Things to Consider When Selling Your Home "By Owner"
Most of us do not like to spend money unnecessarily, especially when we feel we could do the job at hand as well as the person or persons we are hiring to complete the task. It would be a good idea to consider the following questions to assess the process of handling the sale of your property yourself before attempting to do so.
- Do you know how to determine the current market value of your home?
- Do you know how and where to advertise your home most effectively, and what the costs will be?
- Did you know that each Realtor® has access to a Multiple Listing Service (MLS), which is a database of properties listed for sale by Realtors®. Real estate agents utilize the MLS to show their clients prospective properties, and for comparable sales when determining value for a prospective listing. Only real estate agents have access to this information.
- Have you made arrangements for your home to be available for showing 12 hours a day, 7 days a week. If not, each hour that you do not provide availability, your home is essentially "off the market".
- Are you concerned about having strangers walking through your home?
- Do you have the sales skills to successfully negotiate on your own behalf, even with an aggressive buyer?
- Did you know that the type of financing your buyer chooses can have advantages and disadvantages to you, and require different time parameters to complete?
- Do you know how to determine whether or not a buyer can qualify for a home?
- Are you conversant enough with real estate law to write a legal and binding real estate contract?
- Do you understand the steps of an escrow, and what is required of you and the buyer to complete the transaction?
- Do you know which title company, real estate attorney, termite company, inspection company, and lender to hire that will provide the best service and costs to you?
- Do you have experience with resolving problems and protecting your rights in a real estate transaction?
Your home is most likely your largest investment. You are the only one who can determine whether or not you should attempt to sell your home by yourself. Talk to a Realtor® before you decide. You may find that working with a professional is a lot less expensive, and will get the job done in a more timely and less stressful manner than attempting to do it yourself.