WHY? FOR SALE BY OWNER
The only reason to choose to ‘For Sale by Owner” is because you want to avoid paying a Real Estate Agent commission.
In making this determination, however, you must decide – am I confident enough to sell my home, and am I up for the task? Ask yourself, “Do I know how to sell my home?” Once you have concluded that, “Yes, I am AND, yes I can to the above questions – then you can get started :
KNOW THE PLAYERS
- Buyers Agent
- Escrow Officer
- Title Officer
- Home Inspector
- City Inspector
- Bank, Lender, Credit Union
- Contractor, Handyman
- Termite Inspector
- Insurance Company
- Home Warranty Company
- Transaction Coordinator
KNOW YOUR CURRENT MARKET VALUE
There are several ways to determine your property’s value. There are many consumer-driven websites online like Zillow. On these sites, you may enter your address to obtain that websites estimated value of your home. You may also obtain your property’s estimated value from your tax bill. Or, find a neighbor that is in escrow, who has the same number of bedrooms, bathrooms, similar living square feet, lot size and amenities as you do. Ask them what amount they are in Escrow for. This will give you an estimated amount of your property’s value.
However, in an ever-changing housing market, you MAY still need a Real Estate Agent’s professional opinion. Answers to questions like, do you have upgrades and does your property need work could weigh heavily on pricing your property correctly.
KNOW HOW TO ADVERTISE
Recent studies have shown that 95% of Buyers search online for a house. When you ‘For Sale by Owner,” you may want to contact all or selected consumer-driven websites like Zillow. You will need an internet strategy when deciding ‘how to sell my home.’ Take photos of the exterior and the interior. Place a ‘For Sale by Owner” sign in your yard. Make Flyers. Put an ad in the newspaper.
KNOW IF BUYERS ARE QUALIFIED
Buyers should have in their possession a verifiable pre-approval letter along with verifiable proof of funds. Buyers should be identifiable. Ask for their driver’s license or identification card. Request the business card of any Agent bringing their Buyer(s) to your home.
KNOW WHICH DISCLOSURES ARE REQUIRED BY LAW
The disclosures/paperwork involved in selling your house has had an enormous increase over the years, but, you may be able to avoid these by selling your property, “AS IS.” However, it is imperative that you purchase Title Insurance.
KNOW HOW TO NEGOTIATE
You will need to familiarize yourself with the purchase contract. The purchase contract can be found by googling California Residential Purchase Agreement and Joint Escrow Instructions. Read it thoroughly and be prepared to negotiate with the Buyer or Buyers Agent. Everything must be in writing.
The California Residential Purchase Agreement and Joint Escrow Instructions can be updated at any time by the California Association of Realtors.
Real Estate Broker
IF YOU HAVE ANY QUESTIONS REGARDING FOR SALE BY OWNER CONTACT GOOD HOUSE REALTY