For Sale By Owner: 14 Questions To Ask Yourself Before Attempting
The number one reasons for home sellers attempting to sell their home themselves is to save money or to facilitate a non-conventional arrangement with a buyer for a unique reason. Whatever the motivation, it’s important to ask yourself these questions so you have an overview of what your home sale will all entail. If you have any additional questions regarding the matter of selling your home, contact a local agent for a free consultation. Also, don’t be deterred if you don’t like the first one you are in touch with. It’s normal for a seller to “shop around” for the right agent. Buying and selling homes will be one of the most important transactions of your life and both, you and a potential agent should treat it as such.
Have you asked yourself…
1. Do you have the knowledge, time, and sales skills necessary to sell your home?
2. If a potential buyer is making aggressive offers, will you be able to negotiate strategically for yourself?
3. Do you know how to analyze the market data and comparable homes to determine the accurate value of your home?
4. Are you in the know of real estate trends that might affect the sale price and timing of selling your home?
5. Do you know how to understand a buyer’s finances and qualification for a loan?
6. Do you have concerns letting strangers into your home?
7. Are you knowledgeable enough in real estate contracts to create a legally binding contract, acquire all the necessary documents and signatures, and include counter-offers according to regulation?
8. Did you know that without a realtor, you are basically taking your home off the market every time you leave your house?
9. Did you know that many professional people and services are required to close the sale including an escrow and title company, home warranty company, pest-control and inspection services, and a lender? Do you currently have these relationships in place?
10. Do you know if you need a real estate attorney to assist this transaction, how much it will cost, and how much liability they will assume?
11. Do you have marketing experience, specifically in real estate, and the funds to allocate to your strategy?
12. Did you know that potential buyers will possibly expect you to lower your price because there is no realtor to pay a commission fee?
13. Did you know that there are advantages and disadvantages to the seller depending on which type of loan the buyer chooses?
14. Are you prepared to put in a lot of time, during evenings and weekends when it’s most convenient for potential buyers, to show your home?
Before you decide to sell your home yourself, consider the benefits a realtor can provide you that you may currently be unaware of. Because transactions facilitated by a realtor generally sell at 15% higher price points, the benefits you receive for paying your realtor their average 6% commission usually far outweigh the benefits of selling your home alone.