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Previous Page Next pageSeller’s Information.
Are you the type to sell your own house?
(Maybe…. maybe not.)
Complete the listed items to successfully sell your home yourself.“For Sale by Owner”
Selling a home is a complex and very time-consuming process, involving countless details, long hours and exhausting work. Still, many home sellers opt to take the “For Sale by Owner” route. To help you determine if you can successfully sell your home yourself, carefully review the following steps.
Thoroughly research information regarding the price and terms of sales in today’s real estate market. Investigate recent sale prices of properties similar to yours in your immediate area. Know lot size and current tax information. You’ll also need existing loan information and your state’s or province’s property disclosure laws.
Meet with local lenders and determine financing alternatives for your prospective buyers.
Conduct your own mini walk-through inspection. Jot down all items that need repair or improvement. Your checklist might include: fresh paint throughout; clean windows and window coverings throughout; well-manicured lawn and yard; plumbing and all appliances in working order; all sealants (window, tub, shower, sink, etc.) in good condition; roof and gutters in good condition—no repair needed.
Make all necessary repairs and improvements before you begin to advertise the property.
Be available at all times to walk through the property with prospective buyers, while answering questions and offering information about local schools, parks, transportation, shopping, houses of worship, etc.
Establish a marketing budget.
Determine your advertising budget and which newspapers will best advertise your property. Call them for rates and deadlines.
Prepare a professional, attention-getting advertisement that will attract the right buyers to your property. Place your ad in the newspapers, then check that it ran as placed.
Prepare a plan to reach local buyers as well as those out-of-town buyers, who account for a major portion of today’s home buyers.
Purchase an eye-catching and weatherproof yard sign; install it at the front of your property.
Purchase special “open house” signs and install them in paths leading from main roads or thoroughfares, through the neighborhood, to the property. Be sure to check city ordinances as to how many signs are allowed and how they are to be displayed.
Put these signs out each time you hold an open house, and be sure to remove them following each open house.
Prepare an information or fact sheet outlining specific features of your home and the corresponding benefits to prospective buyers.
Schedule and conduct open house weekdays as well as open weekends.
Learn how to qualify buyers. Ask for names and phone numbers, and be sure to follow up with telephone calls.
Be prepared to negotiate with the buyers as though you are an impartial third party. Remain calm and refrain from any emotional outburst that might spoil the sale.
Obtain all forms necessary for the legal sale of real property such as Earnest Money Contract, Deposit Receipt and Offer to Purchase, Buyer’s Cost Sheet, and Seller’s Disclosure Form (in our increasingly litigious society, it is imperative to disclose all known defects to the buyers.)
Determine the types of financing you are willing to consider, such as FHA, VA, Seller Finance First Lien, Conventional Loan With Seller Finance Second Lien, and “Wrap Around” Loan.
Negotiate with the buyers all final terms of the sale including price, financing, inspections, date of closing, date of possession and other pertinent considerations. Have a real estate attorney review contracts if appropriate.
Plan a final walk-through with the buyers before the settlement process is complete in order to resolve any dispute. Have a witness present.
While marketing your current property, locate and negotiate to purchase your next home. Attempt to schedule both transactions to close simultaneously so you and the buyer can move at the same time.
Many sellers feel very comfortable in the “For Sale By Owner” role. There are hundreds of websites devoted to this topic. However, people pressed by limited time and energy may be better suited to hiring a realtor. While making efficient use of your time, a good realtor can manage the entire sale successfully.
