RESOURCES :: For Sale by Owner

Are You Thinking of Selling Your Own House?
Most people decide to sell their own home to save money. A For Sale by Owner involves a lot of work. Listed below are some, but not all of the aspects of the transaction you should be aware of.

• Become familiar with your property. What is the zoning, the lot size, living area size. Walk through your house and make notes about what needs to be repaired or replaced.

• Become familiar with your neighborhood. What are the disclosures required in your area? Is the neighborhood in transition? Know about the local schools, shopping and parks.

• It is important to know what homes similar to yours are selling for. Are you able to emotionally detach from your home to set a realistic list price? Most people cant. If you price your home too high it will sit on the market. If you price it too low you may lose thousands of dollars. Some buyers see a FSBO as a target for a bargain and will make very low offers.

• Establish a marketing plan and budget. Write the text and design your ad. Purchase a For Sale sign and an Open House sign. Prepare a fact sheet about your homes features.

• Clear your schedule so you will be available to show it to prospective buyers and have open houses. Many houses sit on the market because the owner is unavailable to show the property. Home buyers go to the house that is available to be seen.

• Keep a list of the names and phone numbers of the prospective buyers that come through your house. One of the most difficult problems is screening potential buyers from unqualified lookers.

• California law requires many forms to be used. Obtain the correct forms and review them. A lack of the proper documentation can really slow down or end the process.

• Once you have an offer, be objective, dont get angry or too eager.

• In writing, come to terms with the buyer about the price, inspection contingencies, financing terms, date of closing and date of possession. You may want to have an attorney review your agreement before the deal is finalized.

• Even if you decide not to use a real estate agent you will still need the help of many professionals including, title companies, inspectors, appraisers, lenders and more.

• The buyer and a witness should do a final walk-through before you complete the sale to make sure the property meets the expectations of all parties involved.