What insights do the stats provide? If you want to sell your home fast, FSBO is the way forward. Yes, there are certain challenges involved such as pricing your home correctly and dealing with the paperwork. But don’t worry, we’ll guide you through the entire process. Follow our for sale by owner checklist and tips, and you’ll be able to sell your home at an amazing price real soon!
How sellable is your house? The first step of selling your home is to turn it into a house that buyers would want to buy. Remove clutter from every single room. Thinking of remodeling the kitchen? Yes, it does improve value. But if your house isn’t too old, a thorough cleaning session should do the trick. Fix any pending repairs, though. And the same applies to your bathroom as well.
And lastly – do stage your home. It can make all the difference!
This is the most challenging part, which will discuss later on in the article. But for right now, compare your house with similar homes, conduct an appraisal and then set a suitable price.
Multiple Listings for Sale (MLS) is the most comprehensive record of houses on sale in the United States. Find a flat fee MLS in your area and put your house up on sale. Provide as many details as you can, and always fill in the description field, mentioning the most attractive features of your house. Highlight all the pros and write in a way that entices buyers to come and check out your house.
Photos are the most influential factor when prospective buyers decide houses which they must tour. Needless to say, the photos must be of superior quality. Take them after you’ve staged your house and take them in the best possible light with the most advanced equipment that you can get.
Take photos of the inside as well as the outside and of each room, highlighting fixtures and fittings.
As comprehensive as an MLS may be, it shouldn’t be the only tool you use for selling your house. Spread the word through other means as well. Put ads on Facebook, Craigslist and other similar platforms. Prepare flyers, brochures and promotional material. This definitely incurs some costs, but hey, you aren’t paying the agent’s commission, remember?
And of course, you should even put up an FSBO sign out in the yard.
An open house is one of the most effective ways to advertise sales. Put up flyers and signs in the neighborhood and announce the scheduled date on Twitter.
On the day of the open house, maintain a warm and friendly environment inside. Also, arrange some light snacks for prospective buyers.
What are the main features of your house? Do include them in the brochures and listings along with key information such as location, lot size, asking price and numbers of bathrooms and bedrooms. Also, mention specific details like stainless steel appliances, granite countertops, oversized windows and hardwood floors.
Read other listings, and that should give you a fairly good idea.
Did some of the buyers show interest? Let’s negotiate a deal! Generally, prospective buyers submit an offer, which you can either accept or revise and send back to the buyer. The process continues until both parties reach a consensus and sign the final contract.
Generally, contracts are standardized. If you aren’t familiar with the law, it’s best to take legal help at this stage. Also, please note that if you don’t cancel or amend an offer from the buyer, it may turn into a contract when the attorney review period ends. Contracts are legally binding.
During negotiations, remember that price isn’t everything. Consider other terms as well. If there are too many contingencies, it can leave loopholes, causing the deal to fail. So avoid these wherever you can. Should the buyer insist on them, get a kick-out clause added, which would allow you to consider offers if you don’t get payment within a certain period. Also, evaluate the financial qualification of your buyer. Make sure they already have mortgage pre-approval.
While you can counter offer, do so for only a single offer! Should two buyers accept the counter offer, you’d be in major legal trouble.
Real estate contracts allow buyers to conduct a home inspection under which you are obliged to make repairs and fix faults if any are identified. If you don’t do this, the buyer has the right to cancel the offer.
Comply with local and universal real estate laws. For instance, the Fair Housing Act states that sellers cannot discriminate buyers on the basis or religion, race or sex.
The day is here! Buyers will conduct a walkthrough of your home to ensure that everything is in order and the house is in topnotch condition. If any problems are identified, you can still proceed ahead with the closing, but funds will be withheld in escrow. Generally, the process takes a month or so after the contract has been signed. During this stage, existing loans are paid off, deeds are transferred, and a new insurance is issued. When the legalities have been taken care of, you receive the proceeds.
Perform a comparative market analysis, considering at least 15 similar homes in your area. Get your home professionally appraised. Deduct around 5% to 10% of this figure for negative, unchangeable aspects like a small yard or busy street. Factor in the total home selling costs, and there, you should arrive at an appropriate price now.
Our For Sale By Owner checklist contains only the most essential steps and can come in quite handy.
Being armed with information helps you address challenges and potential issues that may arise.
Setting the right price is probably the trickiest part. Set it high, and you won’t find any buyers, and if you set it too low, you won’t make enough money.
Even the simplest home improvements can improve value and attract buyers.
Conduct an advertising campaign so that buyers know your house is on sale. Luckily, the internet has made this quite simple!
Yay! Buyers are here now; time to spark it up!
Your efforts have paid off, and you finally have an offer!
Protecting yourself is mandatory. Seek legal assistance if required.
Whew! You’ve successfully sold your home without a real estate agent.
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