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.
- The listing price of houses currently on the market.
- 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
✓ 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.
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? Will you need to hire an attorney? If so, what will be the attorney's fees?
- Tips: In addition to the sales contract, you'll need to complete a Seller's Disclosure and a Lead Based Paint Disclosure.