Buyers Tips:
* What location is the property in? Does it have services that are important to you like schools, shopping, parks and playgrounds?
* Have the property inspected by a qualified home inspector.
* Walk around the neighborhood and get a better feel of the community.
* Are the neighbors yards neat and well cared for?
* Bring a friend, another person removed from the stress of buying a home can point out things you may not be aware of at that time.
Seller’s Tips:
Setting a Price
The most important step in selling your home is setting the asking price. If you set it too high your home will not sell. Set it too low and you lose money. To avoid this mistake get a professional appraisal done on your home. Appraisers will use a direct sales comparison to value your home. This estimate of value is obtained by comparing your property with recently sold properties in your area. You can find an appraiser by checking your local yellow pages.
Preparing Your Home for Viewing
Make sure your home is neat and tidy. Clean it from top to bottom and remove items that may give a cluttered look to any particular room. Open all curtains to let in as much natural sunlight as possible. In the evening have soft lights turned on in all your rooms when the property is being viewed. You can also burn candles in certain rooms but make sure the scent is not overpowering. Boiling cinnamon will give a pleasant smell. Pay attention to detail. Fix all dripping faucets and cracked or broken windows. You may also want to paint some of your home. The same goes for the outside of your home. Make sure the grass is cut, bushes trimmed and everything is in its proper place. Keep security in mind when showing your home: it might be a good idea to have a friend or neighbor present when showing your home. Let your home sell itself. Don’t be aggressive or crowd your potential buyers. Be honest when answering all questions. Serving refreshments and a friendly attitude will also make your buyer feel at ease. Be sure to point out any special features of your home and neighborhood. Have a fact sheet available to potential buyers. Print off copies from your listing at National For Sale or Rent.
Negotiating
Most buyers expect an inflated asking price and expect you to have some room for downward negotiation. If you don’t have this room you will likely not get very far selling your home. Lowering the price of your home makes the buyer feel that they got what they wanted. Decide what your bottom line price is before you start negotiating. Write down the items in your home and yard and decide what is negotiable and what is not. For example will you sell your fridge and stove with the home, washer, dryer, etc…
Prepare a worksheet for yourself the buyer and the lawyer. This is not a legal document buy may become the basis from which a lawyer can prepare the proper legal purchase contract. Having all the points decided in the negotiation down in writing is critical to both the seller’s and the buyer’s understanding of the deal. The worksheet should include the following items:
* Seller’s name(s)
* Buyer’s name(s)
* Date
* Property Address
* Purchase Price
* Amount of deposit
* Who holds the money (Seller’s lawyer is recommended)
* How long does the seller have to consider the buyer’s offer (48-72 hours is normal)
* Items included or not included in the sale: furnishings, appliances, window coverings, light fixtures etc..
* Conditions of the sale (e.g. the buyer must sell their current home, financing, property inspection… Make sure you include a date and time when the conditions must be cleared or the agreement will become void)
Legal Aspects
When both parties are satisfied take the worksheet to the lawyers and a formal purchase and sales contract will be drawn up. This is all a simple process and is no more complicated than having a sales agent do it for you. Many people avoid selling by owner due to a fear that they won’t be able to handle the legal paperwork. This fear is misplaced since whether you sell by owner or through an agent you will have a qualified lawyer handle all the legal paperwork. Real estate agents are not qualified to conduce the legal transaction so no matter how you sell your home you will need this legal expertise.
Dealing With Real Estate Agents
When selling your “home by owner” you may be approached by a few real estate agents. Their goal is to get you to list your property with them. The FSBO (For Sale By Owner) seller is a major concern to the Real Estate industry. Every property sold by owner is a property sold without that big commission and that eats into their business.
The usual method to get you to list with an agent is to make it seem like the home selling process is very complex and time-consuming. Some will call with “helpful” consultations, books or videos. Don’t be fooled…these are tools used to confuse you and get you to list your property with them. (Don’t forget, they are loosing out on easy commissions.) You may get a real estate agent approaching you with an interested and real buyer. If you are willing to compromise on a commission deal (2-3%) then you might be able to negotiate a sale. Be wary of the agent wanting you to list the home with them. Make sure you get the offer in writing and consult your lawyer before signing anything. If you need any information on buying or selling a home the Internet is full of helpful and interesting advice.