A home listed for sale by its owner without the assistance of a real estate
agent or broker is said to be "for sale by owner" or FSBO.
There are four main things you need to do to sell your own home. They are:
1. Prepare your home to be sold. If you've ever seen a television
show where real estate experts go into a home to give advice to homeowners on
what should be done to make their home more attractive to potential buyers,
then you know that often improvements need to be made before you begin to show
your home. Giving your home curb appeal by improving the landscaping, making
repairs to things such as fences or porches, or even painting the exterior of
your home can increase the price you will get for your home.
You need to
prepare
the interior of the home, also. Make any minor repairs to things such as
woodwork and railings. Updating kitchens and bathrooms is also recommended when
trying to sell a home. The rule of thumb is that if you will get back the money
you've spent fixing up a home by getting an increased selling price, the work
is worth it. Even if you just break even, chances are you will have sold your
home more quickly because of the work that was done.
2. Have a professional appraisal and home inspection
done. Acquiring an appraisal and inspection serves two purposes. First, it helps
you to set a fair and reasonable asking price. Second, it will alert you to
any problems with the home that you were unaware of such as a cracked foundation
that will turn up when the buyers have their own inspections done. It's good
to know about any problems before you go to sell the house so you can decide
whether you want to get them fixed or simply alert prospective buyers to the
problems.
3. Advertise and show your home. Put a large "for sale by
owner" sign on the front lawn, advertise in the real estate section of local
papers, and list your home for sale on the Internet. There are several sites
that list FSBO homes. You can also pay a fee to have your home listed in the
Realtor's Multiple Listing Service (MLS).You may also choose to host an open
house, place a fact sheet in a box on your front lawn by the "for sale" sign,
or distribute flyers about your house on cars in local shopping centers.
When you have a prospective buyer who wants to see your house, make sure your
house is clean and decluttered before the showing. When showing your house,
be prepared for every nook and cranny to be inspected and give the prospective
buyer the freedom to check out every part of the home.
4. Make it legal. Ask serious bidders for a proof of a pre-approved
or pre-qualified loan. Have the bidder sign a contract. Contracts and all other
legal forms that you need to sell your home can found online or at office supply
stores. Even though you can pick up all the contracts you need online or at
the store, you would be wise to hire a real
estate attorney to go to closing with you. The money you spend to make sure
all the i's are dotted and all the t's are crossed is worth it to avoid the
risk of having the sale come undone years down the line when you're not expecting
it.
Answer Submitted on Mon, Nov 6 2006
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