Selling Your Own Home
When selling your own home yourself, instead of working with a real estate agency, there are some very important things you should know before placing your first “For Sale by Owner” (FSBO) advertisement.
First, you’ll have to do your own Comparable Market Analysis (CMA) and establish a reasonable asking price for your home. You’ll also have to work on the home’s interior and curb appeal and repair any minor problems.
Next, you may have to give potential buyers at least one property disclosure when you sell the home. These disclosures basically pertain to the condition of the property or location. However, not all states require this.
Some disclosures are pretty simple and may address things like the age of the house, condition of the heat/ac unit, the age and condition of the roof and whether there are problems existing within the house that the potential buyer needs to be made aware of.
However, the disclosures can also extend to things like property disputes, whether the house is located near landfills, low lying flood zones, earthquake faults, etc. And there could be a host of other issues specific to your home and/or the community it is in.
For example, many houses built before 1978 may have lead-based paint. Federal law requires the sellers of FSBO houses to disclose this information and provide details to the potential owners about past lead tests or offer the opportunity for the buyers to do their own testing.
However, many buyers and sellers won’t perform the lead tests, but the seller should at least provide the buyers with a lead paint pamphlet, that is available for free of charge from the Environmental Protection Agency.
So, if you want to get the best possible price for your house take a look around and clean up its general appearance. Sign up for the “Sell It Myself” Ecourse and learn more effective ways on how sell your own home and save Realtor fees; 7 lessons in 7 days. And it’s FREE. Enroll here and the 1st lesson will be emailed to you immediately after registration
When selling your own home, the property’s exterior can greatly affect it’s “curb appeal” and marketability. If they see a poorly maintained yard they will assume that the inside of the house has nothing better to offer, and won’t be interested in seeing it. In that event you’ll have lost a potential buyer.
Curb Appeal applies to your back yard as well, because will eventually want to view the back yard as they are shown the rest of your house.
Next comes applying the same care and attention to the inside of your home to make it just as appealing as the outside. In many ways this is as simple as developing “curb appeal” and when selling your own home, or listing with a Realtor for that matter, you can start by simply maintaining a clean and clutter free appearance, killing any odors and possibly making a few minor repairs.
Also, when selling your own home For Sale By Owner you’ll have to be flexible when it comes to showing it. While showing your home isn’t difficult, it can be very time consuming. So, be prepared for same day requests to show it, last minute requests, and for times when real estate agents or buyers show up on your front porch unannounced.
And granting these requests can make a huge difference when selling your own home.
Finally, when selling your own home be prepared to answer all questions as politely, truthfully and as accurately as possible. Most importantly, never get too personal or let your emotions take over when showing your home. The buyers are there to look at your house as a possible purchase and not to discuss your love of collecting unicorn figurines or how great your 72 Olds convertible runs.
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