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Here We Answer All Your Questions About Selling Your Home By Yourself
What steps should be followed to negotiate the sale?
After initial verbal negotiation, when the buyer will submit the contract to you (the seller), you can either accept that offer or can revise and resubmit the contract to the buyer with your preferred price. As you come down, the buyer will come up and this process continues until both the buyer and seller will agree on the same price and sign the contract. After both parties agree, you should hire an attorney to conduct the closing for you.
As the homeowner, sometimes you are unable to negotiate properly because you have an emotional attachment to the house. Usually, the selling price is not the only factor of negotiating success and If you have an emotional attachment to the house then no matter how much motivated you are, you may end not closing the deal. That's why in most cases taking help from a Real Estate professional is the best option.
How should I promote/market my home for sale?
Marketing a house by owner is quite a difficult and tricky task. Unlike Real Estate professionals, you don’t have enough contacts or have access to the marketing materials. You will need to do promotions through different ways like using street signs, flyers, or hosting an open house.
You will also have to think about photography and maybe videography, which could be very expensive.
Another way to market your home is to list your property on Multiple Listing Services but you will also have to pay for that because only people having a license can list the property on MLS.
In short, you should weigh the cost of advertising your home against the expected profit before choosing the options of FSBO (For Sale By Owner).
How much should I list the price of my home for?
This is the most important step in selling the house. If you accept the price offered by the buyer, and the offer is less than the fair price of your home, then you will walk away with less cash on your hands than expected. On the other side, if you set the price of your house very high then may have your house on the market for weeks or even for months.
Before listing the price of your home, you should do a detailed analysis of your home as well as homes in the surrounding areas that are for sale. Compare their prices, then set the price of your house according to that.
As you are not a professional seller, the best way is to hire a licensed appraiser as he will give you the most accurate estimate of your house. An appraiser usually charges between 300$-500$ and you should keep this in mind before choosing the option of hiring one.
Which documents are necessary and how can I have access to all the appropriate contracts, disclosures, and other paperwork?
Before showing your home to different people, you should get and assemble all the necessary paperwork like property surveys, receipts & warranties, permits, property tax bills, loan documents, latest utility bills, property titles, contracts, disclosures, etc. As each state has its own set of rules and regulations regarding property buying and selling, what is applicable in one state may not be relevant in another. It is necessary to do proper research about the rules and regulations of your state.
In order to have access to all the appropriate contracts, disclosures, and other paperwork, you must check your county and state government websites to get information. Most states have a standard contract and you can download such forms from these websites.
How to deal with the competitors while selling my home?
You must explore different homes for sale in the surrounding area, attend some open houses in your area and check their prices. You also have to evaluate their marketing strategy, compare yours and their offers, then build an effective strategy regarding how you can max out the competition.
You must make as many repairs as possible, like fixing doorknobs, cabinets handles, electrical switches, lights, etc. If your house is in better shape than the others in your neighborhood, your chances of selling are higher.
Another way of beating the competition is to offer your home 10 to 15% below similar houses in the surrounding area. This will put less money in your pocket but you will sell your home faster.
Which information do I need to draft my Listing and how can I gather that information?
In order to draft your listing, you need to gather information like the year in which the house was built, the area covered by the house, the number of bedrooms and bathrooms, and any additional information like swimming pool, heating/cooling configuration, parking lot, etc.
You must also have to take care of your home photos as these photographs can make or break your listing. You should take as many photos as possible. Take at least one picture of each room and the hallway in the house. Take the photos in natural light in order to make your listing appealing.
The description should have all the authentic data, that is not included in the standard listing information, along with the sales copy as this will attract the buyers, also include all the information that you think the buyer will want to know about the house.
When should I begin home selling?
The best time to sell your home is when the weather gets warm up as winter is generally the slow time of the year for selling a home. In winters, especially during the holidays, people generally are either busy in get-togethers or prefer to stay home due to cold weather.
If you want to sell your home in the winter season, you will come across a small number of buyers and you will not have a smaller chance of selling your home for the best price. The good side is that you have the advantage of less competition at that time of the year.
The best way of deciding when to sell your home is by analyzing the market and the competition.
How can I screen potential buyers and find the right buyers?
It is very important to check buyer’s information as scammers find it as an opportunity when you are showing your home to different people. You should note down the names, contact numbers, and addresses of the buyers. This way you have all the basic information about the buyer and also it makes people think twice before stealing anything or doing any act that damages your house.
You should also ask buyers for a pre-approval letter from a mortgage lender and information about the types of loans that they are seeking. You should also ask for proof of funds(POF) for cash purchases to make sure that they have enough money to purchase the home. After all, you don’t want to waste time with buyers who can't afford to buy a house.
How a home inspection can impact my For Sale By Owner listing?
Before offering a price, the buyer will visit and inspect your house. During the inspection, he will closely analyze and look at your house and check for problems, related to structure, foundation, or any other that you even do not aware of. If he finds something, he will ask you to cover the cost of repairs in your listing price and may offer a price that is far less than your listing price.
So it's important to know about the problems of your house beforehand and use this knowledge to negotiate repair costs with buyers.
What paperwork do I need to sell my house?
The paperwork that you will need to sell your house may vary from state to state as each state have their own set of rules, regulation, and policies. Generally, the paperwork that you will need while selling your house is the property survey, receipts & warranties, permits, property tax bill, loan documents, latest utility bill, and property title.
You may also need a Selling Contract, a Residential Property Disclosure Form, Occupancy Agreement, and other related documents. If you are selling your home by yourself then you will have to find out about these documents before closing the deal.
What fees I will be charged at closing and exactly how much I will end up with?
The fees that will be charged at closing may include:
- Fees for the title insurance policy of the buyer.
- Mortgage payoff and prepayment penalty (if applicable).
- Outstanding amounts owed on the property.
- Seller’s attorney fees (if applicable).
- Transfer taxes and recording fees.
- Homeowners Association Transfer Fees.
- Other taxes and fees depending on the state where you live.
While listing the price of your house, you have to keep the cost of closing in mind so that you can get enough profit even after paying the closing dues.
Why don't more people sell houses on their own?
Selling a house is not a simple task and involves a lot of hassle. From properly advertising your house to dealing with different buyers, a home seller needs to have enough experience.
In most cases, as an owner of the house, you have an emotional attachment with your house that will create a hurdle in closing the deal. Owners also have to spare a lot of time in order to deal with the buyers because there could be a lot of visits and inspections.
As a homeowner, you usually do not have any access to the marketing materials, MLS listings, and so on, making it very difficult to you to properly advertise your home for sale.
The lack of experience to analyze the market and house value in order to set an appropriate price for selling is another issue.
Selling a house also requires negotiation skills. If you don't know how to negotiate, then you may end selling your home for far less than you expected. On top of it, there are legal documents like contracts, disclosures, and other paperwork.
That's why most homeowners prefer to use a Real Estate professional to help to sell their houses or approach a professional home buyer who can buy the house for a fair price.
How can the closing process be handled efficiently?
The closing of a house is also one of the most important tasks. It is an entirely legal affair as this includes some defined steps and procedures that will be handled by an attorney or Real Estate Agent. You will be asked to provide certain information or documents that are needed in the closing process.
During the closing, you should have to be in contact with the buyers all the time and inform them of the procedure.
One of the biggest hurdles in the closing process is the mortgage. There are many conditions in the mortgage approvals and if the buyer is unable to meet even one of the conditions, whether it is a minor or a major one, the loan approval can be withdrawn. That's why you must have to stay on top of related developments on the buyer's mortgage application. You should even request a copy of the buyer’s mortgage approval for your records.
A cash offer is always a better way to go because it removes this complicated and slow process of the mortgage loan.
Is it a smart move to sell my home by myself?
A lot of experience is required in selling a house. There are many important steps like setting the appropriate price of the house, marketing the house, talking to different buyers, negotiations, closing, etc.
To sell your house by yourself you must have enough experience in dealing with different buyers, time to deal with the potential buyers, access to marketing materials, enough experience to analyze your house and the competitive market to set an appropriate price for your house, and negotiation skills.
You also have to take care of legal documents like contracts, disclosures, and other paperwork.
Selling a house by yourself is a smart move if you are comfortable with all these challenges, but it can be a nightmare if you don't know how to manage all the hurdles.
Selling a house by yourself typically leads to a lower sales price, according to data from the National Association of Realtors’ 2018 Profile of Home Buyers and Sellers. The average sales price of an FSBO (For Sale By Owner) home was $200,000 in 2018, which is nearly $65,000 less than the average sales price of $264,900 for agent-assisted home sales as reported by NAR.
How do I prepare my home for selling?
To prepare your home for sale, the most important tasks that you have to do are:
Decluttering, as being an owner, you have an emotional attachment with the house but still, you must remove unnecessary items from the house. To sell your house faster and for the maximum amount of money, you have to get rid of all the clutter.
Deep clean the house as a clean house will be more attractive for the buyer. You should hire a cleaning crew to deep clean the house before going to the market.
Do touchups to the house like a fresh coat of paint, add a few pots of colorful flowers on the entry, and so on. This will make your house look more appealing to the buyer.
Photographs can make or break your listing so you should take as many photos as possible, take at least one picture of each room and hallway in the house. Don't forget the garage or parking lot. Take the photos in natural light. If possible, hire a professional photographer to take pictures of your house for you.
Arrange an open house instead of separate meetings with each buyer. It will provide buyers with the perfect opportunity to see your home up close without the hard sales pitch. Give the attendants of the open house a listing sheet that includes all the details, this way they can take it with them and can contact you later. The open house, if successful, is also a way of showing potential buyers that there is competition for the house, and this may speed up the sale.
Do You Need To Sell Your Home Fast?
We have cash buyers who will bid for your property.
We can have offers in as little as 24 hours!
We buy houses as-is. No repairs needed. No agent commissions. All Cash.
If you are not happy with the cash offers, we will market the house for you for the full market price.
