For sale by owner may sound like a good idea. If the idea of paying a high commission to someone does not appeal to you then selling your home may be one option you should consider. Before you do that let's take a look at what for sale by owner really mean.
1. You are in charge of all of the details. First of all how much are you going to ask for your home. The selling price is the first big decision you are going to have to make. You will have to be objective and get rid of emotion at this point. Taking a look at comparable sales in your neighborhood and within your community should give you an idea of what the market is doing.
2. Is your home ready to be sold. Many times a home looks lived in and that is not the impression you are going for here. You are going to have to fix whatever is broken. Paint where it needs it. Clean the carpets. Fix any holes in walls and doors. Try and see what your home looks like to a buyer. As the owner doing the sale yourself you can really make or break the sale by how you present your home.
3. You need to get familiar with the legal documentation needed. There are many differ contracts, and documents you will need to complete and understand. This may be an area where you want to hire an attorney or someone qualified to do this for you.
4. Marketing your home is now up to you. Putting a sign in the front yard is only step one of letting the world know you have a home for sale by owner. The internet can help you do that. Look for a for sale by owner company who will place classified ads online for you where they can be seen. Take out newspaper ads. If you have a community paper that will be less expensive than a city paper. Marketing your home is a numbers game just like any other product.
Be sure and answer your phone when it rings and be prepared to hopefully field a lot of calls. You should also conduct your own open house on the weekends or even during the week and can put out a sign right along with everyone one else.
5. Be steady when dealing with potential buyers and there realtors. If they say something bad about your home do not take it personal. Quickly decide when you are talking to someone if they are a real prospect or a tire kicker. Your time is valuable.
6. You will have to negotiate the selling price and counter offers as they come in. Be sure you know the lowest offer and terms you are willing to accept.
Selling your home is not for everyone, but it is done everyday and if you feel you are the type of person who can handle this major task then these tips should help you.
