For Sale By Owner

For Sale By Owner ...

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The ‘For Sale by Owner’ sign shows that you’ve taken on a

big responsibility, and a big challenge. The idea of selling

your home without a real estate agent can be very

appealing. In fact, close to 20% of all the homes sold last

year were sold as FSBO. But there’s a lot more to the sale

than putting up a sign, or running an ad and waiting for the

right buyer to come along! Before you take the plunge,

consider the following…..

Market Value:

The bottom line of any home sale is the market value. You’re at a great disadvantage if you don’t know what your house is worth in today’s market. Every seller wants to realize as much money as possible when they sell their home, but listing too high often nets the seller less than market value. Ask your realtor for all the comparative SOLD properties in your immediate area, and then decide on your list price.

Qualify Prospective Buyers:

There are NO guarantees, but one of the challenges in selling a home is screening and qualifying potential purchasers. It is important for you, the seller to know all the options available in terms of mortgage loans, programs, and rates available. Why waste precious time letting stranger’s preview your home, when you are not certain they are capable of purchasing it! Take precautions: NEVER show your home to a stranger when you are at home alone!

Find Ways to reach out-of-town Buyers:

A good percent of prospective purchasers are relocating to your area every day. In order to get full exposure, contact your local Chamber of Commerce and have them put you in touch with large corporations in your area. Try to advertise in many out-of-town newspapers. Many relocating professionals are already in touch with realtors in the area prior to their arrival for their final interview. These transferees do not have to time to check local papers. They are prepared to take area tours and make a purchase through a realtor.

Schedule Showings:

Think about the security measures you have in place before giving directions to a perfect stranger over the telephone. Try to obtain their telephone number, and always call them back with questions, and to confirm the showing. Try to arrange for a showing in the daytime, as you will want your home to sparkle in the sunshine. (Don’t wait home alone) Don’t be disappointed if you never hear from the prospective buyer again – statistics show that most people looking at FSBO’s are just starting to think about moving, or they are comparing your home to other homes they have already seen.

Negotiate the Selling Price:

One of the challenges in selling a home, is learning to negotiate and deal with low-ballers! Statistics show prospective buyers will attempt to ‘steal’ a FSBO, or at least make sure they are saving the commission that you would have paid to a realtor. Be prepared to stay firm unless you are ready to sell for less than market value!

Handle legal documents and disclosures:

Do not loose a sale due to wrong or incomplete paperwork! Make sure you are familiar with your state disclosures. (LEAD, Brokerage, Seller, etc.) It’s the LAW, and you are responsible for all the paperwork! Put all negotiations and telephone conversations in writing. Have a written ‘Offer to Purchase’ ready to record all the data you have agreed to. In order to protect yourself, it is recommended that you consult an attorney. This is REQUIRED in some states. Your attorney will prepare a contract to protect you!

The sale price alone should indicate how extraordinary such a transaction is, when compared to the financial decisions that are part of everyday life. A realtor can provide you with many advantages in the market, and save you time and money.

If I may be of any assistance, please do not hesitate to call.

Marilyn Parrish - Realtor®

11711 North Meridian - Suite 100

Carmel, Indiana 46032

Office: (317) 331-7222

The Indy Home Team

Indianapolis Metro North

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