It's a question thousands of homeowners ask themselves every year.
If you're one of them, you have some difficult decisions awaiting
you. Because selling your home can be a long and complex
process. So it's important to think about all the potential
implications - both positive and negative - before choosing to
go it alone.
To help you make the decision
that's right for you, below is a list of some of the duties and
responsibilities you would face as an independent home seller.
PRICING
YOUR HOME Your first responsibility as an
independent home Seller is assigning your home an accurate value,
meaning the highest price a ready, willing and able Buyer will
pay.
As part of that decision,
you need to consider comparable properties in your area, current
market conditions, as well as the cost of financing and its
availability.
Remember that your listing
should be in line with comparable properties and market
trends - you don't want your home to linger on the market
or sell for a lower price than you might have otherwise
received.
You
should also remember that "For Sale by Owner"
homes typically attract bargain hunters who may expect
you to lower your price since they, too, are looking to
save money on Realtor commissions.
MARKETING YOUR HOME Independent
home sellers must also market their properties to the public.
That means:
Putting up signage that is consistent
with local ordinances
Developing and paying for display and
classified ads in your local newspapers
Holding open houses
Working to ensure your home gets good
word-of-mouth exposure among your friends, neighbors and community
organizations.
SHOWING YOUR HOME
As an independent home seller, you would
be responsible for all showings of your home.
With that in mind, always encourage prospects
to make an appointment, and discourage drop-ins.
Work to screen the "Buyers"
from the "lookers" - curiosity-seekers are common
at "For Sale by Owner" homes.* You should also pre-qualify
potential Buyers to ensure they can afford to buy your home.
When the time comes to negotiate, you'll
need to be prepared and informed.
Try to resolve any doubts your Buyers
might have, work to keep their interest high and make a final
agreement as quickly and efficiently as possible.
Once an offer is made, agree on the price
and terms, respond to objections and try to be responsible
and flexible to legitimate concerns.
DRAWING UP THE
CONTRACT
Every independent home seller should have
an attorney or another qualified individual to preside over
all agreements.
That individual will draw up the contract
and manage the sale proceedings and closing. He or she
might also help you set the closing date and time.
You should be sure to include a list of
items you want written into the contract, including any personal
property that is to remain with the home (like the refrigerator,
microwave oven, dishwasher, etc.) or items excluded in the
sale.
Also remember that as the Seller, you
are obligated by law to disclose any material defects in your
property to the purchaser.
