Although selling a home without the services of a realtor is a scary thought to some, this is a pretty manageable task. After all, if you know you can do the job of a realtor, why would you be willing to pay thousands for commission? Of course, you have to do your assignment, since a For Sale By Owner (FSBO) transaction will require much from you. Here are some pointers.
- Price the house. Price is very critical in selling the house. Experts say that one big reason a house isn’t selling is because it is priced way too high. To get a realistic price, you should make a comparative analysis on your home and the comparable homes in your area, including those that are currently in the market and those that have been recently sold. The homes you should compare your house to should have the same size and features such as pool, car port, and landscape. If you want, you can also hire a property appraiser who will do the market analysis himself. But again, if you are confident you can appraise your property yourself, why get an appraiser?
- Prepare your property for the open house. As soon as you decide to sell the house, doll it up for the open house. Make necessary repairs and do some minimal improvements. Note the word minimal. Remember that at this point, it is not too practical to build a new living room or change an entire room, because ultimately such improvements will only add a small percentage to the actual market value. If you want to make improvements, stick to minor projects like painting new wall color, changing the windows, or replacing the knobs. Also, don’t forget to clean the entire property, both indoor and outdoor. Get rid of the clutter, stash the toys, organize your closets, trim the plants and tress, and clean the garage.
- Advertise the house. One thing that you can do this is to set up a For Sale signage in your lawn. You can also distribute fliers, place ads in the papers, and spread the word about your for-sale house. Maximize the power of the Internet as well. Because many home buyers turn to the Internet, it is a wise strategy to invest in online advertising. You can, for example, register your house in FSBO websites. These are websites that are exclusively designed for FSBO listings. Aside from this, you can also use social networking sites and your own website.
- Be ready for the paperwork. Once you have a buyer with whom you have agreed a selling price, it’s time doing the paperwork and going through all the legalities of selling a home. Foremost, you need to make a contract, arrange for an escrow, and prepare all the documents. Make sure to work with a real estate lawyer in drafting all the required papers. Although document templates are available online, they don’t indicate the state laws and regulations that must reflect in your documents.
Remember that you will do all the tasks of a realtor, so be prepared. It will help if you make a checklist of everything that needs to be accomplished.