FSBO ? those four letters can strike terror into the heart of a savvy home owner. The real estate market is tricky to navigate, so most people rely on the expertise of a real estate agent. However, these agents take a hefty chunk out of your home equity. If you want to keep that money in your pocket, then your best option is to choose the For Sale By Owner route and sell your home yourself. In this article, we?ll show you the tricks of the real estate trade that can save you a fortune in fees.
To determine your asking price, evaluate the selling prices of similar homes in your neighborhood and estimate how much cash you will get from the sale after the current mortgage and other bills are paid. If you find that the home values are less than you?d hoped, then ask yourself what improvements are needed to get your asking price. Once you have completed these projects, you may want to consider a Seller?s Home Warranty. This is a form of insurance against damages to your home while it?s up for sale. It?s also a good idea to get a professional inspection done.
The web is the best tool to get the word out to potential buyers. Some FSBO home listings are free, so research what?s available in your region. In your ad, include clear photographs and a written description that focuses on the best selling features. Invest in an attractive lawn sign and put a holder on it filled with handouts containing information about the property and financing possibilities. Compose flyers and recruit your family and friends to help distribute them to neighboring communities and post them on public notice boards. Be sure to include the date and times you plan to hold an open house.
Once you have an interested buyer, obtain a signed contract, give him or her a set of disclosure forms and collect a deposit. Technically, you can sell your home without a lawyer but getting one is recommended. However, he should give you a discounted rate if you prepare your own documents. Get a copy of the Settlement Statement at least a day before the closing. At this point, you?ll have to re-calculate your estimate of how much cash you will get from the sale after the mortgage and other bills are paid. Make sure the ?net cash to Seller? is roughly equal to what you estimated.
FSBO isn?t difficult so long as you arm yourself with knowledge. With some footwork and networking, you can get a great return on your home and not have to share the proceeds with a realtor.
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Tags: selling your home by owner, fsbo, for sale by ownerSource: http://www.fsbo-tips.com/home-selling-tips/the-fsbo-route/
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