You have not expressed any idea where your property is located. In many places, the market is in free fall and there may be as many as five to ten times the average number of houses available for sale. If this is your case you will likely be dissappointed in having your property seen by potential buyers.
In a poor market you need maximum property exposure. This normally means the property is listed under an ';MLS'; multiple-listing service open to all area brokers.
You might try an abridged listing should you find a willing realtor who will allow you to list your property for sale on the MLS for a reduced percentage of any sales proceeds, perhaps 2% to 3% of the asking price.
Here is So. California the opposite is happening. Motivated sellers offer ';bonuses'; to potential selling agents of between 2% and 5% of the sales price. The key is your market conditions where the property is located.
There exist here in CA. several FSBO (For Sale By Owner) realtors who advertise reduced fees for completing the paperwork and MLS listing. This might meet your needs, if such a firm exists in your area.
If time is not critical, you might just try the sign on the property approach and
hold a few advertised ';open houses'; . After all you need only (1) buyer and time may be on your side. Here in CA. prices are likely to continue falling for the next 12 to 18 months so time is on the side of the buyers.
Good Luck.Selling a house “for sale by owner” any ideas?
The problem with selling by owner is that you are not required to have an inspection done for the buyer, and with all that the houseing market is right now, people want an inspection. Also, people who sell their homes buy owner are usually asking a riduclous amount. Say you bought your house for $100,000 what it was worth, and added on an addition, and now your taxable value is $200,000, you probable wont get much more then $150,000. Most houses for sale by owner go on the MLS sooner or later b/c its just to much work
I have sold many that way. You need to be available to show the place for starters. Know from the beginning if you plan to negotiate on the price or not. Also, I have always sold the properties ';as is';, but you do need to reveal any defects, if any. Your price should reflect the ';as is'; sale.
Have a typical real estate contract ready, so that the buyer can be aware of what is expected by both parties.
Also, know a little bit about the house, such as, how old is the roof, heating and air unit, hot water heater, so that the buyer will know how much longer they might have before those things need to be replaced.
I am doing by owner with no luck, and if you decide to take another route it is even more complicated because you have waisted your money and still have to shell out more . On top of that, say you decided to go with an agent or investor it takes longer because by owner is considered your listing agent, they need for the house to be unlisted 90 days. And when doing by owner you tend not to do as much to the house as you would if you had an agent in the beginning, but now you have to back track, lost of time and more money, which now I've been forced into a short sale. Look at it this way are the homes in your area and nearby area selling? if so do by owner, Lots of foreclosures and renting , don't do it. hope this was some help. Good Luck.
As attractive as it looks saving commissions, I have always advised sellers to use a Realtor. There are many forms, laws, tactics, and processing to selling a home that most of the general public has NO CLUE where to even begin with. Your going to be in for one heck of a shock when the transaction goes sooooo smoothly, but two years later your getting sued because of a form or a disclosure that you didn't even know existed wasn't signed.
There are alot of people out there who deal in real estate quite frequently and know the process well. For them, it would be stupid to use an agent and pay 3%-6%. For the average general public though, it's stupid not to. From forms/paperwork, disclosures, showing the home, advertising/marketing the home, open houses, MLS, AND covering your interests in negotiations and watching out for you legally, we Realtors do ALOT more than you think to earn our commissions.
Make sure the house is clean and attractive. Get a second set of eyes to do a critical walk-thru, then fix or clean any ugly areas.
One negative visual can send buyers on to the next house on their list. Check the neighborhood too, I have paid gardeners to cut grass or clean up next door neighbors yards, with their consent of course. Buyers will look in areas like the water heater closet, make sure these are presentable. Even dirty dishes in the sink can be a turn off. Do not forget smell! Although it's more sub-conscious than visuals, good scents make a positive impact.
Qualify buyers. There are a lot of 'tire-kickers' who will come look at your house and eat up your time. Make sure the buyers are pre-qualified for a mortgage. The worst time killer is the family who has not pre-qualified, maybe not even looked at their credit, then wants to start negotiating with you on little details when they will never be approved for a mortgage anyway. While you are wasting time dealing with un-qualified buyers, you may have just missed the real deal. Do not even talk about a contract untill you see their mortgage approval or speak to the mortgage broker or company that has approved them.
There's a book called, ';How to Sell Your Home in 5 Days'; by William G. Effros. I have read the book but haven't tried it as I'm not selling my house right now. He says if you use his method you can get fair market value for your house. You might want to check it out at your local library. If you don't go his route then just be patient and advertise your house as much as possible. You can also hold open houses. Make sure your house is clean. Several years ago I heard that buyers expect the house they are looking at to be cleaner than their own house. Make sure you have good curb appeal and don't have it priced too high.
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