Housemaxx 10 Tips to Sell Your Home by Owner

By shaye • October 20th, 2010

We’ve tried to summarize the most important aspects of selling a home by yourself. We hope you find the information helpful. If you have any questions you may always contact us on our contact page.

SELL For Sale By Owner via HouseMAXX™ The key is to be properly prepared. If you are not, your home could remain on the market longer than you expect because you are not attracting and getting offers from qualified buyers. The Online Digital Picture Tours will help you screen and pre-qualify serious buyers. When they phone off your classified ad, just send them to the website and if they are serious, they will call you back for personal viewing appointment.

The information below has been specially prepared to help FSBO’s, such as yourself, understand the elements involved so you, on your own, can sell your home quickly and for the most amount of profit and keep your hard earned equity. To help you prepare, here are 10 tips that will help you sell your property in a fast, effective and professional manner.

HouseMAXX™ 10 TIPS FOR SELLING YOUR HOME

1. Price it Right. Correctly setting your asking price is critical. Setting your price too high can be as costly as setting it too low. Home prices are determined by fluctuations in the marketplace, not by your emotional attachment or by what you feel your home is worth. In order to establish a realistic price for your home, objectively compare the price, features and condition of all similar homes in both your neighbourhood and other similar ones, which have sold in recent months. You can do this by checking out your local, regional or national Real Estate MLS Listings. It is also important for you to be familiar with the terms of each potential sale. Terms are often as important as price in today’s market. Carefully budget your selling costs and prepare a net proceeds sheet to calculate your best estimate of what you will take away from your home sale. Prospective buyers may also request this kind of analysis of buying costs.

2. Prepare Your Home for Sale. First impression is crucial. Keep your home clean. Remember with the Online Digital Picture Virtual Tour you don’t have to waste your time with all day Saturday and Sunday Open Houses anymore! Make sure your home makes a positive statement by carefully inspecting all details and viewing it through the objective eyes of a buyer. Don’t gloss over needed repairs and fix-ups, as your prospective buyers won’t. Your job is to ensure that your home stands out favourably from the competition.

3. Prepare Yourself With All Necessary Legal Documentation. Its really very simple and you can do it yourself. You should get all your pertinent documents together….but all you really need is a Offer to Purchase agreement in which you and prospective buyers negotiate the price and conditions…you both sign the agreement and each party takes a copy to their respective lawyers to finalize and close the sale. It’s really that easy as a FSBO and with the professional Advertising Services of HouseMAXX™ you get to keep your hard earned equity! Some forms that you might need (Lawyer takes care of most of this):

 

Seller Disclosure,  Purchase and Sale Contract , Mortgage Verification,  Loan Application,  Deposit Receipt,  Property Profile Fact Sheet , Buyer’s Cost Sheet,  Closing & Settlement , Personal Property Exclusion List,  Real Property Report , Seller’s Statement of Representation

 

4. Market Your Home Effectively. Once you put the Professional HouseMAXX™ sign on your lawn with the Premier Listing Package, you should find other local effective ways to spread the word about your home. Local buyers can be reached through the newspaper, but this is only a small part of the market you are after. Be sure you include the many buyers who could already be working with a Realtor®. You may want to cooperate with a Realtor® and offer them $1000 – $2000 for their few hours work…its up to you to negotiate a reasonable commission fee? But remember, most realtors will tell you they have serious buyers just to lock you into a 30-90 day contract. If you do sign a contract, make sure that you get in writing an unconditional release clause. Also, because out-of town buyers are an important target, the HouseMAXX™ website will offer you increased exposure to reach these people as well. You can print off as many high quality feature sheets off the website as you wish and you can email your listing to possibly buyers via your listing page. You should also be very service-minded and make it easy for pre-qualified buyers to view your home. Ensure there is always someone available to answer the phone, pick up messages promptly, and be ready to give qualified prospects a tour of your home as soon as possible.

 

5. Remain Objective During a Showing of Your Home. Don’t let your personal attachment or emotion get in the way of successfully selling your property. The best way to do this during a showing is to remain physically in the background. If a prospective buyer says something negative about your home, it is better to counter-balance this point of view by illustrating the positives rather than becoming defensive.

 

6. Pre-Qualify Your Prospects. Don’t waste your time entertaining buyers who could never afford your home. Research their finances with respect to job security, salary, debts, liabilities and credit standing. Possibly ask them for a copy of Pre-Approval Docs from their bank.

 

7. Negotiate Effectively & Knowledgeably. There will be many details to resolve before a sale can be considered final: price, terms, financing conditions, home inspections, dealing with the home inspector, home inspection condition, survey pitfalls, inspections, possession date, buyer concerns and objections. Make sure you fully understand the contract you have drawn up so you can in turn explain details and ramifications to the buyer and make any amendments to the sale that are necessary. The contract you use should be thoroughly examined by your real estate attorney. Check out the buyer/seller resource section for help with appraisals, lawyers, inspections etc.

 

8. Know Your Buyer. Be objective during negotiations and remember you are in control, don’t get desperate. Try to determine what your buyer’s motivation is. Do they need to move quickly? Do they have enough money to pay your asking price? Have they been pre-qualified for a certain amount? Knowing this information will give you the advantage in the negotiation because you will know up front, what you will need to do in order to get what you want.

 

9. Don’t Move Out Before You Sell. Certain studies have shown that it is more difficult to sell a home that is vacant. It looks forlorn, forgotten, simply not appealing. It could even cost you money. If you move, you’re also telling buyers that you have a new home and are motivated to sell fast which can, of course, give them an advantage at the negotiating table

 

10. Know Why You’re Selling and Keep it to yourself. You must understand your buyers’ motivation also besides your own motivation to sell. Your reasons for selling will affect everything from your list price to how much time and money you will invest in getting your home ready for sale. Your motivation will help you determine what is more important to you: the money you walk away with, the length of time your property is on the market, or both. Different goals will dictate different strategies.

As a property owner who wants to sell FSBO without using a real estate agent in an effort to save the commission, it is likely that money is one of your primary considerations. Whatever your reasons, however, it is very important to keep them to yourself so as not to place yourself at a disadvantage at the negotiation table. When asked, simply say your housing needs have changed Private sale can be a rewarding and cost-effective way to sell your home. Just make sure you’ve done your homework! HouseMAXX™ Quick Checklist

 

Choose a lawyer and review required paperwork – Obtain standard Offer to Purchase Forms (Buy at Office Depot or Staples for $8.00) –  Research market and set asking price accordingly. –  Review mortgage with bank. – Use HouseMAXX™ to your advantage for Maximum Exposure –  Distribute fact sheet flyer at local establishments (print off your listing) – Erect “for sale” sign –  Handle phone enquiries and/or emails –  Show the property.  Hold Open House if desired – Use HouseMAXX™ to screen & prequalify  – Negotiate offer with potential buyers.

 

 

HouseMAXX is one of North America’s fastest growing “For Sale by Owner” real estate listing websites. Saving people thousands in real estate commissions. Check out www.housemaxx.ca or call 1-877-261-3726


Check us out at http://www.housemaxx.ca or call 1-877-261-3726

 

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