FSBO Quick Tips  

c Before you start, decide what your budget is for selling on your own, then monitor it carefully as you go so you don't exceed your budget.

c Remember to keep all receipts for all expenses you incur for selling because they are usually tax deductable and that includes using this service!

c Decide what your time frame is.  Give yourself plenty of time to sell on your own.  Then if you decide to turn it over to a professional, allow enough time for that too, especially if you are working with a time deadline or in a slow buyers market.

c Double or triple the amount of time you think you might need to sell.  It's often easier to push plans up than backwards.

c Decide if you will cooperate with and pay a Real Estate Agent for bringing a qualified buyer into your property that results in getting your property sold. 

c Make it easy to see your property.  Buyers become discouraged if they can't see the property when requested or have to make a 24 hours advance appointment, they loose some excitement and enthusiasm for your property.

c Always verify the callers identity and call them back with more information before they come to see the property.  You want a cell phone number and a regular land line phone number (even if it's not theirs). 

c Never leave children unattended while showing the property. 

c Use a friend, relative, or neighbor's help when showing the property and try not to be alone.  Bribe them with food or a small gift certificate. 

c Keep pets outside or at a neighbors while showing.  Pet lovers will be distracted from paying attention to the property, others may be allergic or scared of your pet.

c Open all drapes and curtains, turn on all lights inside and outside.  

c Be honest with the information you give about your property or you might regret it. 

c Treat everyone the way you'd like to be treated. 

c Be safety conscious at all times for all members in your family.  Safety is your #1 priority.

c Make sure you keep all stairs inside and outside clear of anything (and everything) that might cause a tripping hazard.  No matter how small or unimportant it may seem - nothing on the stairs at all.

c Keep your doors locked when showing the property.  Tell the prospective buyers they have to stay together with you as you take them through the property.  They cannot wonder through on their own, they have to stay with you. 

c Remember to show your property only to pre-approved or pre-qualified buyers.  They must bring their letter with them from their lender for you to see before you let them in.  Ask the lender on your "team" what you should look for in their letter.  Or buy an inexpensive fax machine, hookup to your home phone line, and have them fax it to you (or your lender for review) before you set an appointment with them to show the property.  If their lender's letter doesn't have what you need on it, according to your lender, do not show them the property.  They may not be qualified to buy your property and should be looking only at properties in their price range.

c Start packing!  Now is the time to go through every room, every nook and cranny, the garage, attic, basement, every where stuff can hide. Separate it into 3 sections - keep, donate, trash.  Don't second guess yourself.  If you haven't used it in 5 years...it's taking up precious space in your property, your heart, and your mind.  Get rid of the clutter! 

If there's a lot, rent an off-site storage facility so buyers can really see all that your property offers rather than looking at 50 boxes neatly piled in the garage and basement.

c Enjoy your new job!  It will be most interesting to say the least.

If you want to borrow our Consumer Service Video about Selling Your Home By Owner, just complete this little form below and I'll get it to you.

All information required.

Some Steps to Sell For Sale By Owner

Get Ready, Get Set, Go......

In strong sellers markets, where properties sell very quickly and there are fewer properties for sale, selling on your own is more likely.  In a strong buyers market, where there are lots of properties for sale and few buyers, it takes much longer to sell because your competition is very strong.  So make sure you make allowances for both market types.  You  might start in one market type and transition into another.  

Get Ready

Get the Property Ready

Don't take shortcuts here or it will cost you.  Gone are the days when things could be lightly picked up, beds quickly made, dished left in the sink, etc.  Today's buyers are educated and sophisticated and expect to see near model-like properties.  Make all repairs or upgrades before putting it on the market.  It's much easier to show "what is" than explain what "could be" or "should be".  It's hard for some people to visualize "what it could look like".

Some sellers find it beneficial to have their property "professionally inspected" by a licensed home inspector.  Costs vary with property size and the scope of their inspection and report.  A benefit to you is that you'll know if there is a problem or potential problem with your property.  This gives you time to get it corrected before putting it on the market.  Most buyers do a professional home inspection today.  So any problems will most likely be discovered any way.  They can still hire their own inspector or you can show them your report and receipts for any corrections you've done and see if that's acceptable to them.

Have the Property Staged for Maximum Price and Shorter Selling Time (ß click link)

Staging has been proven to sell a property for a higher price, several times the cost of getting it staged, and typically results in a quicker sale. 

Get Yourself Ready

You have to be really prepared to get the job done successfully.  There are many disclosures (Radon Disclosure, Sellers Property Disclosure, Lead Based Paint Disclosure, Mold Disclosure, etc.) you may have to give to prospective buyers.  There are many laws you have to follow too (Fair Housing, federal, state and local laws and customs, etc.). 

You have to have a "team" of professionals ready to call at a moments notice to help you.  For example: you should probably hire an attorney.  You can get any required forms from the attorney you may need.  Your attorney can help you fill them out and instruct you on when and how to use them.  If you have a question or not sure how to handle something, you can call your attorney.  There's usually a list of selling expenses you'll probably have to pay.  Have your attorney prepare an estimated Sellers Net Sheet so you'll not be caught off guard with surprises for selling expenses and you can plan accordingly according to the estimated net you'll receive after closing. 

Another "team" member to have access to is a lender who can review a prospective buyers pre-approval letter or pre-qualification letter and advise you.  The lender can prepare a finance worksheet to give to prospective buyers too when they come to see the property.  It will usually give a few different financing options with monthly payments, down payment information, closing costs, etc.  It's better to know up front if it might be a problem for a prospective buyer than weeks down the road.

Another "team" member is your classified advertiser, home magazine advertiser, etc.  You need to get the word out that you want to sell!

Price It Right

Hire an appraiser (a professional, independent third party - not a real estate agent) to determine the value of your property.  It will cost you a few hundred dollars probably, but you'll be able to show the appraisal to serious buyers looking at your property, especially if price becomes a factor while negotiating. 

When buyers argue about the price, having an appraisal to show them will give you leverage because most buyers will automatically take the commission off the top and begin negotiating from there.  An appraisal it will give you an unbiased opinion of value.

Okay, you have the house prepared, all your disclosures are prepared, city inspection done (if required for selling) and you've talked with your "team" members and got their input, you have your appraisal.  Now it's time to put it all together and get set.

Get Set,  Go.....

Your For Sale Sign

If allowed by local ordinance, get a very good, legible for sale sign.  Nothing is worse than having small, hard-to-read numbers for a phone number to contact. 

Feature Sheets

It's nice to have quality feature sheets to hand prospective buyers so they can remember your property among all the others they'll see.  You want to include lots of interior and exterior photos, rooms sizes, lot size, features and details about your property.  Plus information about the areas schools, churches, places to shop, points of interest, transportation, etc.  You might want to attach a finance worksheet for buyers too.  It will give them a pretty good idea of what to expect.  And if it's more than they want or can afford, at least you'll know up front.

Home Warranty

Should you offer a home warranty?  It usually offers some protection for the seller while the property is being marketed, then protects the buyer from unexpected repairs after closing subject to the policy you select and the policies coverages, inclusions, exclusions, limitations, and conditions.  Nothing in your property will last forever.  It would be horrible if the week after closing, something stops working.  You've never had a problem with it, but your buyer might feel like they've been betrayed and you kept this from them.  A Home Warranty might be the answer...because you just never know!  Talk to your attorney about this and who they would recommend.

Photographs

Buyers love to look at a property photo's before physically going to the property to get a preliminary idea of what it looks like, if it might meet their needs and what they're looking for, etc.  Part of the fee you pay for posting your property on this site is for us to photograph your property inside and outside and perhaps some neighborhood photos, depending on the package you select.  For safety reasons, static photos are preferred rather than virtual tours. 

Open Houses

Open houses are not typically the most productive way to show your property, but they still work sometimes.  Make sure to have 1-3 people helping you host the open house, depending on the size of your property.  There is safety in numbers.

Internet Exposure

An internet presence is crucial in today's market.  It's reported that over 80% of buyers begin their search online.  Don't expect to put up a web site and be found quickly by the search engines either, it takes time to be found.  A web site like this one will help you with this part.

Show Time

Someone called to see the property, you write their name, address, and phone number and other information on a sheet of paper to keep track of everyone who calls, or sees the property.  Next thing you know....

Someone Wants to Make an Offer

How exciting!  Negotiations can become quite intense between the parties.  But you have to keep your focus on the big picture.  Negotiating is just part of the selling and buying process.  Don't take it personally, it's just negotiating.  This is where a neutral third party can be beneficial.  Everyone should be able to feel like it's a win-win situation when everything is finalized and reduced to a written contract and signed.  Negotiation simply means give and take between all parties.  You give a little, they give a little until it's all agreed on and put in writing or it becomes obvious you and the buyer will never be able to come to a mutual agreement and everyone decides to end negotiations and go on their way.  Your attorney (if you're not using an agent) will help you with this.  Make sure you give your attorney the buyers lender information and a copy of their documents, the buyers names, address(es) and phone numbers, the buyers attorney's information, etc. so your attorney can prepare the offer or the buyers attorney can prepare the offer to fax to your attorney.

Closing

This is where the sellers and buyers sign all documents and the property officially becomes the buyers property. Closing is handled differently from one town to the next.  You may all meet at a title company or pre-sign documents at your attorneys office or individually go to the title company.  Your attorney will guide you from negotiations through to closing.  Typically, you will be required to give the buyer the keys for the property at the time you sign the papers, you will need to be moved out and the property left in broom clean condition with everything that was yours removed.  Everything.  However, DO NOT TAKE SOMETHING WITH YOU THAT IS SUPPOSED TO BE LEFT WITH THE PROPERTY.  Double check your contract to make sure everything that is to stay is left at the property. 

There are hundreds of things to do between negotiations being successful and the final closing.