FOR SALE BY OWNER: WHAT SHOULD I KNOW IF I'M CONSIDERING SELLING MY HOME MYSELF?



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It is important that you have a blueprint (preferably written) of the steps that you will need to follow to successfully sell your home. Is your house in selling condition based on the current market should be one of the first questions you ask and address.


Assuming the house is ready to go on the market it is important to line up mortgage companies, inspectors, attorneys, title companies, pest control companies and the like up front to help ensure that the sale goes smoothly.


You want to do a thorough job of researching the selling price of recently sold properties of the same type in your area.



The pricing and desirability of your property are key factors when attemting to sell on your own. Are you in an area with a few houses on the market or is it over-saturated with homes for sale?



Are you in a declining or improving area. What are the prospects for the future in the area where the home is located. By honestly answering the above and other timely questions you can come up with a fair price and it will also improve your negotiating leverage.


Your written blueprint for selling your home should also include:


*classified advertising rates and contact numbers for all local newspapers,


*helpful tips on showing your home and hosting an open house,


*online advertising sites if you choose to advertise online,


*information on closing and blank sample documents including “Property Condition Addendum,” Earnest Money Contract” and Buyer “Pre-qualification Worksheet.”


*a pre-inspection might be helpful as you will know your home repair situation and you can use the pre-inspection for negotiation once the buyer brings in their inspector. You can often get a "pre-inspection as a seller" at a discount with many home inspectors.




From setting the right price to finding a qualified buyer to the legalities of title insurance , tax transfers, and closing details, the entire process can be frustrating and time consuming.



However, if you have patience and do the legwork upfront it can be a successful and rewarding experience. If you don't have time or don't want to go through the process alone--it may be wise to hire a competent, active real estate agent who works your area.





A highly effective agent will save you time and probably money.


Below is a sampling from A to Z of why choosing an agent and paying a commission might be a better choice than going it alone when trying to sell your home.





WHY PAY A COMMISSION?





HOMEOWNERS ATTEMPTING TO SELL THEIR HOME WITHOUT THE ASSISTANCE OF A REAL ESTATE PROFESSIONAL--GENERALLY DO SO FOR ONE REASON ONLY:



TO AVOID PAYING A COMMISSION FEE.


IS IT WORTH IT?


ONLY THE HOMEOWNER CAN ANSWER THAT, BUT EXPERIENCE HAS SHOWN THAT MANY FOR SALE BY OWNERS FIND THAT IT’S NOT.



BEFORE MAKING A COSTLY MISTAKE, CONSIDER THE BENEFITS, FROM A TO Z, YOU RECEIVE FROM WORKING WITH A TRAINED REAL ESTATE PROFESSIONAL.



ADVERTISING---THE AGENT PAYS ALL ADVERTISING COSTS.

BARGAIN---REASEARCH SHOWS THAT OVER 70% OF SELLERS FELT THEIR COMMISSION WAS WELL SPENT.

CONTRACT WRITING---AN AGENT CAN SUPPLY STANDARD FORMS TO SPEED THE TRANSACTION.

DETAILS---AN AGENT FREES YOU FROM HANDLING THE MANY DETAILS OF SELLING A HOME.

EXPERIENCE AND EXPERTISE---IN MARKETING, FINANCE, NEGOTIATIONS AND MORE.

FINANCIAL KNOW HOW---AN AGENT IS AWARE OF THE MANY OPTIONS FOR FINANCING THE SALE.

GLOSSARY---A REAL ESTATE PROFESSIONAL UNDERSTANDS AND CAN EXPLAIN, REAL ESTATE LINGO.

HOMEWORK---AN AGENT WILL DO HOMEWORK ON HOW TO BEST MARKET YOUR HOME.

INFORMATION---IF YOU HAVE A REAL ESTATE QUESTION, AN AGENT WILL KNOW (OR CAN GET) THE ANSWER.

JUGGLE SHOWINGS---AN AGENT WILL SCHEDULE AND HANDLE ALL SHOWINGS. KEEPS YOUR BEST INTEREST IN MIND---IT’S AN AGENT’S JOB.

LAWS---A REAL ESTATE PROFESSIONAL WILL BE UP-TO-DATE ON REAL ESTATE LAWS THAT AFFECT YOU.

MULTIPLE LISTING SERVICE---THE MOST EFFECTIVE MEANS OF BRINGING TOGETHER BUYERS AND SELLERS.

NEGOTIATION---AN AGENT CAN HANDLE ALL PRICE AND CONTRACT NEGOTIATIONS.

OPEN HOUSES---A POPULAR MARKETING TECHNIQUE.

PROSPECTS---AN AGENT HAS A NETWORK OF CONTACTS THAT CAN PRODUCE POTENTIAL BUYERS.

QUALIFIES BUYERS---AVOID OPENING YOUR HOME TO “CURIOUSITY SEEKERS.”

REALTOR—AN AGENT WHO IS A MEMBER OF THE NATIONAL ASSOCIATION OF REALTORS AND SUBSCRIBES TO A STRICT CODE OF ETHICS.

SUGGESTED PRICE---AN AGENT WILL DO A MARKET ANALYSIS TO ESTABLISH A FAIR PRICE RANGE.

TIME---ONE OF THE MOST VALUABLE RESOURCES IN AN AGENT.

UNBIASED OPINION---MOST OWNERS ARE TOO EMOTIONAL ABOUT THEIR HOME TO BE OBJECTIVE.

VIP---THAT’S HOW YOU’LL BE TREATED BY YOUR AGENT.

WISDOM---A KNOWLEDGEABLE AGENT CAN OFFER THE WISDOM THAT COMES WITH EXPERIENCE.

X MARKS THE SPOT---AN AGENT IS RIGHT THERE WITH YOU THROUGH THE FINAL SIGNING OF PAPERS.

YARD SIGNS---AN AGENT PROVIDES A PROFESSIONAL SIGN, ENCOURAGING SERIOUS BUYERS.

ZERO-HOUR SUPPORT---SELLING A HOME CAN BE AN EMOTIONAL EXPERIENCE. AN AGENT CAN HELP.




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Thomas (TJ) Underwood has been providing financial advice as a tax practitioner since the mid 1980’s and began his financial planning career (while earning a Bachelor of Science Degree in Business Administration/Finance/Marketing), in Detroit at Wayne State University.  From 2010 up to the present he continues to provide visitors timely personal finance and wealth building advice and articles—including real estate advice—on 3 sites that he has created since 2010. 

Even though he is an active real estate Broker in the Atlanta Metropolitan area, he continues to blog consistently to help visitors and those who desire lasting financial and life changing success the opportunity to change their life for the better in a more efficient way. 

You can learn more about him and gain access to all three sites that he has created by going to Who is the creator of TheWealthIncreaser.com page.







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