If you are selling your own home - you have several options. You can use online services of byowner.com and other similar sites. You can use limited service broker who will post your listing on MLS at nominal fee. You will of course put a sign For Sale By Owner in the yard with your phone number. I am not about to list the challenges FSBO face (I am partial because I am a real estate agent), rather I would like to offer some tips that might help those who decide to do so.
- Make sure you did your research and establish the right price.
- Get your paperwork ready: Tax info, Seller's Disclosure, Survey, Tax Bill from last year, Utility Information, Mortgage Info, HOA contacts. Click here to go to Texas Real Estate Commission website for some PDF blank forms.
- As much as possible announce you are agent friendly (if you are) and how much commission you will pay (usually 3%)
- Use as many online FREE and some PAID promotional sites as possible
- Make a custom For Sale By Owner Sign (will cost you about $150). Make it to be a different and memorable color. Buyers driving by will not confuse your home with someone else's later on.
- Make the phone number on your sign visible.
- Give as much privacy to the agent to show the property as possible (you should have some trust of course, collect business cards)
- "Pre-qualify" your drive-by onlookers with questions like: do you own currently? when are you planning on moving? are you pre-qualified with a lender? or simply ask for a pre-qualification letter before showing. Don't be too chatty.
- Chose and contact Title Company to prepare and close on the transation. Ask them if they handle FSBOs.
- Handle the offer, make sure all paper work is in order, all addenda are present, etc. Title company should be able to help you with it. Enter into negotiations and closing as much emotionally disengaged as possilbe. (Hate to tell you but this is where most FSBO go south).
Best of luck. If you get frustrated give me a call. Leeza Morris, Keller Williams Realty, Denton Texas 940-391-5080
1 comment:
Great advice! I found a good website which provides tips and information for a private real estate sale, allowing you to buy or sell your own home online.
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