Selling your home can be a very difficult thing to do; you might think that it is better to leave something like this to the professions. After all you are trying to sell your single biggest asset. With the internet and other modern technologies selling a house by owner has never been simpler then it is today.
Where To Start?
If you do not have experience in this field do not worry. Start by educating yourself with how the local market is set up and what is available to you. You are not alone in this task. You can find many books at your local library and you can look online for assistance with how to sell your house by owner.
Consider having a team on your side. Selling a home by owner does not mean that you must sell it on your own without help. For beginners, a real estate lawyers is a valuable asset who will help you negotiate through offers and counteroffers, taxation, as well as help you keep the whole process legal so you do not inadvertently make illegal missteps. If you are satisfied with your last home transaction, considering hiring the lawyer that helped you purchase the home you are now selling. Bring a neighbor or friend to walk through your home to point out home improvements from a buyer’s perspective, and a minor home repair can easily become a family project if done right.
Why Sell A Home By Owner?
In the end it all comes down to money. The cost to sell your house with a Realtor is greater then if you had just sold the house yourself. The commission fee for most real estate agents is somewhere between 5-7 perfect, which for a $100,000 house you would pay about $5,000 in commission cost alone. Going the FSBO (For Sale By Owner) way has far less cost involved then if you had sold with an agent.
Sometimes you will even have an agent that just wants to sell your house fast and not necessarily for the best deal for you and your family. Because this is the sale of their biggest possession many people want to handle the details of the sale themselves.
The Downside To FSBO
An FSBO is not for someone that needs to sell their house fast or that does not have the time to put in the work. If you need to sell your house fast you should hire an agent to help you get your house out and drive in a good buyer quickly.
The FSBO sale will involve a lot more work on your part. You are the agent so you will have to do all of the legwork that an agent would normally do in order to attract a good buyer and work through all of the financial details. All of this work will pay off in the end. If a real estate agent can do it you can too.
Some Common Errors
The most common, and sometimes most costly, error that home sellers make is overpricing their home. This can be fixed by looking at some similar houses in your area that match your square footage and room count. Or you can hire an appraiser to come in and give you a good estimate of what you should be asking for the sale price.
Another mistake many people make is taking for granted that they are selling a commodity. Your home is your product that you are selling when you take on the role of the agent. You should make it look its best just like you would if you were selling any other product or commodity. This means picking up clutter, fixing leaks, and keeping the home and yard clean and ready to show to people.
In short, selling a home by owner involves a lot of the same steps as pairing up with a real estate agent. However, by putting in the work, you will save yourself thousands of dollars in hefty commission fees and have the most interested agent control the process, you.