Thread: Privately selling home

Originally Posted by Katrina

I have a home that I need to sell but I don't want to hire a realtor. So basically once I find a buyer what happens from there, what all do you do when selling your home?

Selling a house is pretty simple, I strongly suggest that you go to your state's legal document printing store and pick up a few blank purchase and sales agreements, so that you don't have any issues if you need to enforce it. Otherwise, maybe you should talk with an attorney or a title company to find out what documents they need (they might even have copies or point you where you can get copies of the documents.)

After you have a signed (and acceptable) agreement for the sales of your house from the buyer, you take that to a title company or an attorney and prepare for the closing.

Since the process varies from state to state, I can't spell it out 100%, but talking with either an attorney or a title company will help tremendously. So go do that.

Hope that helps!!

Later!

You need to do all the things that a realtor does Yourself.

Are you skilled, qualified and tolerant enough to work through all the buyers questions.
Will a Market Savvy buyer look for a bargain or advantage with you.
Who will arrange the financing and ensure everything is in place? Transaction management.
Who will meet with the appraisers to discuss what has sold to ascertain market value as a term of due diligence in your transaction?
How have you priced your property in relation to other homes for sale?

Do you have the time and energy to show your house to "unqualified" prospects or looky lou's who are just driving by and looking 6 months to a year later?

How much time do you have to expend to Save the commission.

How will you promote your property?

There are people who are experience and have the right skills and experience to protect themselves in a real estate transaction.
After all the ads that say "you can do it and Save" There is no testimonial section that says.

If you were buying a home would you be using a Realtor?
The question always surprised the FSBO because they answered yes they would use an agent.

Clients that are not local to your neighbourhood will not even know you exist as a potential purchase.

Real Estate is local. Where we promote your property to the largest pool of purchasers to achieve the highest offer possible on your behalf.

How would you feel if you undersold your home by 20 or 30 thousand?

I will agree with David, as far as it is a lot of work to sell via FSBO, since you have to market the property, you have to show the property, you have to know what the true FMV is (to not be taken advantage of) but I say if you are ahppy with the amount you are getting and the buyer is happy, that is the mark of true FMV.

There are some things that David mentions that I don't agree you need to do, but for the most part, it is a lot more work than throwing a sign out in the front lawn. As long as you are patient, it will be an asset. (Sometimes buyers drive me nuts, when I need to answer the same questions over and over again... Even when the answers are on the flyer and on my 800 HOTLINE. But that is buyers for you.)

It is your decision in the end. Maybe you try to sell FSBO for a while, to see how that goes. And maybe if you are not getting the results that you want, you might consider negotiating with a real estate agent for a short listing (I suggest no more than 3 months, for VARIOUS reasons, you can always extend.) And also remember, that the commissions are NEGOTIABLE, so if you go that route, negotiate, and find an agent that meshes with your style... There is NO SHORTAGE of agents out there, so take the time to interview them.

Well, that is my opinion...

Later!

Hi Katrina, we have tons of for sale by owner home selling articles on our website. Please feel free to check them out as well as our content which is geared for "do it yourself" home sellers such as yourself.

Good luck!

Why do you not want to hire a Realtor? Especially in this market? The many negatives may outweigh the money you might save.

And in a world where people like to sue.. make sure to get the right contracts and disclosure forms as required by your state. CYA is the name of the game.

Have yout thought of hiring a real estate agent to handle the transaction part for a flat fee? You can sometimmes find a Lawyer to do this as well.

Well put David.
Sure it can be done just be careful of the legal liabilities and low exposure which will equal lower sales price.
I'm a do it yourselfer also. I will try my own plumbing, carpentry, etc... to try to save money but many times in the end I wish I'd hire the professional and save a lot of stress.

Originally Posted by Katrina

I have a home that I need to sell but I don't want to hire a realtor. So basically once I find a buyer what happens from there, what all do you do when selling your home?

In an article "Eight Steps to Selling your Home", once you already found a prospective buyer, the next step usually is to examine the buyer's qualification, assess the written contract of the buyer's offer, negotiate to sell, and prepare to close by checking if your property needs appraisal, inspection, or repair.

Just a piece of advice. You may actually consider working with an agent. As what was mentioned, selling a house is more than putting directional signs etc. Understanding the legalities of the process is very crucial and a realtor can help you on that.

Cheers!

Most buyer's are using an agent on their side of the transaction. So, would you be willing to pay the buyer's agent 3% commission?

If you're looking for "cheap and simple" it doesn't exist anymore. Maybe 20 years ago it could be done simply, but today the market is changing so rapidly and rules are always being modified.

Unless you have experience working on cars, you probably wouldn't try to fix your car in your own backyard.

I'd suggest using an agent to get the job done right. Interview 2-3 and you'll find the right one for you.