Selling your home on your own is challenging in today’s market. If you decide to do it on your own, here are some tips to keep in mind:
preparing the house
Start by preparing your home for sale. Clean up, remove clutter, pack up unused items, and maybe have a yard sale to get rid of the rest.
appearance matters
The exterior appearance of your home is just as important as the interior. It’s the first thing a buyer sees, so you want to make a good impression. Make sure your lawn is well cared for. Repair broken doors, fences, or windows. Plant trees, trim bushes, and add some flowers.
The interior of your home should be warm and welcoming. Freshen up the house by refinishing, cleaning, or installing new flooring or carpeting, and perhaps new appliances, if your budget allows. The house must be impeccable inside. Removing clutter will give the house a more spacious feeling.
Value your home correctly
Price is the most important factor to consider when selling a home, especially in today’s tough market where you are competing with distressed properties. You will need to price the home at or slightly below the market to attract a qualified buyer. You must be motivated to sell. This is not a market to test. Only serious sellers can compete for buyers.
Incentive Offers
Offer buyers incentives such as seller financing, paying your closing costs, prepaying taxes, and offering credit or repair. Remember, the competition is fierce out there. The more you sweeten the deal, the better.
Advertising
Set aside a budget for advertising your home. Will you use signs, newspaper ads, hold an open house, and advertise the house online? These are all great ways to expose your home. There are several websites where homeowners can list their homes for sale in addition to the MLS. You want to attract as many buyers as you can. The Internet is a great place to advertise your home because half of all home buyers today start their home search online.
Talk to everyone you know and tell them your house is for sale. Make a brochure and distribute it to local realtors in the area who may have an interested buyer in your house. If they bring you a buyer, then offer to pay their commission.
negotiate the contract
If you are not going to use a real estate agent, hire a real estate attorney to help you negotiate the contract. If you can’t afford a lawyer, find out about local real estate laws, health and safety codes, and disclosure laws in your area to avoid legal problems in the future.
Remember that both parties should walk away feeling that they each gained something. Find out what is important to the buyer. Is it the price, longer or shorter closing hours, do they need help with financing? This will help you with the trading process.
Ask the buyer to provide you with a pre-qualified letter from their lender to make sure they qualify to buy your home. If it is a cash offer, ask for proof of funds, such as a copy of a bank statement. You don’t want to tie up your property for 30 or 45 days with a buyer who is not qualified to close the deal.
Close Transactions
You will need to choose a title or escrow holder or an attorney to close the transactions. Check with friends, neighbors, or local realtors and get a recommendation. Always choose a trusted company. The title company will provide you with an estimate of your closing costs. Ask if they have an online document management system so you can access the transaction 24/7 and share information with the buyer once you have an accepted contract. It saves time and is a great communication tool to keep everyone in the loop at all times to make the closing process go smoother.
