Information on "For Sale By Owners".
Dear
Homeowners:
If you decide to market your own property, consider
the following 20 steps that you must take in order to
get the job done.
- STEP #1:
Conduct your own mini walk-through inspection. Make
notes of all items that need repair or improvement.
Your check list might include:
- Fresh, clean
paint throughout.
- Clean windows
and window coverings throughout.
- Well manicured
lawn and yard.
- Plumbing and
all appliances in working order.
- A well
organized, clean garage.
- All sealants
(window, tub, shower, sink, etc.) in good
condition.
- Roof and
gutters in good condition; no repair needed.
STEP #2:
Make all necessary repairs and improvements before
you begin to advertise your property.
STEP #3:
Carefully research information regarding the prices
and terms of sales in today’s real estate market.
Investigate recent sale prices for properties
similar to yours in your immediate area. Then
establish a realistic price for your property based
on that information.
STEP #4:
Meet with local lenders and determine financing
alternatives for your prospective buyer.
STEP #5:
Determine which newspapers will best advertise your
property. Call them for rates and deadlines.
STEP #6:
Establish an advertising budget.
STEP #7:
Prepare a professional, attention-getting
advertisement that will attract the right buyers to
your property. Place your ad in the newspaper(s),
Real Estate Magazines, and Cable.
STEP #8:
Prepare a plan to reach those out-of-town buyers who
account for a portion of today’s home purchasers.
STEP #9:
Purchase an eye-catching and weatherproof yard sign;
install it in the front of your property.
STEP #10:
Purchase special "open house" signs and install them
in paths that lead from main roads or thoroughfares,
through the neighborhood, and to the property.
STEP #11:
Schedule and conduct open house "weekdays" as well
as open house weekends. Make your property more
inviting by placing freshly cut flowers in several
rooms. You might burn scented candles in the living
room, kitchen and baths. The aroma of freshly baked
bread or cookies also add to the ambiance of your
property.
STEP #12: Be
available at all times so that you can walk through
the property with prospective buyers to answer their
questions and offer information about local schools,
parks, transportation, shopping, churches, etc.
STEP #13:
Learn how to separate the "lookers" from qualified
buyers. Ask for names and phone numbers and be sure
to follow up with telephone calls.
STEP #14: Be
prepared to negotiate with the buyer(s) as though
you are an impartial third party. Remain calm and
refrain from any emotional outburst that might spoil
a sale.
STEP #15:
Obtain all forms necessary for the legal sale of
real property such as: Deposit Receipt & Offer To
Purchase; Buyer’s Cost Sheet; Seller’s Disclosure
Form as in our increasingly litigatious society, it
is imperative that all known defects be disclosed to
the buyer(s).
STEP #16:
Determine the type(s) of financing that you are
willing to consider such as: FHA, VA, Seller
Carryback First Mortgage, Conventional Loan with
Seller Carryback Second Mortgage, and "Wrap Around"
Mortgage.
STEP #17:
Negotiate with the buyer(s) all final terms of the
sale including price, financing, inspections, date
of closing, date of possession and other pertinent
considerations.
STEP #18:
Plan a final walk through with the buyer(s) before
the settlement process is complete in order to
resolve any disputes. Have a witness present.
STEP #19:
Provide a termite-free Certificate to the buyer(s).
STEP #20:
While you are marketing your current property,
locate and negotiate to purchase your next home.
Attempt to schedule both transactions so that they
close simultaneously. In this way, you and the buyer
are able to move at the same time.
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