Don’t Fall Into a Pit When Selling Home by Owner

Don’t Fall Into a Pit When Selling Home by Owner

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Selling homes can be a taxing process but more if you are doing it yourself. Lack of knowledge can expose you to certain mistakes that can cost you a lot of money in the end. All the homeowners that have perfected the art of house for sale by owner suggest that while it may seem very tough it is really not that complicated. There are hundreds of people that sell their homes in sell by owner method and may at some point have experienced the anxiety that comes along with it. However, there are some common mistakes that can be avoided which can make the process of selling your home yourself far less strenuous.

Refrain from overpricing the property

We all love our homes and in our mind will always evaluate it more than it actually is. This is one of the most common mistakes that one does and has to pay heavily in not only leaving their homes on the market for far too long but also lose some genuine buyers in the process. It is always better to refer to the latest data pertaining to the market situation and realty prices in your area to get an idea about the pricing. Doing your due diligence beforehand will save you a lot a disappointment at a later stage.

Don’t under price either

You may be selling your home in extreme conditions or due to financial burdens but don’t let that cloud your best judgement when you are pricing your home. Regardless of what you think, your home can actually fetch the price that it actually deserves. Many people falsely believe that when they sell home by owner, they should deduct the commission of the agent from the price. As a matter of fact, the homes that the real estate agents sell are marked up from the original value to cover their commissions.

Don’t let unqualified buyers waste your time

When you list your home on the market, there will be a mixed lot of both genuine buyers and the ones that are not qualified for your property. You must learn the art of eliminating the latter. You should ask the potential buyers to get them prequalified before they start the initial talks and negotiations with you. If your prospect is refused loan from the lender, then you would have to go through the process all over again that can be a huge waste of time. You must also validate their claim of being qualified by seeking letter of approval from the lender. This may seem aggressive but can save you a lot of time and effort at a later stage.

Don’t be impatient

Don’t try to wash the property off your hands in a hurry. It is a time staking process and will need a lot of patience before you find a genuine buyer. If are in a hurry to sell, you would not get the price that you are looking for and may end up losing money on the deal.

Set a time and date for showing your home

It may not be convenient for some of us to show our homes at a minute’s notice. However, if your house is not show ready, it can lose some potential buyers. It is better to set specific days and time so that you can prepare your home for buyer visit and you are ready to show them around.
The most important thing is to spread the word as much as possible so that you can generate enough interest in your property. This strategy along with some caution will fare you well in the long run.

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