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For Sale by Owner?

Before you 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.

Complete an extensive research of local market conditions, including:

the listing and selling price of all houses in your area for the last six months, after all, if it doesn t appraise, it won t sell.
the listing price of houses currently on the market, and
the 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 houses.

Put together a marketing plan.

How will you market your house to Realtors? Most buyers use a Realtor, so marketing to Realtors is essential. At a minimum, you'll want to send a letter and sales flyer to all Realtors within a 30 mile radius.
How 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.
Who will create your sales flyers? Buyers expect fact sheets to take with them when they drive-by or tour a house for sale.
Where will you place signage? In addition to your front yard, is there areas leading in to your neighborhood where signage would be appropriate?
How 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.
In today's market - you must have a talking Virtual Tour with voiceover to attract Buyers. Try searching the internet, but these services are typically an investment totaling in the hundreds of dollars. Don't even think of listing with an agent who doesn't offer a Virtual Tour.
Who 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 day. 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. You don't want just anybody walking through your house.

Confirm that the potential buyer has pre-qualified for a mortgage loan.

If the buyer is buying with cash, confirm that they have the necessary resources.
If 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.)

Negotiations, Contracts and Closings

Are you prepared to negotiate the contract?
Do you know what the legal responsibilities of the seller are in your area?
Who will write the contract?
Hire an attorney. You may want to shop around for estimated costs and attorney's fees.
In addition to the sales contract, you'll need to complete a Seller's Disclosure and a Lead Based Paint Disclosure.

Avoid a Lawsuit

In today's world, the sale of real property is not just a marketing exercise; there are many legal issues involved, which can create liability in the sellers. Of all the things you want and expect from selling your home, a lawsuit is probably not one of them!
Unfortunately, residential transactions have seen an alarming increase in the number of claims and lawsuits. Of these claims, the majority are filed against the sellers, by their buyers. Home sellers who think they can "go it alone" might want to seriously reconsider.
In most states, the process by which title to real property is transferred is rather complicated, and the typical home seller is not familiar with the many legal issues that can and do arise, even in a fairly simple transaction. Important decisions must be made concerning contract terms, escrow matters, transfer of title, apportionment of costs and any number of other matters. Also, bear in mind that a simple missing word, or a mistake in the grammar can create a dispute which, in turn, can give rise to a lawsuit. Aside from the problem of drafting the contract language itself, sellers can face other dangers as well.

For example, did you know:

That in most states, there are substantial risks involved when a sellers agrees to "carry back" a note from the buyer; risks than can cost you thousands of dollars?
That your good credit rating could be ruined by your buyer's default, many months, or even years, after the buyer "assumes" your loan?
That a clever buyer may be able to stay in possession of your property for many months after he defaults on the contract, and in effect "live for free" at your expense?
That most buyer complaints involve alleged damages of less then $10,000, yet it can cost you thousands in attorney's fees to defend such a claim?
In short, a lawsuit can ruin your whole day!
Yes, it costs money to employ a real estate agent, but if you find the right one, you will likely be able to sell your property faster, while at the same time reducing the chances that your buyer will come back to haunt you.

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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 03/10/2010. The listing information on this page last changed on 03/10/2010. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Wheeling MLS (last updated Wed 03/10/2010 2:45:19 PM EST) or Tri-State MLS (last updated Wed 03/10/2010 8:35:27 AM EST). Real estate listings held by brokerage firms other than Harvey Goodman Realtor may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --
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