For Sale Buy Owner Advice

For Sale By Owner

Going It Alone

You may decide to try selling the house yourself. You could save on real estate commissions if you do. But keep in mind that buyers will understand that you are saving on the commissions and they generally expect to negotiate a much lower price when dealing directly with an owner. Selling your own property will involve your time for advertising and promoting your property, answering phone calls, and being available to show the house at various times of the day or evening with or without prior notice. And you must take into consideration the risks involved when inviting strangers to look through your property.

Both you and the buyer will be ultimately responsible for the many functions handled easily and routinely by real estate professionals. You'll want to be prepared to discuss comparable sales in the area, types of financing, and the transaction closing process. It will be up to you to find out if a prospective buyer qualifies for a loan prior to removing your property from the market. Later you may be in charge of securing title information, physical inspections, repairs, paperwork, paying off your loan, and, in general, coordination of the entire closing process. As a seller without brokerage representation, you will need to be especially careful to avoid unintentional misrepresentations, incomplete disclosures, and other legal complications since the laws of most states tend to favor buyers when disputes arise.


Questions To Consider:

Do I have the time, energy, know-how, and ability to devote a full forced effort to sell my home?
One of the keys to selling your home efficiently and profitably is complete accessibility. Many homes have sat on the market much longer than necessary because the owner was unwilling or unavailable to show the property. Realize that a certain amount of hours each day is necessary to sell your home.

Am I prepared to deal with an onslaught of buyers who perceive FSBO’s as targets for low balling?
One of the challenges of selling a home is screening unqualified prospects and dealing with lowballers. It often goes unnoticed... how much time, effort and expertise it requires to spot these people quickly. Settling for a lowball bid is usually worse than paying broker commissions.

Am I offering financing options to the buyer? Am I prepared to answer questions about financing?
One of the keys to selling, whether it’s a home, a car... anything, is to have all the necessary information the prospective buyer needs and to offer them options. Think about the last time you purchased something of value, did you make a decision before you had all your ducks in a row? By offering financing options you give the home buyer the ability to work on their terms and open up the possibilities of selling your home quickly and more profitably. A professional real estate agent will have a complete team, from lenders to title reps for you to utilize...they’ll be at your disposal.

Do I fully understand the legal ramifications and necessary steps required in selling a home?
Many home sales have been lost due to incomplete paperwork, lack of inspections or not meeting your states disclosure laws. Are you completely informed of all the steps necessary to sell real estate? If not, a professional would be a wise choice.

Do I have the capability of handling the legal contracts, agreements and any disputes with buyers before or after the offer is presented?
Ask yourself if you are well versed in legalese and if you are prepared to handle disputes with buyers. To avoid any disputes it is wise to put all negotiations and agreements in writing. Many home sales have been lost due to misinterpretation of what was negotiated.

Have I contacted the necessary professionals....title, inspector (home and pest), attorney, and escrow company?
Are you familiar with top inspectors and escrow companies? Don’t randomly select inspectors, attorneys, and title reps. Like any profession there are inadequate individuals who will slow, delay and possibly even cost you the transaction.

Dave, Terry & Eric
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Dave, Terry & Eric Guempel     |    2101 Bluestone Dr., #106     |    St. Charles, MO  63303     |    Telephone:  314-602-9924
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