Five Tips for Taking the FSBO Seriously

Sell ​​It By Owner… Save Commission

Selling by owner is not difficult. These five tips will help you become a successful FSBO. Once you decide to sell, think of the house as a property, not your home; separated from the property.

1. State of the Property. Consider how the property looks, buyers do.

Buyers are looking for properties to remove. Inspect the property as if you were a buyer: Start outside; Make a list of everything that needs repair. You are removing discounted items. Start on the roof and work your way down and around the house. Then complete the same detailed inspection inside.

* What needs to be fixed? Buyers don’t want repair work; they prefer to buy furniture than repair faucets.
* What needs to be painted?
* What needs to be transported?
* What yard work needs to be done?
* What could make the rooms seem bigger?
Repair all items. The condition of a property determines whether a buyer will buy and the price they will pay.

“You don’t get a second chance to make a first impression.”

2. Price it right – Sell it fast

Visit MLS-listed properties that are similar to yours; buyers will see the same properties. Price it just below a benchmark. If the property is in the $200,000 range; asking $198,900.

Compared:
* Price – Look at properties listed within a few thousand dollars of their price.
* Age: Look for properties that are no more than five years old or newer.
* Square footage – Look for properties that are no more than 500 square feet larger or smaller.
* Bedrooms: Compare three bedrooms with three bedrooms.
* Amenities – Compare additional features.

People buy properties for their features. Ask yourself these critical questions:
* What characteristics led you to buy this property?
* Do those same characteristics exist today?
* Have they increased or decreased the desirability of the property?

There are four reasons why people overrate:
1. Pride: feeling that your property is the best.
2. Greed: fear of putting a price on the property too low and losing a few dollars.
3. Ignorance – ignorance of the market. Arrive at a price based on what you need rather than market value.
4. Competition: you have chosen to sell without an intermediary. Comparable sales likely included a broker’s commission; reduce your price by that amount.

What about improvements and updates? The industry standard suggests that you get back 40 cents on the dollar.

Would you buy your property today — in its current condition?
At the price you ask?

3. Get free help from professionals:

* Brokers – Brokers are the best source of market information. Most brokers will provide you with a free market assessment.
* County Assessor – A recorded sale is the only thing that matters. Get recent sales prices.
* Title Companies – Request a property profile containing valuable information. The service is usually free.
* Lenders: Lenders will provide current loan and interest rate information. They will give you a flyer with financing plans. You can give it to the buyer.

4. Get help from service fee

* A fee appraisal – will provide an opinion of value. A new loan will require an appraisal; if the value is not in the property, a new loan cannot be approved. Appraisal costs vary depending on the area, the size of the property and the degree of difficulty.
* A licensed home inspection – Most state laws require the seller to provide the buyer with a property disclosure statement, informing the buyer of any problems known to the seller affecting the property. Hire a qualified home inspector. They will provide you with a written report on the condition of the property and make corrective suggestions. Carry out the inspection before going to market. Share the report with the buyer. The opinion of a third party will contribute to the confidence of the buyer.
* The inspector may discover problems that are not visible to you, such as plumbing, electrical, heating and cooling. Repairs must be completed before marketing begins. Save receipts to show potential buyers.

If the job is not completed, reduce the price to reflect the necessary repairs. The cost of home inspections varies.

5. Runners are not the enemy.

You can work with brokers and stay in control. You must have buyers in order to sell. Brokers have buyers. 90% of buyers work through intermediaries.

Are you willing to pay a broker to bring you a buyer? You can save thousands by trading with brokers. There are brokers who will work with you. Find out who they are.

The moment the sign is in the yard and the ad in the paper, the brokers will call. Count on that!

If you’re willing to cooperate with brokers, consider holding an open house. Send invitations, advertise, serve coffee and cookies. Ask brokers for a value opinion. You will create interest and awareness when you offer a cooperative rate.

Homes sell quickly that:
* It looks great
* They are priced fairly
* They are easy to display
* Have flexible terms

wrapping it up Let’s review what you’ve learned:

* Jewelry, weapons, and valuables should be stored out of sight.
* Make him appear relaxed.
* Do not pressure the buyer.
* Ask if they have questions.
* Let them know that they are welcome to return.
* A returning buyer is interested.
* Maintain property in showable condition
* Provide a guest book and two informational flyers:
1. A property information flyer.
2. A loan information flyer.

good luck selling
Copyright (c) 2007 Wee Dilts