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FSBO Nightmares

Updated on July 16, 2012

For Sale By owners Tips

Selling your own home is a much cheaper alternative than using a real estate broker, you may have heard about some FSBO Nightmares, but if its done in the right way it will not be an issue can be done smoothly and will save you a lot of money, thousands of dollars in fact.

If you are selling your home without a real estate broker you will be able to lower your prices to sell quickly and still save money.

For Sale by owners is increasing, in this tough economy its the only way to sell a home for many, its a daunting task but when you take the right steps its actually a very simple and easy process.

How to sell your home

Clean up your house, make it look presentable make sure everything is neat tidy and clean. Remove clutter and repaint shabby looking walls so that it will look appealing to potential buyers. You don't have to spend much but its worth working on presentation as first impressions are very important.

Set a realistic price, don't over price it will put people off viewing your home. find out what the market prices are for your area and similar homes. Price your home around 5 to 10 percent above the market price, you will then have a bit of negotiating room to get the price you would like. Ask an appraiser to value your home

Hire a real estate lawyer, he can then guide you through the offers made and the mortgage and legal issues involved in selling your home such as closing the sale and what you need to disclose to your buyers.

Market your home in the local papers, online and anywhere else you can find. Put up a for sale sign where people will be able to see it from the road. Hold an open house for people to view and be there to field questions from potential buyers.

Once you have received offers on your home its time to negotiate, contact your lawyer about any offers received, let them guide you through the offer process as it is a legally binding contract Be prepared to allow any serious buyers the right to inspect your property. They may send in an inspector to do a thorough inspection and report on your home. A mortgage lender will also send in an appraiser before they allow a mortgage to continue, so expect your home to be inspected thoroughly more than once.

On closing a sale, the buyer will do a walk through of the property to make sure all agreed repairs have been completed and that the home is in the same condition as when they made an offer to buy it. If there are problems, the closing will take place but the funds are in escrow until the repairs are done. Its important that you ensure you adhere to any agreements if you want the sale to go through smoothly.

How to sell your home fast: Top tips for selling success

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    • rwelton profile image

      rwelton 5 years ago from Sacramento CA

      Good hub - great info.

      rlw

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