For Sale by Owner
consider selling your house yourself, ask yourself if you are going to
have the time needed to sell your house - even if you just cover the basics.
an extensive research of local market conditions, including:
listing and selling price of all houses in your area for the last
listing price of houses currently on the market, and
listing prices of houses that were on the market but did not sell.
Tips: Begin your research on the Internet. Follow-up by visiting
the county tax records office to determine the selling prices of
together a marketing plan.
will you market your house to real estate agents? Most buyers use a real estate agent,
so marketing to real estate agents is essential. At a minimum, you'll want
to send a letter and sales flyer to all real estate agents within a 30 mile
much money can you afford to devote to advertising? Call the local
newspapers to determine how much it will cost for advertisements.
You'll want to run daily and Sunday ads in the newspapers.
will create your sales flyers? Buyers expect fact sheets to take
with them when they drive-by or tour a house for sale.
will you place signage? In addition to your front yard, is there
areas leading in to your neighborhood where signage would be appropriate?
will potential buyers find information about your house on the Internet?
You'll want potential buyers who begin their house shopping on the
Internet to find your house. Be sure to build a website to help
sell your house.
will take inquiry calls and schedule appointments? You'll want someone
to be available to answer inquiry calls and schedule appointments.
Be sure to schedule showings as quickly as possible - even the same
Tips: Ask newspapers for a discounted advertising rate for
multiple placements. Be sure to check with local officials to determine
if there are any restrictions on where you place signs.
" Pre-qualify buyers before showing your house.
that the potential buyer has pre-qualified for a mortgage loan.
the buyer is buying with cash, confirm that they have the necessary
the purchase is contingent on the buyer selling their own house,
confirm that the buyer's house is on the market. (You may also want
to determine how long the buyer's house has been on the market.)
Contracts and Closings
you prepared to negotiate the contract?
you know what the legal responsibilities of the seller are in your
will write the contract? Will you need to hire an attorney? If so,
what will be the attorney's fees?
Tips: In addition to the sales contract, you'll need to complete
a Seller's Disclosure and a Lead Based Paint Disclosure.