There are many reasons that sellers choose to sell a home on their own including prior successful experience selling property themselves, a prior negative experience working with a Realtor, the feeling that who knows the home and the area better than the owners themselves or you hope to save money by eliminating the commission.
If you have not sold property before on your own, you need to be prepared for :
- AN INVESTMENT OF YOUR TIME to be available to allow showings. The more flexible you are, the more that your home can be seen. Also, you will want to hold weekend Public Open Houses to further allow showings. ****For your own safety during the Open House, make sure any valuables are put away or removed from your home, have 2 people do the Open House so when 1 is walking with visitors the other person can stay by the front door in case others visitors arrive, give the visitors some space as they walk around and always walk behind -not in front of - visitors to your home.****
- AN INVESTMENT OF YOUR TIME to research what other properties in your area have sold for. You need to know your area real estate market--the buyers will. A home that isn't priced well, will not receive showings. The price should be based on what the market value is--not based on what you think it is worth or what you need to receive. To assist you in your research, contact me and request a Market Analysis (CMA) for your home FREE of charge.
- AN INVESTMENT OF YOUR TIME to research and familiarize yourself with laws regarding Fair Housing, especially in your advertising and property disclosure to prospective buyers, for failure to do so could leave you liable to housing violations and lawsuits.
- AN INVESTMENT OF MONEY.Placing a For Sale sign in your front yard (if allowed by your community) and passing out fliers at the local grocery store is not enough these days to sell a home. Expenses are incurred to place a classified ad in the newspaper, in weekly publications, the purchase of yard signs and even a website to advertise your home. Statistics show that 85% of buyers now begin their home search process using the Internet. There are now companies that for a fee will provide you with signs and place your home into the local Multiple Listing Service for Internet exposure with no further marketing exposure.
- COMPILE A TRUSTED TEAM before placing your home on the market. Work with a real estate lawyer in your area who can guide you through local Westchester County and town laws, find a reputable mortgage lender who can help you explore different financing options for a potential buyer and even consider a pre-listing inspection from a reputable inspector to uncover what potential problems exist with the home and then arrange to have the repairs made. If these issues haven't been addressed and come up during a buyers inspection, this could cost more in concessions to be made to a buyer or even result in breaking a deal.
- BE PREPARED FOR THE NEGOTIATIONS. Some buyers think that a For Sale By Owner means that they can make low ball offers. You must take your emotions out of the negotiations and not be insulted by any offers. Remember, you want to sell the house and a buyer's initial offer may be to test the waters. Further, BEFORE you expend time, energy and emotions negotiating, require that the buyer provide you with a written Pre-Approval from a lending institution to ensure that they are in a financial position to buy your home after the negotiations are completed. Aside from the final price, the terms can be equally important such as what is included in the home, how much is to be financed (can make them a greater risk for a mortgage if the bank home appraisal comes in below the accepted offer price), when can they close, do they have to sell their home first. The highest offer may not always be from the best buyer.
- BE WILLING TO WORK WITH BUYERS AGENTS and willing to pay those agents who can bring you a legitimate buyer and offer a commission of about 2.5%-3% depending upon the home and the work that they do. A Buyers Agent will have already Pre-Qualified their client before even showing the home (they don't want to waste their time either) and they will be able to give the buyer statistics on sales in your area to guide the buyers in making an offer and provide advice on the proper terms of an offer. They will also do the negotiating with a seller helping to take the emotions out of the discussions. Many a legitimate offer has been rejected when buyers and sellers are negotiating directly and there are personality clashes. The buyers agent will also guide the buyer through the process ensuring timely inspections and working with the buyer's lending institution to keep things on track for a smooth and timely closing. As an additional note, when a Buyers Agent makes an appointment, you can always call their office back and verify their employment. When the Buyers Agent then comes to your home with their client, you will not be alone with a buyer whom you can not verify.
Why am I offering you a place to advertise you For Sale By Owner listing here for free?
- It is advertising for my website as well as your home. Buyers will see your home as well as other listings that I have. If a buyer is interested in your home, hopefully they will request that I work with them as their Buyers Agent to show them the home.
- If you chose not to sell your home on your own, hopefully you will then request that I represent you in the sale of your home.
- Also, if you have friends and family that are looking to buy or sell a home in the area and they wish to use the services of a Licensed Realtor from the area, I would hope that you will recommend me to assist them.