Real Estate Agent Doesnt Want To Ask For Seller Financing Homes For Sale by Owner – Top Ten Secrets For Selling Your Home Yourself

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Homes For Sale by Owner – Top Ten Secrets For Selling Your Home Yourself

So, you’ve decided to sell your home! If you are successful you can save many thousands of dollars. I have written this guide to help you. I’ve seen many FSBOs have unrealistic expectations, and make mistakes along the way that ultimately prevent them from succeeding. Did you know that 80% of FSBOs eventually list their home with a realtor? I hope these ideas help you keep up with the other 20%.

Am I trying to put myself out of business? no Do I think everyone has the right to sell their home to whomever they see fit? yes If your circumstances change, and you want a professional to sell your home for you, please call Gold Valley Realty. We are a full service brokerage firm with a flexible commission structure that is hard to beat.

Tip 1 * Plan your strategy

First of all, when should you sell your house? Nine months from now, okay? Or won’t you be able to close on your new home if your current home doesn’t sell in nine weeks? What are the consequences and financial implications if you miss your deadline? Time is FSBO’s friend.

As of October 2008, the average marketing time for an average priced home listed by a Realtor on the Tucson MLS (Multiple Listing Service) was 78 days. This time varies greatly by location and price range. Ask Gold Valley Realty what your neighborhood average is. As a general rule, it usually takes about twice as long for a FSBO to sell their home as it does for a Realtor with MLS access. In either case, add the usual 30-day period from contract negotiation and acceptance until final closing of the contract.

The name of the home selling game is getting as many qualified buyers through the door as possible. Who is a qualified buyer? The one who can buy your house! Someone who has proven cash or financing available to buy your home. Realtors quickly learn to qualify their buyers before spending too much time working for them. You should too.

Speaking of Realtors, are you going to “cooperate” with them? That is, if they eventually bring a buyer to buy your home, are you willing to pay them? If so, how much? The vast majority of homes listed on the MLS offer the buyer’s agent compensation of three percent of the sale price. In my experience, about 90% of FSBOs offer compensation to buyer’s agents.

How do you plan to get qualified buyers through your front door? The various methods are discussed in detail below.

What is your marketing budget? When and what to spend?

Who is going to negotiate and prepare the contract for the sale of your home? Who is going to monitor escrow to quickly identify and resolve potential deal breakers?

Tip 2 * Determine the correct price of your home.

This obvious step will have the single biggest impact on the success or failure of your temp career as a FSBO (For Sale by Owner). However for most FSBOs this can also be one of the most challenging tasks.

The market value of your home is what a ready, willing, and able buyer is willing to pay you for it.

How much a buyer is willing to pay for your home depends on their personal circumstances and motivations; Competitive properties available in your area; and the prices of comparable homes that have recently sold in your neighborhood. Information on competing properties and recently sold “comps” is available through many sources. We recommend getting a professional appraisal of your home. It will cost you around $300. Having an objective appraisal on hand has many benefits, not the least of which is being able to provide your buyer with a solidly secured value established by an independent expert.

There are situations in which it may be more important to sell your home quickly than to squeeze every last dollar out of your home. In this case, you can price your home a few percent below the appraised value. However, if time is a serious consideration for you, listing your home with a realtor is your best bet. An additional benefit of listing with Gold Valley Realty is that we reimburse you for the appraisal at closing! Even if you evaluated when FSBO.

Tip 3 * Marketing materials

The single most effective marketing tool, by far, is the yard sign! Make yours look professional. Find a sign company in your city. Buy one of those information tubes to hang under your yard sign, and fill it with flyers.

Your flyer should include at least one color photo, and highlight facts about your home, especially asking price, number of bedrooms, square footage, special features, and schools.

Ask if you can post your flyers at nearby grocery stores, churches, schools, apartments, health clubs, country clubs, golf courses, travel agencies, insurance agencies, beauty salons, title companies, mortgage companies! Give some to your friends and neighbors too.

Publish your home information on the World Wide Web. An increasing number of home buyers use the Internet as a valuable information source.

Newspaper ads can be somewhat useful, if used in conjunction with open houses.

Tip 4 * Staging your home to show

As the old saying goes, you only have one chance to make a first impression! Make sure it’s good. Make sure your front yard looks good. Is your front door handle showing its age? Replace it. Make sure your home is clean and tidy. Open all curtains, blinds, and shutters. Turn on every light in the house, day or night. A sparsely furnished room looks better than a cluttered room. If you’ve accumulated a lot of extra stuff over the years, put it in storage! You’re moving too soon anyway. Does your home pass the sniff test? If you have pets, or are a smoker, this may not be the case. In that case, either replace or professionally deodorize your carpets. If you have an open house, bake some bread or cookies to make your house smell nice.

Tip 5 * Safety and showing your home

You can show your home either by appointment or by holding an open house. If you are often not available to answer the phone number in your ads and flyers, it can be difficult to set up appointments. You might consider using voice mail or a live answering service (starting at $35 per month) to field your advertising calls instead of using your home telephone. It also offers some security benefits.

It is unlikely, although unfortunately not impossible, that criminals will use this opportunity to steal your property or hurt your family. A little preparation can go a long way to reduce that possibility.

Rent a safety deposit box to store your valuable jewelry, coins, guns, stamps, and memorabilia. Make an inventory and videotape the contents of your home, and store them in your safe deposit box, or at work. You should hide cash and prescription drugs in a non-obvious place before showing your home.

Bring your spouse, friend, or neighbor with you when you show your home. If the “buyer” is making you nervous or acting suspiciously, ask them to leave.

Tip 6 * Collaborating with Buyer’s Agents

Almost all homes offered for sale on the Tucson Multiple Listing Service (MLS) have a standing offer of three percent (3.0%) or more for a commission that ultimately makes the purchase to the buyer. You may want to offer the same to any realtors who contact you. Why?

Most home buyers are either already working with a real estate agent, or will be soon after starting their home search. Why? They can get professional representation at no cost, since the buyer’s agent commission is paid by the home seller. This means a buyer can have an agent screen homes for him, set up appointments, accompany him to appointments, advise him as to the market value of the home, write an offer, negotiate with the seller (or the seller’s agent). Be there for escrow, inspections, handle any issues that arise, coordinate with other businesses involved (mortgage company, home inspectors, escrow, title insurance), review final documents for contract compliance, and be there at closing, all for free. . So why would a buyer buy a home without a realtor working for them?

Tip 7 * Pre-qualify potential buyers

A buyer’s failure to qualify for a loan is one of the most common reasons FSBOs fall apart.

Realtors pre-qualify their buyers with lenders before spending a lot of time and effort on their behalf. I will personally meet with the buyer for an initial consultation to see if they are pre-qualified, but won’t go beyond that until I know they can either get financing or pay cash. I definitely recommend that you do not enter into a contract with a buyer until you have independently verified any buyer’s financing or ability to pay cash. Ask for their loan officer’s name and phone number. Call the loan officer and explain the situation; Ask him if the buyer can qualify for a sufficient mortgage to buy your home.

Tip 8 * Use professional contracts

The contract in use by Realtors nationwide has evolved over time to cover almost all contingencies and disputes that have arisen in the past. I highly recommend that you use this contract, instead of a general, real estate contract yourself. Arizona has unique laws and customs regarding the sale of real estate. A contract useful in another state will not be adapted for use in Arizona. If you have found a buyer, and want to write a contract, contact a local real estate brokerage and see if you can get a copy of the blank contract.

Tip 9 * Monitor escrow closely

You’re almost there! You’ve found a buyer, negotiated and signed a contract, and opened escrow with a reputable title company. In fact, there is still a lot to do before you sign the job with the title company and collect your money.

The buyer will generally have the right to inspect as much as they want within the first 10 days or so after contract acceptance. If he finds problems with the house, roof, appliances, heating, cooling, plumbing, etc., he can either cancel the contract, or ask you to make repairs or replace the deficiencies. This can be a scary situation. You as a seller may feel that the buyer is asking for too much. This is something that can be negotiated, but it should be done diplomatically. Try to keep your pride and emotions from interfering with the ultimate goal of selling the home.

Obtain a written Conditional Loan Approval (CLA) from the mortgage company within the first 10 days after contract approval. This is much stronger than a verbal “pre-qualification”, and means your deal has a higher chance of closing. Contact the mortgage company 5 business days before you are scheduled to close; Make sure their documents are available to the escrow company at least one day before you sign the closing documents.

Tip 10 * Closing Escrow

A final note about closure. A closing on a home sale in Arizona is defined as documents recorded in the county recorder’s office. After the buyer and seller sign, the loan package must go back to the mortgage company for a final inspection. The mortgage company will actually transfer the funds to the escrow company. Only then can the escrow company send a runner to the county recorder’s office and record the sale. Bottom line is, sign the paperwork the day before the actual closing.

Congratulations!

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