If you are thinking of selling your property on your own — without a real estate professional — it is prudent to consider all aspects of the selling process, which inevitably includes the buying process as well.
Do you have the time and energy to sell your own property?
One of the keys to selling your property efficiently and profitably is complete accessibility. Many For Sale by Owner homes sit on the market for months on end, if not years, because the owner is unwilling or unavailable to show the property to potential buyers. Realize that a certain amount of time each day is necessary to successfully sell your home.
Can you overcome the “emotional attachment” that you may have for the property being sold?
Your home might be where your kids grew up, or where the family pet is buried. It might also have been designed, decorated, or landscaped to your personal tastes. Are you prepared to hear and accept buyer criticisms of your home? Are you unbiased as to what your home is really worth in today’s real estate market?
Are you prepared to deal with an onslaught of buyers who perceive a home for sale by owner as a potential bargain?
One of the challenges of selling is screening unqualified prospects and dealing with the bargain hunters. Selling for a bargain price may be worse than paying the agent commissions.
Are you prepared to offer financing options to the buyer?
By offering financing options you give the home buyer the ability to work on their terms and open up the possibilities of selling your home quickly and more profitably. You should brush up on your knowledge of different types of loans: ARM, FHA, USDA, PHFA, Conventional – and, also, know for what loan your property will qualify. Not all loans may be used with all properties.
Do you fully understand the necessary steps required in selling a home?
Many home sales by conducted solely by the home owner have been lost because of incomplete paperwork, lack of inspections, inadequate contracts, etc. If you are not completely informed of all the steps necessary to sell real estate for sale by owner, then contacting a legal professional is recommended. However, this option might eventually run you more financially than hiring a Real Estate Agent. Furthermore, it could be more time consuming . Selling real estate also includes several other professionals to be involved like, title company, inspector (home and pest), attorney, and escrow company, so make sure you know who to call when the time comes to close the deal.
These are just a few questions any potential seller should consider!