There are both advantages and disadvantages to selling your own home and it isn't difficult to learn how to sell your own home, either. Number one on the list of advantages is saving money by avoiding real estate commission fees. Another major advantage is that the seller has complete control over the sale process. Among the disadvantages are paying out of pocket for advertising costs, pricing your home too high or too low, and not being able to devote enough time to the house-selling process; for example, holding open houses or showing the house to prospective buyers. If you have been thinking about selling your home without the help of a real estate agent, then look no further. Here's what you need to know about selling your own home in today's real estate market.
Preparing your home for sale
Preparing your home for sale means doing necessary house repairs and maintenance, such as cleaning the gutters, thoroughly washing your home's exterior, and cleaning up clutter inside your home, including the basement, attic, and garage. Part of preparing your home for sale also includes setting a fair selling price. To do this you can do a comparative market analysis (many Web sites offer this service) or hire an appraiser who will appraise your home's value based on age, condition, and recent sales of comparable homes. When determining sale price, you should also account for items that will remain with the house, such as appliances, as well as fees for closing costs.
Advertising your home
Advertising is a big part of selling your own home, because if no one knows it's for sale, then no one will buy it. And, as the saying goes, a picture is worth a thousand words, so excellent quality photographs are a must no matter what advertising media you choose. Because "For sale by owner" (FSBO) homes are not allowed to be listed under the MLS (multiple listing service), it is necessary to be creative. Handing out fliers, word of mouth, For Sale signs, advertising in the local and regional newspapers, and holding open houses are all methods that homeowners can use. There are also Web sites that cater to FSBO homes where, for a fee, home sellers can list their homes for sale.
Negotiating the sale
Negotiating a final sale price is contingent upon what the asking price is as well as what a home seller's bottom line is. Negotiations generally involve a give-and-take process with the seller determining a sale price and the buyer counter offering with a lower bid. This is the point in the home-selling process at which homeowners must remain objective and sever any emotional ties to their home. Sticking to the bottom line ensures you won't lose money or the sale.
Legal paperwork
Dealing with paperwork such as legal forms and sale offers, agreements, and contracts is probably the least pleasant part of the home-selling experience. Homeowners who feel uncomfortable with this aspect should not hesitate to hire a real estate attorney to guide them through. Although it is an added expense, for many home sellers, it is well worth the costs incurred. Overlooking any legal aspect of a home sale could result in the sale falling through or future legal action from the buyer, so be sure you thoroughly understand what is involved in this step of the process.
Closing the sale
Closing the sale is the most exciting part of selling a home; however, it's important to keep in mind that it's not over until you have the cash in hand. Calculate in advance how much money you should be receiving on closing day, accounting for any fees that you have to pay. Review the settlement statement carefully for any mistakes. Once everything is in order and the keys are handed over, it's time to celebrate.
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"What documents do I need to sell my house?" Selling a home involves a lot of paperwork, so you're going to need to roll up your sleeves and start looking for several important files. |
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