* How to sell your home by yourself?
Updated on 02/15/2021
Step 1: Determine the fair market value of your home
The easiest way to get a fair market value of your home is either from Zillow.com or Refin.com, but keep in mind that Zillow estimate is usually more aggressive/higher price and Redfin is more conservative/lower. These estimates are based on formulas of property values near your home, most likely those sold within 90 days if data is sufficient. Additionally, they sometime make estimates just around your listing price when you list online, their estimate difference could be much different before and after you post. Your fair market value should not depend mainly on their estimate, especially when there is a big price difference between them. Additionally, you should look at details of properties sold within 90 days, living square footage, land square footage, property type, property condition, year built, location, HOA fee, property tax rate, assigned school rating, neighborhood, etc. Location next to freeway, railroad, busy street, a street straight facing the property, industry zone, etc. is a big deduction on the value. Location next to school, library, commercial zone, etc. is ambiguous but should probably be a deduction.
You don’t need to hire an appraiser, because an appraisal report costs around $400 and it is not usable toward buyer’s mortgage qualification.
You don’t need to get overwhelmed from the perfect listing price, you will get it for real when buyers make offers, but the estimate you think of may help you through negotiation with buyers.
Step 2: Prepare the home for sale
You may not need to do all repairs, especially expensive one, but you should definitely do paint touchup and small repairs like leaky faucets, loose door handles, windows that stick, or electrical switches and lights that don’t work properly, which are your best investment toward a higher price offer.
You should keep your home clean and fresh; especially religious decoration should be avoided, then you are letting buyers have the room to imaging their near future home. It is best when you move out, then more unnecessary personal property can be void.
You may ask an outsider to give an opinion on your home, because you may probably be objective since you are the owner.
If you don’t have the time, idea, and you can move out early, you may consider a professional home staging company.
Step 3: Market the home for sale
You should have a professional “For Sale” sign and post at the front yard, and flyers also help.
The biggest online listing platform for free to FSBO is from Zillow.com, it is also connected with trulia.com. You should have nice pictures of your home since this is the first impression to buyers; professional cameras have wider angles so that your living space will be captured more on the pictures---your home space will look larger. You should expect many real estate agents call for either solicitation to be your listing agent or confirmation with you for commission if they bring you buyers. They will never promote your listing since your listing is not under a professional listing agent; They contact you only if their buyers notice your listing and ask for more information; If you don’t offer them commission, they will not say good things about your home and show buyers other homes. Please go to our “Seller” page for more information and you may have a better decision. Link : Best Way to List — Beyond Home For Sale By Owner (beyondhomeforsalebyowners.com)
You should list your property to websites as many as possible, the more exposed your property is, the better chance you get your best buyer. Some websites are craiglist.org, facebook.com, homefinder.com, etc.
You should be aware that your home is not shown on redfin.com, realtor.com, ReMax.com, ColdwellBanker.com, Compass.com, ExpRealty.com, Movoto.com, etc. These companies have buyers tremendously many more than you can imagine. Please go to our “Seller” page for how to post your listing on these websites. Link: Best Way to List — Beyond Home For Sale By Owner (beyondhomeforsalebyowners.com)
Step 4: Negotiate the sale
You emphasize telling all good features of your home but you must also point out all important things about your home, because the buyer can cancel escrow at the middle, wasting your time and opportunity with other buyers. You are trying to get the best offer, but keep in mind that the best buyer may be gone overnight if you demand even better terms. The best needed negotiation is very different case by case. Basically, it is all verbal at this process but once you have the serious buyers you should know the whole process through your closing--the purchase agreement. You can easily download a purchase agreement online but you must understand all terms on it. The contract must spell out every detail of the sale, including the purchase price, security deposit, closing concessions, items that will be included in the sale, the closing date, the location of the closing, contingency period, etc. You should also understand the buyer's mortgage if any; buyer should have a pre-qualified letter from the bank, a standard pre-qualified letter will list details of the buyer’s qualification. In many cases, these loan pre-qualified letters are based on the buyer's verbal information, which means the loan officer has not checked the buyer’s credit score, annual tax return paper, paystubs, etc. Pre-approval letter is much more reliable, which is already confirmed by the loan qualification system with all requested papers from the buyer. You should disclose all material facts to the buyer in paper, otherwise there are lawsuits waiting for you. When you decide the true buyer, everything should be on papers, verbal is not enforcing in real estate.
Step 5: Handle the closing
In a standard transaction with a mortgage, the escrow lasts for 30 days. Within 3 days after the contract is signed by both the seller and the buyer, the buyer will deposit a security deposit, 3% of the sale price, otherwise, the seller can cancel. Within 7 days, the seller will provide the buyer with disclosures and reports, which will prevent any future lawsuit, like death at the property within 3 days, murder at the property, fire insurance claim within 5 years, flood zone, earthquake zone, etc. Within 17 days, the buyer should review all disclosures, reports from the seller, as well as the general home inspection report if any, then the buyer will remove inspection contingencies. Within 21 days, the buyer will remove all contingencies, mainly because the loan approval should be out from the loan underwriting department and the buyer should be confident to remove. The buyer will lose the security deposit if the loan goes sour or anything preventing escrow closing.
Summary
Selling your house yourself is more complicated than using a real estate agent. But if you can make it happen, you can save tens of thousands of dollars. And that’s why people try to do it all the time, but many turn out to sell with a real estate agent. If you are not confident enough, you should always look for some help from the real estate agent, some agents can offer you extremely low rate when you can perform some work for the selling. here is more information that you may need, Link : Best Way to List — Beyond Home For Sale By Owner (beyondhomeforsalebyowners.com)