Tips to sell your house! For Sale By Owner
Most people think that selling their house is easy—you just throw a sign in the yard and wait for someone to come along and make you an offer. A lot of people’s first instant is if they don’t hire a realtor so they can save some money….Well, nationals statics show that sellers that used a Realtor received a better return on their investment. You Say How Is that? Well, Realtors have an advantage from the start we have all the tools and experience to price the property correctly and to handle all the challenges during the process.
You need to be prepared if you decide to sell your property yourself… You will be asked every possible question about your property, financing, lenders, What are the different types of loans in your area, How many homes are in your community? How many sold in the last 6 months and for how much? Does your property qualify for FHA Loan how about a USDA Loan? How is the market in your community? Is it currently a buyer's or seller's market?
Do you know the school districts in your area? Do you know how much is required for a down payment with different types of loans in your area?
Do you know upfront what you’re legally obligated to disclose and what you’re not obligated to disclose about your property when putting it on the market? This can keep you from having problems later, which is why it’s a good idea to consult an attorney early in the sales process if you are not using an agent to sell your property. Example: Do you know if and when you would need a Lead Base Paint disclosure?
When should a homeowner who wants to sell his own home contact an attorney?
If you are not using an agent then, As Soon As Possible. Experienced real estate attorneys can provide valuable advice about local laws governing the advertisement and the sale of real estate. They are familiar with all the challenges that can come up during transactions and can give homeowners a heads-up to avoid such issues.
Realtors have a lot of experience with buyers/sellers and their preferences. Realtor know how to run Comps and determine the correct market value for your property. A Realtor also know how to negotiate the sales price along with all repair procedures, inspections with Agent also have contacts as for inspectors and contractors ready to handle all the issues that come up during the purchasing process, An Agent will not be emotionally connected to your home, so they can see it with unbiased eyes.
Getting ready to put your property on the market
- Be prepared to assist and negotiate with Buyers, Agents, Appraisers, Home Inspectors, Termite Inspectors Attorneys, Contractors, Banks/Lenders, and Underwriters. Yes, you will be in contact with all of these during the sales process unless you have a realtor to handle it all for you!
- The first thing to do is deciding on the sales price. Be reasonable about your listing price
- Decide on and Contact an attorney upfront if you are not using a realtor.
- Prepare your home before putting it on the market. Here is a list of things to think about when listing your property. Remove personal photos, Remove extra clutter, including your collectibles,
You may want to Replace brightly colored carpet with neutral colors, Remove wallpaper and wallpaper borders and repaint in a neutral color, Clean, Fix and Organize things that everyone notice when they see your property
- Be prepared if your buyer has an Agent representing them are you prepared to negotiate with a Trained Buyers Agent asking you questions?
- Get all HOA Documents (If you have one) so you can pass them on to the buyer to review
- Do you understand the buyer's Due Diligence/Inspections period And what it means to you?
What If’s (Challenges that may arise)
What if the appraisal comes in lower than the contract/purchase price? Do you know how to negotiate that?
What if your buyer changes his mind and decides they don’t want to buy your property the week before closing what do you DO Then?
What if during the inspections period they find out the house has moisture issues or termites What do you do next? Do you know how to overcome this and keep the buyer in the deal?
What if the seller asks for a long list of items to be repaired after the home inspection? How do you decide what has to be repaired or not?
What if you have serval buyers interested in your property do you know how to handle this so you make the best deal and get the most return on your investment. Look at all offers and be sure to read all contingency very carefully.
What if the buyer tells you they can not close on the closing date on the contract! Do you know your options and the process to extend a contract?
After a few WHAT IF’S most people decide to hire an agent to assist them. There are simply too many things that can go wrong during a real estate transaction and It usually cost the sellers more in the long run that try this on their own. Give me a call if you have any questions 910-840-2287, Robert Ward
A new pole was out last week that stated 89% of the properties sold used a Realtor to make the most Return on their investment selling their properties