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Selling
a home is a complex and time-consuming process, involving countless
details, long hours and exhausting legwork. Still, many home sellers
opt to take the "For Sale by Owner" route. To help you
determine if you can successfully sell your home yourself, carefully
review the following steps.
- Step One. Thoroughly research information
regarding the price and terms of sales in today's real estate
market. Investigate recent sale prices of properties similar to
yours in your immediate area. Know lot size and current tax
information. You'll also need existing loan information and your
state's or province's property disclosure laws.
- Step Two. Meet with local lenders and determine
financing alternatives for your prospective buyers.
- Step Three. Conduct your own mini walk-through
inspection. Jot down all items that need repair or improvement.
Your checklist might include: fresh paint throughout; clean
windows and window coverings throughout; well-manicured lawn and
yard; plumbing and all appliances in working order; all sealants
(window, tub, shower, sink, etc.) in good condition; roof and
gutters in good condition—no repair needed.
- Step Four. Make all necessary repairs and
improvements before you begin to advertise the property.
- Step Five. Be available at all times to walk
through the property with prospective buyers, while answering
questions and offering information about local schools, parks,
transportation, shopping, houses of worship, etc.
- Step Six. Establish a marketing budget.
- Step Seven. Determine which newspapers will best
advertise your property. Call them for rates and deadlines.
- Step Eight. Prepare a professional,
attention-getting advertisement that will attract the right
buyers to your property. Place your ad in the newspaper(s), then
check that it ran as placed.
- Step Nine. Prepare a plan to reach local buyers
as well as those out-of-town buyers, who account for a major
portion of today's home purchasers.
- Step
Ten. Purchase an eye-catching and weatherproof yard sign;
install it at the front of your property.
- Step Eleven. Purchase special "open
house" signs and install them in paths leading from main
roads or thoroughfares, through the neighborhood, to the
property. Put these signs out each time you hold an open house,
and be sure to remove them following each open house.
- Step
Twelve. Prepare a "feature/benefit fact sheet"
outlining specific features of your home and the corresponding
benefits to prospective purchasers.
- Step Thirteen. Schedule and conduct open house
"weekdays" as well as open weekends.
- Step Fourteen. Learn how to separate the
"lookers" from the qualified buyers. Ask for names and
phone numbers, and be sure to follow up with telephone calls.
- Step
Fifteen. Be prepared to negotiate with the buyer(s) as though
you are an impartial third party. Remain calm and refrain from
any emotional outburst that might spoil the sale.
- Step Sixteen. Obtain all forms necessary for the
legal sale of real property such as Deposit Receipt and Offer to
Purchase, Buyer's Cost Sheet, and Seller's Disclosure Form (in
our increasingly litigious society, it is imperative to disclose
all known defects to the buyer(s).)
- Step
Seventeen. Determine the type(s) of financing you are willing to
consider, such as FHA, VA, Seller Carryback First Loan,
Conventional Loan With Seller Carryback Second Loan, and
"Wrap Around" Loan.
- Step
Eighteen. Negotiate with the buyer(s) all final terms of the
sale including price, financing, inspections, date of closing,
date of possession and other pertinent considerations. Have an
attorney review contracts if appropriate.
- Step
Nineteen. Plan a final walk-through with the buyer(s) before the
settlement process is complete in order to resolve any dispute.
Have a witness present.
- Step Twenty. While marketing your current
property, locate and negotiate to purchase your next home.
Attempt to schedule both transactions to close simultaneously so
you and the buyer can move at the same time.
Many
home sellers feel very comfortable in the "For Sale By
Owner" role. However, people pressed by limited time and energy
may be better suited to partnering with a real estate professional.
While making efficient use of your time, a pro can manage the entire
process and steer it toward a successful sale.
If you have questions about this or any other
home buying or selling subject, confer with the real estate
professionals who can help provide you with more detail…
We
can be reached at (310) 265-2130
Prudential California Realty is an independently owned and operated
member
of The Prudential Real Estate Affiliates, Inc., a Prudential
Financial company.
Equal Housing
Opportunity
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