If you want to save yourself the cost of a real estate agent's commission, do an FSBO, or, For Sale By Owner.
You will need
- Elbow grease
- Title insurance company
- Real estate attorney
- Comparable Sales information
- Info sheet
- "For Sale" sign and box
- Classified ad
- Negotiation skills
- Social-networking website (optional)
Step 1 Clean up the house Clean up the house, tossing anything that could detract from the overall appearance. Spruce up the yard, touch up paint, and do minor repairs. Get rid of clutter, which makes a house appear small and unkempt.
Step 2 Hire a title company Hire a title company to do a title search and confirm that you have clear home title. Providing them with your old title insurance policy will reduce search time and cost less.
Step 3 Retain an attorney Retain an experienced real estate attorney to protect your interests and get all your paperwork in order.
Step 4 Establish a fair price Establish a fair price for your home by averaging the sales figures for homes that have just sold or are currently up for sale in the immediate area.
Buyers expect a better price in a FSBO sale.
Step 5 Compose information sheet Compose an information sheet with several pictures of the home, and the asking price. Detail room sizes, as well as special features such as a fireplace, pool, family room, or deck.
Step 6 Make a sign Get a “For Sale By Owner” sign with contact numbers. Place it where passing cars can see it. Attach a box with copies of the information sheet.
Quick-selling homes are often in great shape or have a unique feature.
Step 7 Advertise the sale Put an ad in the local newspaper’s classified sections, and online. Network with friends to get the word out. Arrange open house days for potential buyers to inspect the property.
Join online social-networking sites to announce the sale. Include the picture and details to expand your pool of potential buyers.
Step 8 Let the attorney handle closing Negotiate with the buyer until you can accept an offer. Then hand paperwork for the closing to your attorney.
Did You Know:
Did you know? According to Consumer Reports magazine, owners are more likely to get their asking price, while agents get about $5,000 less.