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Seven Things You Absolutely Must Do When Selling Your "FSBO" Home
(10/30/2007)
FSBO stands for "For Sale By Owner." Selling your own home can save you stress as well as real estate commissions. There aren't any great mysterious "secrets" to selling your own real estate, but there are a few things you should know to make things go more smoothly.
#1. Plan to spend at least three to five hours per week selling your house. This includes time spent researching, preparing your home for showing, advertising, showing your home, negotiating price, and preparing to close.
#2. Take care of cleaning and maintenance. Make sure that your house looks as nice as possible before putting it on the market. Mow the lawn, pull up any patches of weeds, hide clutter in storage sheds, clean the gutters, etc. Then turn your attention to the inside and make it look inviting, clutter-free, and above all, neutral.
#3. Set a reasonable price. You may want to have your home appraised or do some research to find out what similar homes in your neighborhood are selling for. Be careful when choosing your asking price, because setting an opening price that is too high is one reason why homes don't sell.
#4. Advertise. Advertise your home. Advertise in your local newspaper, in any local real estate papers, and online. Put a sign up in your yard. You might even want to consider having an open house and inviting all of your neighbors. If they like what they see, they might put the word out to their house-hunting friends. Make advertising a top priority -- no one will buy your home if they don't know it's for sale!
#5. Be accessible. When someone wants to view your home, try to get them in sooner rather than later. Buyers left waiting too long may develop cold feet or find something that they like better.
#6. Negotiate. When a buyer makes an offer, unless that offer is for the asking price, don't be afraid to make a counter offer of your own. Going back and forth to get to a fair price is a normal part of real estate transactions, and while compromise is inevitable, you owe it to yourself to play up your house's strengths and get the best price possible.
#7. Get all deals in writing. Lawyers like to joke that an oral contract isn't worth the paper that it's written on, and this is certainly true in the real estate world. Once you and the buyer agree to a price, put it on paper and have both of you sign.
Selling your own home doesn't have to be a nightmare. In fact, with the money it can save you in commissions it can be a dream come true as long as you follow these seven easy steps.
Contributing author:
Aurora real estate company of Colorado -- Automated Homefinder.
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