For Sale By Owner Check List
Many people believe that in order to get the best price for their home they need to sell it themselves.
Why pay thousands of dollars to a broker for a job that they can do themselves?
Even though less than 9 percent of the homes sold last year were sales by the owner, more than 84% said they would hire a professional the next time around.
This is not to say you cannot complete a successful sale without a professional, but a home owner needs to understand the risks and be as organized and as knowledgeable about the sales process as any agent.
Here are some of the main points to consider before you make your decision to fly solo:
Realistic pricing of your home is crucial to the successful sale of your property. If it’s priced too low, you could potentially lose money. If it’s price too high, you may also lose money due to accumulated costs from the home remaining on the market for an extended length of time. Two years ago, when I sold my last home, there was a sale by owner in the same neighborhood. The property was priced much higher than it was worth, and last I heard, the place was still for sale.
Determining the value of your home involves an in depth understanding of your market area. You can begin by doing comparative studies of similar properties that are for sale or that have sold recently in your area. It’s probably a good idea to hire an appraiser to give you an accurate market value. I also provide a free service that will give you an instant estimate online: Go to http://TexasFreeHomeValuation.Com
A good REALTOR® will advertise your home on their own web site, the MLS web site, in print, as well as through word of mouth. You have to compete with this strategy in order to effectively promote your property. Your home needs to stand out amongst all those REALTOR® listings and the longer it remains for sale, the more it will cost you in marketing.
A good place to start is with one of the numerous online ‘sale by owner’ type sites that offer reasonable advertising packages. You may also want to promote a cash incentive for a sale initiated by a REALTOR®; otherwise you may experience some sparse open houses.
One of the key contributors to a home remaining on the market longer than necessary is the owner’s lack of commitment to show the home regularly, and this includes organizing and promoting open houses. A certain amount of time needs to be dedicated each day to selling your home.
Security and Safety
As I write this post, and 15 years of selling homes, a new safety issue has really arisen and is scary in my book. Who are you letting into your home? What I mean is…Our society has changed. So many people are trusting and today’s society is not the “Leave It To Beaver” or the “Andy Griffith/Mayberry” mentality anymore.
Let’s examine a situation that happens hundreds of times a day.
You have a sign in your yard. Someone knocks on your door, and you invite them right in to look at your home. You are so happy to have a prospect, you show them the inside and outside of the home, and answer all their questions.
Including when you would be available in case “they need to get a hold of you for an offer.”
You do not know these people. They may be casing the home for a robbery.
The man of the home may be at work, and the lady of the home would be alone at risk with potential robbers. You answer their questions about your schedule for a “possible offer” which tells them your schedule of being at home.
REALTOR® professionals know more about a potential buyer, usually have them pre-qualify for a loan, which reveals their Social Security number and background. Also, contact numbers, license plates, and also agents use lock boxes which capture the times of who comes in and out of your home.
Dealing With the Customers
One thing REALTOR® do very effectively is filter out the serious buyers from the window shoppers or low-ballers. You will have to learn how to deal with these people and not fall for an offer that you’ll regret down the road.
Providing useful information to the potential buyer will lend to your credibility. A REALTOR® is always waiting in the wings to field questions on financing options, costs of home repairs related to the purchase, recommendations for house inspectors, lawyers, etc.
Meet the Professionals
Get familiar with any inspectors, lawyers or title reps involved in your sale. You don’t want a delay in process because you’ve chosen the wrong people to deal with.
Knowledge of the Legal Process
Many closings have fallen apart due to inaccurate or incomplete paperwork. Have the necessary legal documents ready and know the process inside out. Any financial incentives, or inclusions need to be documented, signed and dated; verbal agreements don’t count.
If this all sounds like a lot to think about, it is. Don’t worry, many successful sale by owner transactions are completed every year, by home owners who took the time to educate themselves on the process and details of an effective property sale.
Though possible, the odds are that you will need help in your home selling adventure.
I am only a phone call away, if you need to talk about your options. I also have some special FSBO services that you can use to sell your home. Like a local number that text your information to the prospect while in their car.
Call me at 512-686-1971 24/7 recorder and I will call back.
You also can find my CONTACT INFORMATION here on my website.