FSBO

Some people are able to sell their own homes without the services of a real estate agent. Some of these do-it-yourselfers are very experienced home sellers. Others are simply transferring ownership of their home to a child, a coworker or a tenant who's already living in the home.  For most people, a FSBO is not the best way to go.  Here are 5 reasons why you should reconsider:

1.  FSBO listings do NOT get into the MLS system and are therefore eliminated from many search engines and the most searched home search site REALTOR.com

2.  Agents don't show FSBO homes because there is no guarantee an agent will be compensated for their services.

3.  FSBO's tend to overprice their home because they honestly believe their home is worth more than others in their neighborhood.

4.  Buyers feel intimidated working directly with the owner.

5.  FSBO's are likely to stumble into legal trouble - esp. with the extensive legal disclosures required in a real estate transaction.

However, if you decide you want to sell your home without the assistance of a professional realtor, I hope these 10 steps assist you.  Feel free to contact me if I can be of assistance. 

Ten Steps to Selling Your Home For-Sale-By-Owner

1.  Define your goals, wants, needs and expectations.  A good place to begin is by exploring your short and long term goals in life and how selling your home fits in. 

 

2.  Determine the best price for what's going on in the market right now.  Assess the current state of the market and what comparable homes are actually selling for by reviewing a Comparative Market Analysis (CMA) on your home.  That way, you can objectively determine its fair market value and price it right.

 

3.  Prepare your property so that it is in top-selling condition.  Most of us don't keep our homes in top-selling condition.  Think about your home from a buyer's point of view.  Repair, replace or remove items in your home so that it makes a GREAT first impression.

 

4.  Implement time-proven, research-based marketing strategies.  Market your home to as many people as possible using for sale signs, flyer boxes, open houses, feedback tracking and web listings.

 

5.  Show your property.  Ensure that your home is always in top-selling condition.  When you leave for work, make sure that your home remains in top-selling condition. 

 

6.  Receive an offer.  When a buyer decides to buy your home, an offer will be presented.  Consult with legal counsel. 

 

7.  Negotiate to sell.  Most offers require some level of negotiation.  Decide your parameters and be prepared to negotiate towards a win-win situation.

 

8.  Have your home appraised and inspected.  Once you have accepted an offer, work with the buyer or buyer's agent to coordinate an appraisal, inspections and a survey (if required).  If the buyer requires that certain repairs be made on your home, negotiate or make them to move successfully from contract to closing.

 

9.  Prepare for closing.  A few days before settlement, contact the title company and the buyer or buyer's agent to ensure that all the necessary forms and documents have been prepared.  Consult with legal counsel.

 

10.  Close!  At the closing meeting, ownership of your property is legally transferred to the buyer.