11 Steps for the For Sale Sale By Owner
If you're getting ready to sell your house and contemplating trying
to do so without listing the property with a real estate agent - you'd
be well-advised to keep reading. The experience will go much more smoothly
if you know what to expect and prepare for it. About
20 percent of homes on the market in the United States are
sold by owners.
1. Get a standard contact form from your local stationary store or
real estate agent. An agent will probably work with you in hopes of getting
your listing if your home fails to sell. Go over all of the possible contingencies
a buyer might want. The agent will be helpful in this area.
2. Get a handle on "comparables" or "comps" from
your area before settling on a sale price. Ask a competent agent to help
you find out what homes in your neighborhood sold for.
3. Learn how to pre-qualify potential buyers by talking to a mortgage
banker. They will be likely to have a basic form for buyers to compete.
4. Make up a fact sheet to hand out to all prospective buyers that
describes the features of your property, and the neighborhood, including
schools, public transportation and churches. Include annual property taxes
and average utility costs as well.
5. Many areas have rules about disclaimers, disclosures about known
defects of the house, or specific written statements which indicate the
house is being sold "as is". Find out from a local title insurance
company about your state rules and be sure to comply with them. Proper
forms for compliance with these laws are usually available from a real
estate office.
6. Estimate what closing costs are going to be in advance by talking
to a title insurance company or an agent. Be sure to find out exactly what
paperwork will need to be completed in advance so closing will not be slowed
down, interrupted or prevented.
7. Primp. The HOUSE, silly. Do as much cosmetic work like cleanup,
painting, landscape spruce up, edging, mulching, etc. as you can afford.
Consider power washing the exterior.
8. Advertise your open house dates and hours. Sunday is the traditional
day. Allow four hours. Be sure to include day & evening phone numbers
in the ad.
9. Be prepared to commit time each weekend to open-house activities.
Be available. Be patient. Be communicative. Don't traipse along with visitors.
Let them take the tour at their own pace. You'd be smart to pack the pets
and kids off during open house hours.
10. When you've found a willing buyer, after they've read the contract,
they should provide you with a simple financial statement along with an
earnest money deposit. The contract should specify how long the buyers
have to get bank confirmation of their loan eligibility or to take care
of contingencies like an inspection. Remember to give them your disclosure
forms.
11. In the event of a failure to close the deal for any
reason...
REPEAT
STEPS 1 THRU 10
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