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FSBO Tip
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Are you thinking about selling your home? Would you like to sell it by yourself instead of hiring a real estate agent?
If so it would be beneficial to review the pros and cons of selling your home by yourself before hanging out the sign.
PROS
FSBO tip - Reduce Cost
Selling your home without an agent means More Money. If that's not an incentive, what is? By selling it yourself you save the fees or commissions (thousands of dollars) that you would have to pay an agent. But remember your time is money so make sure you calculate the true cost of selling your home by factoring in your time.
FSBO Tip - Marketing Focus
You are able to decide the times for open houses and showings as well as where you want to advertise. Because you are only selling one home - unlike an agent who is working with many buyers and sellers - you will always be focused on the selling of your home.
You will have more interest in the sale than a real estate agent who may be looking for bigger commissions elsewhere.
CONS
FSBO Tip - Time Check
Real estate agents are paid good money for a reason. Selling a home takes a lot of time and energy. Open houses, dealing with potential buyers, closing sales and dealing with the legal issues are familiar turf for these people and their experience can impact the sale.
Be realistic about what you are willing to do. Will you drop everything to make a showing? Are you able to 'close the deal' and ask for an offer? It is not everyone who can take on such a big project or can handle the tension of dealing with buyers.
However, if the challenge excites you and if you are ready for hard work and willing to learn then it is not impossible for you to manage alone. With a little know-how and a lot of energy, you can sell your home without the help of a real estate agent and reap the rewards!
Where do you begin?
Start with evaluating your home - how much can you ask? What work
needs to be done? How do you decide how much your house is worth
without asking too much and scaring buyers off or too little and
not making what you should?
FSBO Tip Check list
For a quick review or to use as a check list, here's the plan from start to finish on how to sell your own home:
FSBO Tip RESEARCH
Start visiting local open houses, read the real estate ads, compare
your home to similar homes and work out your price.
FSBO Tip CLEAN
Do minor repairs, determine if any major work needs to be done.
Clean and remove clutter. Make your home appeal to as many as possible
with a fresh coat of neutral paint, remove distracting décor
or artwork and put family pictures away.
FSBO Tip LAWYER
Find a lawyer. Ask them about costs and availability for short notice
appointments. Have them assist you in filling out the contracts
ahead of time. Familiarize yourself with legal clauses that might
be added and how to protect yourself.
FSBO Tip ADVERTISE
Know your home - design, materials and relevant details such as
condo fees. Get a For Sale sign. Create a compelling ad. List your
ad in newspapers and online at 'For Sale by Owner' websites.
FSBO Tip OPEN HOUSE
Prepare your home by tidying up and lighting the rooms. Advertise
the open house in your newspaper. Have your papers ready and a receipt
book to take deposits.
FSBO Tip SELL
Negotiate with prospects. Don't take offense to negative comments
and be prepared for unqualified or non-serious browsers. Try to
work with every offer.
FSBO Tip CONTRACT
Cover your basis with subjects and escape clauses. Take a deposit
and contact your lawyer right away.
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Copyright © 2005-2006 Joe Pitino, Sales Representative Remax First Realty LTD Brokerage, Pickering, Ontario Canada & Integrative Performance, LLC