For Sale By Owner
With the advent of the internet, more and more home sellers are choosing to sell their homes by owner, or FSBO, without using a selling agent. My husband and I sold two homes FSBO in less than a year (and bought a third from a FSBO). This lens will discuss what you need to know when deciding to sell your home FSBO. While there are many benefits, there are also many challenges and a lot of work involved!
Protect Thyself
While you can save tens of thousands of dollars by selling your home without a real estate agent, you CANNOT, under any circumstances, try to "save money" by not hiring an attorney to help you with your FSBO transaction.
In addition to advising you about things such as what your state requires regarding seller disclosures--it's different in every state--your attorney is there in case something goes wrong during the transaction. And there are a myriad of things that can go wrong. Unexpected title problems can crop up. Problems found during home inspections can spook buyers. And if you do something wrong regarding paperwork you need to send to the buyer, you might inadvertently open a loophole for them to do something shady.
This happened to my husband when he used a real estate agent to sell his condo in California. His agent did not deliver the HOA papers to the buyer within the required time period. Less than a week prior to close, the buyer SUDDENLY developed a problem with something in those papers--and demanded a huge price reduction. Worst of all, because the papers were delivered late, my HUSBAND was the one in default of contract!
Do not bring a nightmare like that upon yourself in a misguided attempt to "save money." Before listing your property, hire an attorney to represent you.
In addition to advising you about things such as what your state requires regarding seller disclosures--it's different in every state--your attorney is there in case something goes wrong during the transaction. And there are a myriad of things that can go wrong. Unexpected title problems can crop up. Problems found during home inspections can spook buyers. And if you do something wrong regarding paperwork you need to send to the buyer, you might inadvertently open a loophole for them to do something shady.
This happened to my husband when he used a real estate agent to sell his condo in California. His agent did not deliver the HOA papers to the buyer within the required time period. Less than a week prior to close, the buyer SUDDENLY developed a problem with something in those papers--and demanded a huge price reduction. Worst of all, because the papers were delivered late, my HUSBAND was the one in default of contract!
Do not bring a nightmare like that upon yourself in a misguided attempt to "save money." Before listing your property, hire an attorney to represent you.
Helpful Links
Mortgage Relief - Stop Foreclosure
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Selling a Fixer-Upper: Dos & Don'ts
You're selling your home, or selling a home as the administrator/executor of an estate. You know it needs work, but you don't have the time and/or money to do it. You just want to sell the place as it is right now.
It's possible to sell a fixer FSBO. I sold my great-aunt's house, which needed extensive repairs, as the administrator of her estate. Fixers attract a different market than homes that are in move-in condition, and are therefore marketed very differently. Here are some basic dos and don'ts:
DON'T expect to get as much money as your neighbor got for his renovated property. Just like cars, the better condition a home is in, the more money it will fetch. My great-aunt's house sold for about half of what it would have if it were finished. This was exactly what I expected; there was no "sticker shock" on my part.
DO call HomeVestors or a similar "we buy houses" company and obtain quotes. Better yet, call a few of them. Do this even if you are 100% certain you want to market the property (or, as in the case of an estate, you've been told you need to in order to prove you tried to get the best price possible). If you do not like their offer, you can always decline, but you may be surprised. I ended up selling my great-aunt's property to HomeVestors.
DON'T lie or conveniently refrain from mentioning important things about the condition of the property in your ads. Your lies will be apparent when the buyer visits the property. On a related note...
DON'T try to hide problems by posting no pictures of the property in your ads, or pictures of the exterior only. That's the oldest trick in the book; you're not fooling anyone.
DO make sure to include keywords like fixer, rehabber, and investor's special in your ad copy.
DO demand a deposit upon accepting an offer to buy, even if the buyer is paying cash and has no contingencies, and even if the buyer is from a "we buy houses" company. Don't trust that the buyer has the cash; make them PROVE it.
It's possible to sell a fixer FSBO. I sold my great-aunt's house, which needed extensive repairs, as the administrator of her estate. Fixers attract a different market than homes that are in move-in condition, and are therefore marketed very differently. Here are some basic dos and don'ts:
DON'T expect to get as much money as your neighbor got for his renovated property. Just like cars, the better condition a home is in, the more money it will fetch. My great-aunt's house sold for about half of what it would have if it were finished. This was exactly what I expected; there was no "sticker shock" on my part.
DO call HomeVestors or a similar "we buy houses" company and obtain quotes. Better yet, call a few of them. Do this even if you are 100% certain you want to market the property (or, as in the case of an estate, you've been told you need to in order to prove you tried to get the best price possible). If you do not like their offer, you can always decline, but you may be surprised. I ended up selling my great-aunt's property to HomeVestors.
DON'T lie or conveniently refrain from mentioning important things about the condition of the property in your ads. Your lies will be apparent when the buyer visits the property. On a related note...
DON'T try to hide problems by posting no pictures of the property in your ads, or pictures of the exterior only. That's the oldest trick in the book; you're not fooling anyone.
DO make sure to include keywords like fixer, rehabber, and investor's special in your ad copy.
DO demand a deposit upon accepting an offer to buy, even if the buyer is paying cash and has no contingencies, and even if the buyer is from a "we buy houses" company. Don't trust that the buyer has the cash; make them PROVE it.
FSBO Signs
Every FSBO needs one!
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How to Stage a Home for Sale
You may have heard talk of "staging" homes, and the importance of staging to a quick, profitable sale. The first thing to remember is that "staging" is nothing more than a fancy marketing term for "make the place look neat, clean and presentable." There are no secrets to staging; most of it is common sense. The best way to begin is to imagine how you would want your home to look if you were using it to host your child's wedding or another fancy party (minus the balloons and streamers, of course!):
* Clean and tidy: Carpets vacuumed, floors swept and mopped, windows sparking clean. No papers piled up on the kitchen table, no magazines, toys or dirty clothes on the floor.
* If you have a lawn, make sure it's mowed and raked free of leaves, and remove any dead plants from the garden.
* If you have a cat, make sure to scoop the litter box at least twice a day, and do a dump-and-scrub weekly. If you have a dog, make sure the yard is scooped daily, and before every showing!
* Clean and tidy: Carpets vacuumed, floors swept and mopped, windows sparking clean. No papers piled up on the kitchen table, no magazines, toys or dirty clothes on the floor.
* If you have a lawn, make sure it's mowed and raked free of leaves, and remove any dead plants from the garden.
* If you have a cat, make sure to scoop the litter box at least twice a day, and do a dump-and-scrub weekly. If you have a dog, make sure the yard is scooped daily, and before every showing!
FSBO Handbook
The For Sale by Owner Handbook
Amazon Price: $12.23 (as of 01/08/2010) 
Do I really need to move half my stuff into storage?
TV design shows tout the use of storage bins, making it sound as though every seller absolutely must put half their belongings into storage. Storage bins are extremely expensive, and there's a great deal of work involved moving your stuff into them, then getting it back out later. Unless your house is so cluttered, you have to make paths to walk through it, skip the storage bin. Pull up a trash bin instead and throw away all the junk you never use anymore; anything that's too good to go into the trash bin can be donated to a thrift store or sold at a yard sale. Some people wait until they're ready to move to do this, but it's more logical to do it just prior to putting your home up for sale: Fewer things in your house mean less things to deal with when tidying up.
There's also no reason to remove all of your paintings and family pictures from your walls, with the caveat that you do not want too many things on the walls. If every square inch of wall is covered by a picture, buyers may wonder if you're trying to conceal a problem. Remember that the objective is for the buyer to actually SEE the house. They must be able to see that the walls are not cracked and full of holes, the windows are not broken, the carpet isn't torn up, etc.
There's also no reason to remove all of your paintings and family pictures from your walls, with the caveat that you do not want too many things on the walls. If every square inch of wall is covered by a picture, buyers may wonder if you're trying to conceal a problem. Remember that the objective is for the buyer to actually SEE the house. They must be able to see that the walls are not cracked and full of holes, the windows are not broken, the carpet isn't torn up, etc.
For Sale by Owners: FSBO
FOR SALE BY OWNERS: FSBO
Amazon Price: $17.95 (as of 01/08/2010)
When it's time to change, it's time to rearrange...
You don't have to empty closets, but straighten them up as much as possible to make them look as big as possible. Don't keep a pile of tee-shirts thrown haphazardly all over the shelves; fold and arrange them neatly. Arrange shoes neatly at the bottom of the closet, preferably on a shoe rack. In the kitchen, make sure your dishes and cooking instruments are arranged neatly on the shelves.
Arrange your furniture in a way that makes each room look as large as possible. You may wish to relocate some furniture from one room to another, or even store a piece or two in your shed or basement, to achieve this effect. Make sure curtains and blinds are clean, and that each room is as light and bright as possible. If you have heavy drapes, pull them back for showings -- or better yet, buy some light curtains. They're inexpensive and can really brighten up a room.
Arrange your garage and (if you have them), basement, attic and shed as neatly as possible, but keep in mind that most people expect these areas to be cluttered; they don't have to be as neat as the living room. These are areas where you can relax a little, and maybe store some of the things you've moved out of other rooms. Just make sure there isn't so much junk packed in that the buyer cannot see anything (for example, make sure the buyer can see that two cars fit comfortably in the garage).
If you're still a little challenged regarding decor or furniture arrangement, pick up a copy of "Better Homes & Gardens" or a regional home and garden publication like "Sunset" or "Southern Living." You don't have to mimic everything you see in the magazines, but they're full of great tips on topics such as making a small home appear larger or brightening up a dark room.
Arrange your furniture in a way that makes each room look as large as possible. You may wish to relocate some furniture from one room to another, or even store a piece or two in your shed or basement, to achieve this effect. Make sure curtains and blinds are clean, and that each room is as light and bright as possible. If you have heavy drapes, pull them back for showings -- or better yet, buy some light curtains. They're inexpensive and can really brighten up a room.
Arrange your garage and (if you have them), basement, attic and shed as neatly as possible, but keep in mind that most people expect these areas to be cluttered; they don't have to be as neat as the living room. These are areas where you can relax a little, and maybe store some of the things you've moved out of other rooms. Just make sure there isn't so much junk packed in that the buyer cannot see anything (for example, make sure the buyer can see that two cars fit comfortably in the garage).
If you're still a little challenged regarding decor or furniture arrangement, pick up a copy of "Better Homes & Gardens" or a regional home and garden publication like "Sunset" or "Southern Living." You don't have to mimic everything you see in the magazines, but they're full of great tips on topics such as making a small home appear larger or brightening up a dark room.
Home Decor 'Zines
Better Homes and Gardens (1-year)
Amazon Price: $14.97 (as of 01/08/2010)
Sunset (1-year)
Amazon Price: $16.00 (as of 01/08/2010)
Don't get caught with your porn showing!
Finally, put any pornographic or political material (books, signs, etc.) into a box and store it out of view. You do not want a buyer getting hysterical because they brought their 10-year-old with them, and he saw your "Hustler." In addition, everyone has their own strong opinions on abortion, marijuana, the War in Iraq, etc. There's an old adage about keeping religion and politics out of business, and as mentioned in the first paragraph, selling your home is a part-time business. A home showing isn't the time to get into a political debate; you want the buyer to concentrate on your product--the house--not your politics.
Real Estate Supply Superstore
FSBO signs, lockboxes, literature tubes, and more
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- Sep 3, 2008 @ 2:33 am
- hi, sorry but i've accidentally hit the button twice....please do make some corrections. thanks!
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- Sep 3, 2008 @ 2:31 am
- hi! Yes, i've got something to add that might be of big help to you...if you really want to sell your house effectively, try to learn some home staging courses ! It will really help you!
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- Sep 3, 2008 @ 2:30 am
- hi! Yes, i've got something to add that might be of big help to you...if you really want to sell your house effectively, try to learn some home staging courses ! It will really help you!
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- Jul 5, 2008 @ 10:58 pm
- I buy mortgage notes and trust deeds.
I can help increase your sales and close the deal.
"Seller financing is a powerful tool to remedy real estate situations that otherwise look grim."
Seller Financing: Creating A Note For Quick Sale
Seller financing is a popular way to sell real estate without dropping the price. In fact, builders will often offer financing to sell the properties they've built in a difficult market without having to reduce their prices. When the property owner is willing to "carry back" a note many advantages can result:
1. The Seller can get a higher selling price.
2. The property can sell faster.
3. The overall sales closing ratio can increase.
4. The note can generate a steady payment stream for long-term income.
5. If a real estate agent is involved, it allows the agent to collect a commission from a sale that wouldn't happen through traditional means.
email info@smilingdogenterprises.com
-
Reply
- Jul 5, 2008 @ 10:58 pm
- I buy mortgage notes and trust deeds.
I can help increase your sales and close the deal.
"Seller financing is a powerful tool to remedy real estate situations that otherwise look grim."
Seller Financing: Creating A Note For Quick Sale
Seller financing is a popular way to sell real estate without dropping the price. In fact, builders will often offer financing to sell the properties they've built in a difficult market without having to reduce their prices. When the property owner is willing to "carry back" a note many advantages can result:
1. The Seller can get a higher selling price.
2. The property can sell faster.
3. The overall sales closing ratio can increase.
4. The note can generate a steady payment stream for long-term income.
5. If a real estate agent is involved, it allows the agent to collect a commission from a sale that wouldn't happen through traditional means.
email info@smilingdogenterprises.com
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