What a Home Seller Should Know Before Going FSBO If you're a DIY type of person, the thought of selling your home without the help and expense of a real estate broker may be attractive to you. Although selling a home isn't exactly rocket science, there is a lot that goes on during the transaction that the layperson knows nothing about. If you insist on doing it yourself, take some time to consider some of the most challenging aspects of the process. PRICE: How much should you ask for? Knowing the current market value of your home is the most important part of selling it. Pricing a home too low is like taking a torch to a stack of your equity dollars and lighting them on fire. Pricing a home too high is dangerous as well. Overpriced homes tend to sit on the market, languishing until the price is lowered. By that time, however, your listing is stale, and real estate agents and homebuyers will assume there is something wrong with the home. Despite being sure you want to sell the home without the aid of a real estate agent, that agent is your best bet when it comes to setting a listing price for the home. Real estate agents compile a research report known as a comparative market analysis (CMA) for potential listing clients. It is free, and there is no obligation to use the agent's services. Since there is always the chance that you may change your mind during the process and decide to hire an agent, interview three of them before putting the house on the market. Use their suggested list price (they should all be roughly the same). Later on, if you do change your mind and decide to hire an agent (and the chances are good that you will, according to studies), you'll have his or her contact information.
Deciding to go it alone in a real estate transaction comes with risks. If at any time you feel you're in over your head, reach out – I am always happy to help. Middy Matthews
Licensed Real Estate Agent
734-239-3796 734-436-3433
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MARKETING: How will you get the word out? Now that you know how much you'll ask for the home, it's time to determine your marketing plan: How will you get the word out to buyers that your home is for sale? The most crucial step to take when compiling your marketing plan is to determine who will be your most likely buyer. Since they market homes for a living, this is something real estate agents can quickly identify. For the layperson, however, it may be challenging. Everything you do to market the home, from preparing it for the market to advertising, should be laser-focused to that group of homebuyers. PAPERWORK: Which forms do you need to fill out? The National Association of Realtors study finds that the most challenging aspect of the for-sale-by-owner process is dealing with the paperwork. Not only will you need to locate the forms and contracts, but you'll need to know how to fill them out correctly. Even one small mistake can be disastrous.
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The wisest thing you can do, other than to hire a real estate agent, is to secure the services of a real estate attorney. Yes, it can be costly, but you need help when it comes to the legalities of the sale. If your property is now listed with a REALTOR® or Broker, please disregard this offer, as it is not our intention to solicit the offerings of other REALTORS® or Brokers. The information contained herein is deemed reliable but is not guaranteed. ©ProspectsPLUS!, Inc. www.prospectsplus.com