If you ask anyone who has ever tried to sell their home by themselves, they can recount that from the moment the “For Sale by Owner” sign goes up, the phone begins to ring. Unfortunately, many of those calls are not from prospective buyers, but rather from real estate agents looking to obtain the listing. While the idea of not having to pay a commission to a real estate agent seems attractive, many home sellers can attest to how challenging the process can be.
Being prepared is the key. If you aren’t adequately equipped, you might not attract qualified buyers, and your home could remain on the market for longer than you anticipated. Many homeowners become frustrated at the lack of offers and consider giving up. However, some sellers do accomplish selling their own home, and you can be one of them!
This industry report has been prepared for homeowners, such as yourself, trying to sell their own homes. It outlines some critical elements involved in selling your house for the most amount of profit. To help you prepare, here are 10 insider tips that you should be aware of before you decide as to whether or not this is the right approach for you.
1. Price it Right…
Correctly setting your asking price is crucial. Setting your price too high can be as costly as setting it too low. Fluctuations in the marketplace determine home prices; your emotional attachment to the home, or what you feel your home is worth, should not be deciding factors. To establish a realistic price for your home, objectively compare the price, features, and condition of similar homes in your area which have sold in recent months. Additionally, you should be familiar with the terms of each potential sale. Terms are often as important as price in today’s market. Carefully budget your selling costs and prepare a net proceeds sheet to calculate your best estimate of what you will take away from your home sale. Prospective buyers may also request this kind of analysis of buying costs.
2. Prepare Your Home for Sale…
First impressions are crucial! Make sure your home makes a positive statement by carefully inspecting all details and viewing it through the objective eyes of a buyer. Don’t gloss over needed repairs and fix-ups, just as your prospective buyers won’t. Your job is to ensure that your home stands out favorably from the competition.
3. Prepare Yourself with All the Necessary Legal Documents…
Not surprisingly, there are many important legal contracts and documents you must assemble, complete, and understand. A partial checklist of forms that are required for prospective buyers and legal documentation is as follows:
– Seller Disclosure
– Purchase Contract
– Mortgage Payoff
– Loan Application
– Deposit Receipt
– Property Profile Fact Sheet
– Buyer’s Cost Sheet
– Closing & Settlement
– Personal Property
– Exclusion List
– Property Survey/Plot Plan
– Sellers Statement of representation
4.Market Your Home Effectively…
Beyond the sign you will put on your lawn, you should find effective ways to spread the word about your home. You can reach local buyers through the newspaper; however, this is only a small part of the market you are after. You will also want to include the many buyers who could already be working with a Realtor ®. To locate them, target top agents in your market to see if the criteria of their buyers match that of your home’s. Because out-of-town buyers are also an important target, you should also create a strategy to reach them. Above all, being service-minded by making it easy for pre-qualified buyers to view your home is essential. Ensure there is always someone available to answer the phone, pick up messages promptly, and be ready to give qualified prospects a tour of your home as soon as possible.
5.Remain Objective During Showings…
Keep your emotions separate from the sale of your home. The best way to do this during a showing is to remain physically in the background. If a prospective buyer says something negative about your home, it is better to counter-balance the point by illustrating the positives rather than becoming defensive.
6.Pre-quality Your Prospective Buyers…
Don’t waste your time entertaining buyers who can’t afford your home. Research their financial steadiness concerning job security, salary, debts, liabilities, and credit standing.
…to get the rest of this FREE report that will give you more valuable knowledge on how to sell your home by yourself, click HERE or call us at 703-297-4251 to order yours TODAY!
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