By using some simple FSBO (For Sale by Owner) tips and techniques, the average homeowner can sell his or her own home without the assistance of a real estate agent. Just as many others have done in the past. You can sell your own home and save thousands, but it takes work and commitment.
Below you will read some simple strategies that can stack the odds in your favor, which will increase your chances of success when selling on your own.
FSBO Tip 1. Understanding the real estate market.
Getting an idea of your local market conditions makes good sense. Just like any other product getting a feel of what's hot and what's not can help you make the sale of your home. Consider your neighborhood and the features that distinguish it from others. If you're comfortable, contact a real estate agent to discuss what the current market environment is like.
FSBO Tip 2. Timing is everything.
Timing the decision to sell and gauging the current market conditions could be two of the most critical decisions you make. If you need to sell your home quickly, the less flexibility, you'll be able to have it. Conversely, if you're not in a big hurry you can sit back and wait for the perfect buyer. Just remember the real estate market is a cyclical environment. If it's a good time to wait for the next upswing.
FSBO Tip 3. Assemble a team of professionals to help you.
While it's nice to think that you can do things on your own, selling a home takes specialized knowledge. It's more than just writing a sales agreement. Depending on what part of the country you are in, you may or may not be able to obtain the legal details. As a rule of thumb, if you're east of the Mississippi it's usually a real estate attorney. If you're west of the Mississippi, it's a title company. Either way they'll be indispensable part of your home selling process. Another important partner to consider is a reputable mortgage banker / lender. They can assist in helping you prequalify buyer prospects. We'll talk more about qualifying prospects as you read on.
FSBO Tip 4.How to determine the fair market price of your home.
This always seems to be a tricky one. For many home sellers this typically reveals itself as a major point of contention. If you decide to pay for it or not, it will reduce your negotiating advantage. It is not the way to get a legitimate price either. There are only two legitimate and well-recognized ways of determining a fair market value. One way to contact a real estate agent or broker to provide you with a CMA otherwise known as a comparative market analysis. From a full-blown appraisal done by a professional real estate appraiser.
FSBO Tip 5. You're selling a home not a home.
While it's important to become emotionally detached, you do not have to become a robot. After all, this is your home, but do not be cold. Keep in mind that people are going to perceive their home differently than you do. Either way the right person wants to walk through the door and buy your home.
FSBO Tip 6. Preparing your home for sale.
Today's real estate market rewards those homeowners that place a high-value on neatnessas well as cleanliness. It promises to be a quicker and more profitable sale. Once again the depersonalizing of your home helps your prospect with such an emotional decision. Decluttering the inside of a home is key to your preparation. If necessary, rent out. Just as a side note, having a garage sale is so great. Not only do you get rid of the items but you make a little money in the process.
FSBO Tip 7. Start spreading the news.
It should be understood if you are going to sell your home and you are going to do it yourself. This will immediately be the attention of anybody. Naturally, this is the essence of selling on your own. The key features of your home is a must. The simple use of word processing programs is a simple highlight sheet is easy.
FSBO Tip 8. Knowing a few, negotiating skills will get you a long way.
It's not necessary to become the next great diplomat. You want to keep in mind that it's necessary to keep your emotions in check. When discussing the selling price it's important that your calculations and numbers are correct. This allows you to achieve greater flexibility and leverage.
FSBO Tip 9. Qualifying buyers and stopping the lookie loos.
So what's a lookie loo? A lookie loo is a person that comes to your house and looks in everything. They look in cabinets, closets and drawers check everything out but never make you a serious offer. You need qualified buyers looking at your home or it's going to be very discouraging. One of the best ways of getting qualified prospects is to have them by your mortgage broker / lender. So you can take the direct approach. If you're arranging a phone, go ahead and ask them if they are pre-qualified. Do not be too shy when it comes to your prospects. If you're on an open house and someone expresses interest in your home go ahead and ask. Most of the time they're pre-qualified they love to tell you. So do not worry about asking, it's the right thing to do.
FSBO Tip 10. If all else fails, go to where the realtors hang out.
If you wait for a while, you can not go to the MLS option. This does not mean that you have a real estate agent or broker. As a private party, you can list your home with your local multiple listing service. Usually, this will cost you to pay this amount of money over the country. The upside is that you should be able to sell your home in short order. The obvious downside wants to be co-op to an agent. Only in unique situations would the cost of co-opting be virtually impossible, due to low equity or some other extenuating circumstance.
These FSBO tips should give you a solid foundation to successfully sell your own home. There are many specific ideas and recommendations that are beyond the scope of this article when it comes to pricing, preparing and staging your home, and all of the items previously outlined. You should definitely research and prepare yourself for selling your own home process. In the long run, it makes things easier and could save you or even make you thousands of dollars.Immobilienmakler Heidelberg Makler Heidelberg
Source by Alan Kirchain