5 Things to Know Before You Sell Your Home Yourself
It is not everybody’s forte to be able to sell their home by themselves. At some point, we all need a professional to intervene so that we can get the best possible deal. It is not just about planting a “for sale” sign, selling home by owner takes a lot more than that! While selling home by yourself definitely means more money in your pocket, it also means potential room for errors due to lack of knowledge and not to mention donning many hats such as that of a negotiator, doing follow up, handling appointments etc.
When you have decided to take the bull by its horns and do this by yourself then you can start by doing basic research on the internet by looking for pertinent information with regards to “for sale by owner”. This should give you enough head start to work with. However, there are 5 things that you must know before you plan to undertake this challenge.
1. There will be lots of toil and labor
The first order of business in preparing home for sell by owner is to do a lot of foot work which means that you would need to do a lot of research and get to the bottom of how real estate transactions work. You would be required to understand all the paperwork needed to close the deal, title company documents, disclosures, legalities etc. It is also a good time to take help from the experts that can assist you in this process.
2. Prep up the house
Selling your house by yourself means that you would have to do everything on your own, including the prep work. Get all the things fixed around the house together with cosmetic facelifts. This should be done before you put your house up for market. Don’t forget to address functional issues, if any. These can be deal breakers if identified at a later stage. Since house for sale by owner does not get the privilege of a real estate agent’s expert advice, you really must assess your property from every nook and cranny to avoid any problems in the transactions.
3. Evaluate your house and set the right price
For us, our dream home will always be a tad higher in terms of perceived value. However, to get good response from the market, you must get acquainted with the fair market value and price your house accordingly, lest you want to scare away the potential buyers. The best place to start will be the neighborhood sale records for the last six months.
4. Do-it-yourself Marketing
This is the fun part. Here you are actually taking your home to the buyers, figuratively that is! Use the power of internet and make the best of multiple listing services. All you need to do is pay a nominal charge and you get to list your house in their for-sale-by-owner listing on an MLS. Your property gets a lot of exposure if you are listed on a site that gets a lot of traffic. Evaluate the footfall of the website where you are planning to list the house. Unless it gets unique visitors, you may be wasting your nominal charge.
5. Negotiation and going for the kill
Negotiating is a tricky business and you must know what offer to make and what will be your counteroffer. In case you have a strong bottom line, do ensure that it is reasonable and backed by strong research.
Once both the parties have agreed on a price, it is time to close the deal so have the entire required paper work ready with respect to your state laws. With proper information and knowledge, you would be able to breeze through the process.