing dates.
Agents like to close deals quickly so they can get their commission, even if you don’t ultimately receive the price you want for your home. They may even inadvertently relay your negotiating position to the buyer. If you are a distressed seller, that is the last thing you would ever want an enthusiastic buyer to learn. Doing your own negotiating ensures that you do not give away important indications of your financial strengths and weaknesses.
7. Know The Rules - Comply with All Laws in Your Area
It’s critical that you comply with the laws in your area related to selling homes. Some laws are universal and will apply to the sale of your home no matter where you live. The Fair Housing Act stipulates that sellers cannot discriminate against buyers for reasons including race, religion, and sex. Contracts and agreements found online can help get you started on the selling process, but remember, those forms aren’t specific to your unique situation. It’s best to have a real estate attorney review all documents and contracts related to the sale of your home.
Final Word
Selling a home is not for everyone. Many people will not have the time or the patience to deal with the process. And for some, if the listing price is low enough, the potential savings might not be worth the time and effort necessary to sell the house without a realtor. Whatever the case, if you are planning to list your home, at least consider the great savings you could enjoy by selling the house on your own. If you know just a little about real estate, and you can put forth the effort to do a good job, you can save a tremendous amount of money by selling your own property.
Article sources:
Money Crasher: https://www.moneycrashers.com/tips-sell-house-by-owner-without-realtor/
The Balance: https://www.thebalance.com/for-sale-by-owners-fsbo-tips-1799024
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