How to Sell a Home on Your Own
Today, we are going to discuss how to sell a home on your own. Before we dig in, it is important to understand that while selling a home without a realtor can save you thousands in commissions, you must have a strong understanding of the process before sticking a "For Sale" sign in front of your home.
The Internet provides an abundance of how to sell a home on your own advice. Sellers can download legal contracts, order For Sale by Owner kits, locate real estate lawyers, and interact in real estate forums where members share tips, resources and advice. In addition, there are numerous FSBO websites which allow homeowners to publish information and photos of their house to attract buyers.
With housing sales at an all-time low and millions of properties for sale, the real estate industry has become a buyer's market. When there are more houses for sale than buyers, sellers are forced to further reduce prices or find creative ways to market their house and make it more enticing than other homes for sale in the area.
The first step of how to sell a home on your own requires establishing the value of your house. Home values are determined by a variety of factors including location, condition, amenities, and the price of similar properties for sale in the area. In order to obtain an accurate home value assessment you will need to hire a professional real estate appraiser.
The next step of selling a home on your own involves obtaining a whole house inspection. Home inspections are required prior to closing, so it is best to have one conducted prior to placing FSBO property on the market. Inspections help locate potential problems and provide ample time to make repairs, which in turn can prevent unforeseen problems at closing.
If you are not familiar with real estate jargon and sales contracts, consider retaining the services of a real estate attorney. At minimum, real estate sales contracts should be reviewed by a lawyer to ensure both parties are protected if the deal goes bad. Learn how to negotiate home sale terms and take time to understand the legalese of closing and settlement documents.
In today's housing market it is doubly important to prepare for sale by owner real estate and make properties better than other homes for sale in the area. This might require interior cleaning, exterior power washing, replacing outdated or broken items, landscaping, and applying a fresh coat of paint to interior or exterior walls. Remember, the outside of the home is the first thing buyers will see. It is crucial for it to have strong curb appeal.
Selling a home on your own can be an overwhelming process. Remember, it is not necessary to do everything alone. Hire contractors to perform maintenance or engage in deep cleaning. Hire an attorney to draft or review real estate contracts.
For sale by owner places everything in your hands. By taking time to become educated about how to sell a home on your own, you can save yourself a lot of stress and worry and place a wad of cash in your pocket. Education is the key to selling real estate on your own, so don't skimp on the process. Otherwise, you could learn a painful and expensive lesson.
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