"For Sale by Owner"--- Real Estate for Sale
Type in "real estate for sale" at your favorite search engine and you'll find more than 200 million results. Drive through nearly any community and you'll find dozens of "For Sale" signs situated in front yards. Pick up any newspaper and you'll find page after page of real estate for sale.
With all this real estate for sale it's become a "Buyer's Market."
A Buyer's Market means there is too much real estate for sale for the number of available buyers. Homes take longer to sell and prices fall. This is good news for potential homeowners, but not-so-good news for sellers; particularly those who need to sell their homes in order to avoid financial ruin.
Many homeowners who need to quickly sell their property are implementing creative marketing techniques. One of the more popular is "For Sale by Owner." FSBO offers sellers many benefits and can save them thousands of dollars. However, anyone choosing this route must take time to educate their self about the process.
The Internet is the most logical choice for research. Homeowners can download free legal documents, order FSBO kits, locate real estate attorneys, and interact in social forums where members share tips and resources. Additionally, the World Wide Web offers a variety of websites where sellers can post information and photos of their home and attract potential buyers.
One of the first steps in selling a home is to establish its value. House values are based on a variety of factors including location, condition, amenities and comparison of similar properties in the area. This is an important aspect of the FSBO process, so it's best to hire a professional appraiser.
Additionally, you'll want to obtain a whole house inspection in order to locate any potential problems. Home inspections are required before you can close the sale, so it's best to have one conducted before listing the home. This will allow you ample opportunity to make repairs and prevent any unforeseen problems at closing.
When selling a home on your own it's important to familiarize yourself with sales contracts and real estate jargon. You'll want to learn how to negotiate the terms of the sale and understand the legalese of closing and settlement documents.
When attempting to sell a home during a buyer's market it's doubly important to prepare the home and make it better than the competition. This involves cleaning, repairing or replacing broken or outdated items, and painting both the interior and exterior.
Strive to make the overall appearance of the exterior as appealing as the interior. Remember, the exterior of the home is the first thing potential buyers will see. It's imperative for it to be appealing.
Prior to showing the home, host a yard sale. Not only can you sell items you no longer need, you can also let people know the home is for sale. Consider offering a finder's fee as a way to enlist the help of others. Simplify the process by printing a flyer explaining how the finder's fee works. Include a coupon that entitles them to a specified fee if they refer someone who purchases the property.
Offer flyers about the real estate you are offering for sale and encourage visitors of the yard sale to pass them around for you. When possible, be prepared to offer "mini" showings to interested parties. One couple sold their home on the spot during a yard sale. If it can happen for them, it can happen for you.
Although selling a home on your own can be overwhelming, keep in mind it's not necessary to do everything on your own. You can hire professionals to perform individual tasks for you. If you aren't comfortable with legal contracts, hire an attorney to write them for you. If you don't have time to paint, hire a painting company. If you hate cleaning, hire a cleaning company.
Selling a home on your own puts everything in your hands. If you take time to learn the process before diving in, you can save yourself a lot of stress and a fistful of dollars. Education is key, so don't skimp on the process.
Published on April 06, 2008 at 10:21 PM | Comments: 1
| | Printer friendly