Getting Ready to Sell Your Own Home
With current real estate commissions ranging from 4 to 7 per cent, many home sellers are thinking of selling their home themselves.
Every year, approximately 10 per cent of homes are sold by their owner. To sell your own home, you will need patience, commitment, and a willingness to take care of details.
Who Should Handle the Paperwork?
One of the biggest obstacles to selling your own home is dealing with all of the paperwork. From disclosures to escrow documents; deeds to sales agreements; unless you are experienced in handling legal documents and contracts, it is wise to hire a lawyer that specializes in real estate. A real estate lawyer will handle all of the details for you, and prevent any legal disputes that could arise if these documents are not handled correctly.
How Do I Advertise My Home?
You will need to plan your advertising methods to let the world know that your home is for sale. One of the easiest ways to do this is to check out the ads in your local paper. Cut out the ads that you particularly like, as well as the ads that are running for homes similar to yours. You can easily mix and match phrases and approaches to create your own successful ad.
Be sure to include all the details about your home in the ad. State the style of home, number of bedrooms and bathrooms, the price, the street address, and indicate that you are selling FSBO (for sale by owner).
What About Showing My Home?
To prepare for showing your home, take photos of the outside, as well as several inside views. You can get good quality photocopies made at any office supply store. Add a complete list of features, the phone number, address and your name. Give a copy to everyone who visits your home. This will help potential buyers remember the highlights of your home.
One of the biggest issues with home showings is safety and security. You will be letting people into your home without really knowing them. Some FSBO sellers require potential buyers to call them first. They collect their name, phone number and address before they set the appointment to show the home. Then they call back to confirm the information. Other sellers arrange to have someone else show the home for them.
With some simple planning, selling your own home can save you thousands of dollars. The extra money can be put into your new home, or into your pocket to enjoy later.