Wednesday, April 14, 2010

Real Estate Book: Question for Chapter 1-Going it Alone

Chapter 1-Going it Alone

Q: My husband and I are seriously considering selling our home by ourselves.
We don’t have a lot of equity in our home and Realtor commissions will not leave much equity left over after the sale. We hope to net quite a bit more on our sale if we sell on our own. We’re somewhat reluctant though because neither of us has a lot of time to devote to the process. Can you give us some insight on what it takes to sell a home by owner?

A: Before you decide to sell your own home ask yourself the following essential questions to ensure that you are knowledgeable about the important aspects of real estate sales:
• Do I know how to properly value my home?
• Do I have a marketing strategy in order to reach the greatest number of potential qualified buyers
• How do I know if a buyer is financially qualified to buy my home?
• Am I familiar with the state and local legal requirements for purchase contracts and real estate disclosures?
• Do I know qualified professionals needed to handle closing the transaction?
• How are my negotiating skills?
• Am I prepared to pay a partial commission to an agent representing the buyer?
Tip…offer to sign a commission agreement to protect the agent’s commission and to encourage the broker community to show and sell your property. Local brokers control at least 80% of the buyers in the market.

Most For-sale-by-owner (FSBO) transactions fail to close escrow.
An experienced Real Estate professional can usually negotiate a higher net return to the seller by properly pricing your home and skillfully negotiating the terms and sale concessions of your purchase contract.

1 comment:

For Sale By Owner said...

Don't worry, you are not alone with your problem. I also had questions about the selling process of my old house and I've found answers on Fizber - a fsbo website.