These days a lot of people are thinking of selling a home on their own. Why? Because of the amount of money that they can save if they take on the task on their own. Just by not hiring an agent you can save on average 3% of your selling price. If the buyer doesn’t have an agent that number jumps to 6%. So on a $1ook house that’s a whopping 6k! The question is, is it right for you and can you actually do it? Keep reading if you are interested in trying to sell your property yourself.
Selling Your Home Yourself
There are a few things that you have to consider before attempting to sell your property on your own. It will take you some time, it will cost you some money and do you want to be the one that shows your home?
First you are going to spend some time cleaning up the property. This is true no matter if you hire an agent or not. A clean and tidy house will sell much quicker than one that is dirty and cluttered. After that’s done, you are going to have to spend some time on marketing. Money Crashers has this and more on that topic:
3. Market Your Property
In addition to listing the home on the MLS, advertise by putting up “for sale” signs, creating brochures, putting ads on Craigslist, and building a web site to market the property. FSBO.com offers home-selling packages for homeowners that begin at $69.95. The marketing packages include items like brochures and yard signs. There will be some costs involved in advertising the sale of your home, but they will be a fraction of an agent’s commission. The real cost is the amount of time and energy you will need to put into selling your home.
4. Hold an Open House
You can also hold an open house to advertise the sale of your home. Advertise for the open house by posting signs in your neighborhood. Have some light refreshments available and set out brochures about the home that visitors can take with them as they leave.
5. Know Your Property’s Selling Points
When writing your ad copy for websites or brochures, make sure to include basic information about the house, including the price, number of bedrooms, number of bathrooms, lot size, location, and of course the specific details that make the house special to potential buyers.
Take a look at other listings on Craigslist, Realtors’ websites, and Yahoo! Real Estate to get a sense of what sort of details sellers and agents are including in their listings. You’ll quickly find out that features like granite countertops, stainless steel appliances, and oversized windows entice buyers. Determine what’s special about your home and highlight those features in your marketing efforts.
Solid info – especially about knowing your properties selling points! In addition to listing your property on FSBO there are also a lot of other site that make selling your property a whole lot easier. A few of those sites are Redfin, Zillow and Trulia just to name a few. Thanks to the internet selling a property on your own is a lot easier these days.
Another thing that is mentioned in Money Crashers article is that you need to price the house. This is VERY important. If you price the property to high, you will be stuck waiting for a buyer for some time. If you price it too low, well you will get a buyer much sooner, but may be leaving some money on the table. Again, with all of the internet sites it’s very easy to look on line and look at what other houses in your neighborhood have sold for. It’s important here to make sure you are comparing “apples to apples”. You can’t ask the same price for your house that was built in 1972 has never been updated to a house that was built in the same year that has been upgraded kitchens, bathrooms floors and everything else.
Use An Attorney
In some states this is mandatory, meaning that all sales of property have to be closed with an attorney. Other states you can have the closing at your local McDonalds 🙂 We suggest that no matter if you have to use an attorney or not in your state that you go ahead and contact one for the forms needed to sell your property. You may be able to find the forms that you need on the web, but still have an attorney look them over to make sure you have all bases covered.
Denise Byers had this to say about it on her blog;
Drawing Up the Contract
• Every independent home seller should have an attorney or other qualified professional preside over all agreements — including drawing up the sale contract and managing the sale proceedings and closing. He or she might also help set the closing date and time.
• Be sure to draw up a list of items you want written into the contract — including any personal property that is to remain with the house (like the refrigerator, microwave oven, dishwasher, etc.) or items excluded in the sale.
• Be mindful that as the seller, you are obligated by law to disclose any material defects in your property to the purchaser.
• In many states, the seller is required to provide the buyer with a written disclosure statement and should have these available when the buyer first sees the property.
You can sell your house yourself fast if you pay attention to these details and a few more. The important things are to make sure you price it right so that you can sell your house fast. Clean up the property inside and outside. And finally contact an attorney to make sure you have everything in order.
Want to learn more? Check out these additional articles –