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As an alternative to working with an
experienced Realtor, you might consider selling your home
yourself. If you choose this option, be prepared for a lot
of work. It can be done, of course, but if you don't have
the time and energy to commit to it (or need to sell in a
hurry), this option might not be for you.
The following is a checklist to help
walk you through the process:
Know your property. Become familiar with such facts about
your property as property taxes, zoning, lot size, square
footage, etc. Know the terms of your existing loan.
Research the current market & property laws in your area. How much are properties similar to yours bringing in the
current market? What are the terms of sale? What property
disclosure laws do you need to take into consideration?
Set the price. Once you know the specifics about your home
and have checked out what similar properties in your area
are bringing, set a realistic price.
Determine financing alternatives. Contact lenders in your
area to determine what the options are for your prospective
buyer. You want to be informed before potential buyers ask,
or your lack of knowledge may lead them to look elsewhere.
Perform a "walk-through" of your property. Look
at it from the perspective of both the prospective buyer
and the inspector. Take notes on all items that need to be
repaired or replaced and make all the repairs listed in the
inspection notes. Other things to consider include:
Outside:
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From the street, is
the house appealing? This is called "curb appeal". |
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Does it need a new coat of paint
(either because the old is obviously "old",
or because of an uncommon choice in color that might
turn off prospective buyers)? |
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Is the lawn & landscaping attractive
and well-kept? |
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If it's a condo, you can't do much
about the building, but is the front door (and balcony,
if there is one) appealing? |
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Are the windows and doors attractive
and in good repair? |
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Are the roof and the gutters in
good repair? |
Inside:
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Are the interior paints & finishes
in good condition (recently updated), or do they need
to be freshened? This is one area where a minimal investment
can possibly make or break a sale. A coat of paint can
give your home a well-kept and inviting look. |
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Are the appliances in good working
order & of recent vintage? |
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Are the plumbing and electrical
systems in good repair? |
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Are the carpets or other floor coverings
clean & in good repair? Like paint, attractive & well-kept
floor coverings are worth the cost. They dramatically
affect the quality of that first impression. |
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Are the sealants around the sink,
shower, tub, and windows in good condition? |
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Are all light fixtures working properly?
Is there good lighting in each room so that prospective
buyers won't think you're hiding something in the
dark? |
Know your neighborhood. Most prospective buyers will want to know about the local
schools, shopping, parks, transportation, etc. Be prepared so you can answer
their questions.
Establish a marketing budget. How much are you willing to spend to sell your
house?
Investigate the real estate sections of local newspapers and other
publications. Which will get you the most "bang for your buck?" Are there "throwaway" (i.e.,
free) real estate publications in your area that accept ads from individual sellers?
In the local paper(s), is it better (in your area) to run a text-only classified,
or do they have "photo boxes" where you can run both text and a photo
of your property? Don't forget the Internet. See if you can get your home listed
on a website that features local properties. Some newspapers automatically (or
for an extra fee) offer Internet advertising tied in to their traditional print
ads. Learn the rates and deadlines for each publication, and then decide which
one (or more) is best for you, your market, and your budget.
Establish a marketing plan. Now that you know what advertising will cost, create
a plan on how to best (within your budget) reach prospective buyers, both local & out
of town. Since many people do relocate from a distance, be sure to include Internet
advertising in your plan. If your town is large enough, the "local" newspaper
might have a national edition where you may place your advertisement.
Write the text and/or design your ad. You will need a well-written few sentences
that will run as a classified ad or a photo box ad. In addition, you might decide
to run a larger, custom-designed ad in the paper and/or to use as flyers to hand
out at open houses (or anywhere else you might meet prospective buyers). Don't
skimp on this. A professional, well-crafted ad can attract buyers while a poorly
designed and executed one will turn buyers away.
Clear your schedule. Make arrangements so that you have free time to schedule
appointments at the prospective buyer's convenience, as well as for any "open
houses" that you may hold.
Purchase
and install a "for sale" sign. This should be well-designed, attractive and weatherproof.
The sign must
be placed where it can clearly be seen from the street.
Prepare a fact sheet. Design a single sheet description of
your property listing the features and benefits that will
draw in prospective buyers. This should be attractive and
professional looking. Have enough copies on hand to give
out at open house showings.
Purchase "open house" signs.
Make sure that they include a place to write the address
of your property and
the date/time of the open house. In addition to one for the
front yard, you'll want to place several in conspicuous locations
around the neighborhood, such as main streets leading to
your house. For these, directional arrows can point prospective
buyers to your house even if they don't know the area. Make
sure that you take these signs down as soon as the open house
is over. You don't want people showing up on your doorstep
at all hours of the day and night.
Set up a schedule of open houses. While most are held on
the weekend, this is not convenient for all buyers. Make
sure that you coordinate your print advertising to include
information about your next open house.
Keep a list of prospective buyers. As people come through
during open houses, or as they call from reading your ads
or seeing the sign out front, keep a list with their names & phone
numbers. Concentrate your attention on those who seem serious
about your property, as opposed to those who are just checking
out the neighborhood or whiling away a Sunday afternoon.
Make sure that you make follow up telephone calls to all
those who seem seriously interested in your property.
Once you have an offer, it's time to negotiate. Leave your
emotions behind when you enter negotiations. You never want
to get angry or give the impression that you're overly eager.
Get your forms in order. A number of forms are required for
the legal sale of your property. In addition to the contract
of purchase and any counteroffers, there are approximately
20 other forms that the seller is required to provide to
the buyer. It is necessary to review the contract carefully
to determine when these forms/documents are due and what
the buyer's rights are once they receive the document. The
form and content of many of these documents are prescribed
by Kentucky or federal law and must be adhered to in their
entirety.
Negotiate final terms of the sale. With the buyer(s), come
to an agreement (in writing) regarding the following:
• Price
• Inspection contingencies
• Financing terms
• Date of closing
• Date of possession
• It would be prudent for you to pay an attorney review any
and all contracts before the deal is finalized.
Final walk-through. When both the buyers and a witness
can be present, schedule a final walk-through before
you complete
settlement in order to determine that the property being
conveyed meets the expectations of all parties involved.
Resolve any disputes before the transfer of title.
Find and make arrangements for the home prior to
your move. Unless you have already built or bought a new residence,
you'll need to be the "buyer" for a new property
while simultaneously being the "seller" for your
current one. If possible, schedule both transactions to
close at the same time, or else close your purchase shortly
before
closing your sale. You need to be moved out before the
new owners take possession.
"
For Sale By Owner" involves a lot of work, and is
not for all sellers. Decide before starting the process
whether
you feel comfortable handling all aspects of the transaction.
copyright © Agent Image 2004
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