Selling Your Home Yourself
There's More to Selling Your Home than just Putting up a "For Sale" Sign In Your Front Yard: Think it through. Know the answers to these questions and more.
Even if a simple sign in your yard did produce a buyer knocking on your door, how will you handle the following questions?
Make sure you are prepared for the following at a minimum.
- How does your home compare to others like it in your neighborhood?
- How did you determine the fair market value of this property?
- What about financing? Can you help? This can be a dangerous scenario if you decide to "take back paper".
- If the buyer makes an offer, who will draw up the paperwork?
- A buyer may question why you are not working with a Realtor- They may think that there something wrong with the property, or you wanted too much money.
- Most buyers will assume that since you aren't working with a Realtor, they can take the "fee" right off the top.
- You are letting strangers into your home, that have not been pre-qualified through a Realtor®. Are you sure that they are well intentioned? Would you pick up one of these strangers off the road?
- Appearances can be deceiving. If someone pulls up in a fancy car, with nice clothes, don't just assume that they have the money to buy your home. They may be loaded up with credit card debt.
- All the paperwork must be in order, and Connecticut law requires you to disclose defects in your property or you can be sued for misrepresentation, or worse, yet- fraud.
- There are acceptable timetables for the various details within the transaction. Do you know what they are?
- Are you ready to stop what you're doing at anytime to show your home? Is someone available to show your home from 9am to 9pm?
- Are you familiar with advertising strategies to obtain the most interested buyers for your home?
- Do you know how to "stage your home" for sale?
- How can you get feedback from the buyers who did not make an offer on your home without sounding like you're desperate for a sale? How would you know if all it took to get a sale was addressing an objection that you will most likely never find out about?
- Can you be impartial when you need to be?
If you are comfortable with your knowledge of the above, then think about some other important things to be aware of, like:
- What is the difference between a prequalification and a pre-approval?
- Do the buyers need to sell their home first? Be careful. They may not tell you... You will need to research this one thoroughly.
- Do you know enough "legalese" so that you won't be beholden to an offer if a better one comes in later?
- Are you comfortable with your knowledge of all of the state mandated forms that you must provide to the buyer?
- Do you know the "best way" to show your home? There is only one effective and proven method.
- Do you have a fact sheet available for your home, and are you "protected legally" if you make a mistake?
Selling your home is one of the most important financial transactions you will make in your life. Don't take risks. Selling your home is nothing like selling a car. Every home is different, and every homebuyer wants to offer you as little as possible. How do you determine the real market value?
Almost all homes are sold using a Realtor. As a top real estate professional, it is my job to help you negotiate with all those buyers who want something for nothing. Not to mention preparing your home for sale, marketing it locally and nationally, and guiding you through the complex paperwork and pitfalls of escrow and closing. Make sure you are really ready to handle all of that before pounding that sign into your front yard. Errors can be extremely costly.
Remember: Buyers want to offer you as close to nothing as possible! While that "For Sale By Owner" sign might sound like a good idea, it usually means a different thing to buyers: "Try to steal this one."
If you are really sure that you are ready to take on the daunting task of selling your own home, at least let me give you a sense of its true market value. Tell me a bit about your home, and I'll do a quick Comparative Market Analysis and let you know what I feel it is worth. I can also show you how I would market your property. It's free, with no strings attached.