For Sale By Owner

See if it is right for you...

Considering Selling Your Own Home?

If you feel that real estate commissions are high and feel that you can successfully perform the duties of an agent...

Here are many of the steps you will need to take:

  1. Determine a fair market price for your home.
    Chances are you already have an idea of what your home is worth, but how have you come to this conclusion?
    To determine a market price for your home you should compare your home to comparable homes in the area, and perhaps other homes in similar areas if necessary. To do this you should take a step inside some of the homes that have sold in the neighborhood that are like yours. You want to see just what they look like, the condition of the home (if sold recently), what types of features/upgrades/remodels does it have and how your home differs. Do your research and find out exactly how much and how long ago these homes sold in your area, your neighbor may not be too accurate with how much they "actually" got for their home. Properties that were listed for sale but never sold only offer a guide of what you may not want to price your home at, keep in mind if they were asking too much, that's why it never sold.
  2. Inspect your home to determine what repairs may be needed
    While you were comparing properties keep a sharp eye out for the condition, especially if you are going to have direct competition.
    For example: Perhaps the carpets should be cleaned or replaced,
    Fresh paint and yard maintained, check and correct any issues with appliances or squeaky doors.
    Many things we tend to live with over the years, small projects that we never get around to that are minor to us are not to buyers,
    perhaps you should have someone else point out things you may overlook.
  3. Be sure that these items are dealt with before advertising your property,
    Buyers do not want to see ongoing repairs being made to a home they may purchase.
  4. Consider what types of financing buyers may be using to purchase your home.
    It will be a good idea to discuss with lenders what financing options are available for buyers who are interested in your home. Also, you will want to find out what types of financing your home qualifies for and what you will accept. Such as FHA or VA loans, are you willing to "carry back" a portion of the loan?
  5. Actually Marketing the Home
  • Purchase a weather proof yard sign and be sure they will conform with any local laws, ordinances or your HOA if applicable.
  • Open house signs will also be needed, dependant upon your homes location you may want many (agents will use between 6-20) Be sure to put these signs where they can be seen at major crossings (avoid fixing them to any posts or places that may be an obstruction, each city typically has regulations about these types of signs) Be sure to collect the signs after your open house!
  • Be available to show your home when buyers call,
    Home buyers are out looking both weekdays and weekends and when they call many times they are in front of your home. For the best chance for them to actually consider your home a possible buy, respond quickly, answer your phone and arrange a time to show the home, now is always better then later. Be available to answer their questions about the home and the neighborhood and the city for that matter.
  • Follow up with all inquiries as soon as possible, emails, phone calls or any other communication, chances are they saw your home and attempted to contact you, if you are unavailable they are already down the street looking at another property.

How will you handle the contracts? Please, if you still would like to try FSBO after considering that statistically most FSBO's will end up listing with an agent, consult a real estate attorney.

If you would like to skip this step and proceed to finding out more about how your local representative can sell your home, start your search on the right.