In the days of the Internet, homeowners are finding that it is getting much easier to sell their homes without a real estate broker. Selling your home can be a rewarding experience as you save all of the expensive commissions that you would be paying for an agent.
Just follow our tips and tricks that can make the sale of your home a lot easier on you. You can learn how to sell your home by yourself and save the need of having to rely on an agent to help you. This way you keep the commission in your pocket and you have total control of the entire process. The following article is 8 steps to help you sell your home yourself.
Get your home presentable and ready to sell
Doing even the littlest things will improve and get you ready to sell your home. Simple landscaping, re-painting rooms, shampooing the carpet, or even just removing some of the clutter are ways to make your house look more presentable to the prospective buyers. You may even consider more than just the sight appeal of your house, but how does it smell? Burn mild candles or fragrances to give your house an inviting smell.
You may not see things that you need to do to make the house presentable, so ask your neighbor or friends to take a walkthrough of it and point out things that they would change.
Don’t price your home too little or too big
When you go to price your home, you want to make sure you set it at just the right price in order for you to get top dollar for selling your home. If you price it too large, you could lose potential buyers, if you price it too small, you could end up shooting yourself in the foot.
An overpriced home also makes comparison and competing houses look like a better value. Overpricing is the main reason why people who choose to FSBO cannot sell their homes. The market for home selling should be taken into account when you set the price of your home, not what you think it’s worth.
The best way to get the true value of your house is to have an appraiser come and inspect it. He or she will give you the best estimate and the couple hundred that you pay them may save you a lot of headache in the future when you find out your house is overpriced. Your house should be listed 5 to 10 percent higher than market price to make it fair.
Hire a real estate lawyer
Hiring a real estate lawyer is your best bet when having the contracts drawn up for the sale of your house. This way nothing will come back later to bite you if problems should arise. They will cause an extra bit of money, but still less than what it would cost to pay the commissions to a real estate agent.
Not only can the lawyer help you with the contracts, but they can serve as an escrow agent by holding the down payment money, they can help you with things that you must disclose to the buyer, and they can help you figure out unorthodox and complex mortgage terms.
It’s always helpful to have someone on your side and looking out for your best interest when you feel like you’re on your own in the home selling process. A real estate lawyer can just add that additional piece of mind that you need when venturing out and doing something on your own.
How to market your home
There are several different ways that you can get eyeballs on your home and the more people that you get to look at it, the more effective you’ll be in selling it quickly. In addition to the "for sale by owner" signs on the lawn, you should also consider many other ways to get people interested in your home for sale.
The first method being the Internet, there are billions of people in the world and the majority of them have Internet access in their homes or offices. There are places you can list your home for free or even for a nominal fee that is worth it in the end if you capture a buyer from your listing. Selling your home on the Internet ensures that not only will locals be able to see it, but you’ll even get worldwide exposure.
Next the old trusty yard sign is the most obvious way to let people know that your home is for sale. You may get drive by lookers or people who mention it to others, just by the fact that they see the sign in your lawn. Make sure that you mow the lawn and keep clutter out of your yard when you have a “for sale” sign up. This increases your curb appeal and helps to pique interest in your house.
Another way to get interesting your home for sale is to have an open house. This brings potential buyers into see the property and for them to get to know you. Just be sure you’ve got your house fully prepared for the showing and that you have all of your facts and information straight before your visitors arrive.
Selling your house on the Multiple Listing Service may be where you want to have your house for the most potential viewers. The house can only be listed in the MLS by licensed real estate agents, so you may want to approach one to list it for you if you in return offer them a lesser than standard commission if they make the sale. However make sure they have the understanding that if you make the sale through the MLS instead of them, then the commission is not paid out.
Word of mouth is a much underrated form of home marketing. Let everyone you know be aware that you have a house for sale and perhaps they know someone who is in the market to buy. Make up fliers and pamphlets displaying photos and a full description of your house. Post your pamphlets in the grocery stores or hand them out to people that you know. The word of mouth could get back to someone who is interested.
Negotiating offers on your home
As you get an offer on your home, you should immediately consult your real estate attorney for advice on whether the offer is fair. There is three days called an Attorney Review Period in which both parties have to review things. If neither party backs out within this period, then after three days the contract becomes legally binding.
Make sure to assess the buyer’s ability to buy and look for conditions and loopholes that may prevent from a smooth transaction. Just negotiating price alone isn’t the only issue when selling a house. Don’t forget that you have the ability to make a counter offer and rarely is their first offer set in stone.
You should also be aware of current market conditions. If it’s a slow market, you may have to accept a lower offer than you had intended on.
Getting A Home Inspection
The home buyer has the right to get an inspection of your home from an independent 3rd party inspector. They’ll inspect your entire house from top to bottom, your roof, foundation, septic system, and even the appliances to make sure everything is in running order. If they find something to be faulty, it may be your obligation to fix it. Or you can always knock some money off of the price of the house to equal what the issue is. The seller may or may not agree to this.
It’s always best to get your own home inspection first before the seller hires someone to do their own. That way you are not surprised when their inspection comes back with issues. It’s better to have the issues before you have a prospective buyer waiting for you.
In certain states, you may also be required to complete a termite inspection. You will have to prove that your house is termite-free or hire and exterminator to make it termite-free.
Appraisals, liens, and surveyors
The bank or mortgage lender will also want an appraisal of your home before they lend the money. They’ll hire surveyors to make sure the property lines are officially drawn and they will also want to do a title search to make sure there are no liens on the property.
The mortgage company also issues something called a ‘commitment’ which will detail all of the terms of the purchase of the property, and the buyer and their lawyer will have to complete the designated paperwork.
When closing day arrives, the buyer will want to do a final walk through to make sure all of the agreed repairs have been finished. They will also make sure the house hasn’t received any further damage. If there are problems, the downpayment stays in escrow until the issues are resolved.
Usually closings are 30-45 days after the sales contract has been signed and all of the liens, obligations, monies owed, and everything will be paid at that day.