512-970-2260

 

Jayne Perry, GRI

REALTOR®

Smart Source Realty

 

Your Guide to: FOR SALE BY OWNER

 

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1.         Plan & Prepare For Your Sale

 

Some 5 million existing homes are sold each year, and while each transaction is different every owner wants the same thing - the best possible deal with the least amount of hassle and aggravation.

Unfortunately, home selling has become a more complex business than it used to be. New seller disclosure statements, longer and more mysterious form agreements, and a range of environmental concerns have all emerged in the past decade.

More importantly, the home-selling process has changed.  For example- Buyer Brokerage has become exceptionally common and this means buyers use a REALTOR contractually.  FSBO’s should understand that a buyer’s REALTOR must treat you responsibly but more importantly please understand that anything you tell them will be shared with their client, they are ABSOLUTELY looking for their client to obtain the best of the deal and they are NOT looking after your best interests (this is actually a written ethical agreement with their client).  No matter how nice and persuasive the buyer’s agent is when they offer to save you money by simply taking care of the entire process please protect yourself with the assistance of a real estate attorney!

Real estate transactions are fraught with potential liability for unwary sellers, particularly in states that have extensive disclosure requirements. A FSBO who overlooks even one required form or legally mandated disclosure could face a protracted and expensive buyer lawsuit after the transaction closes.  Ensure you have the knowledge and contacts to get through your upcoming transaction without mistakes!

The result is that while almost 100,000 existing homes are sold each week, the process is not as easy for sellers as it was five or 10 years ago. Selling in today's real estate world requires experience and training in such fields as real estate marketing, financing, negotiation, closing, and so much more.

 

Are you ready?
The home-selling process typically starts several months before a property is made available for sale. It's necessary to look at a home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired and tossed out.

Ask yourself: If you were buying this home what would you want to see? The goal is to show a home which looks good, maximizes space and attracts as many buyers - and as much demand - as possible.

While part of the "getting ready" phase relates to repairs, painting and other home improvements, this is also a good time to ask why you really want to sell.

Selling a home is an important matter and there should be a good reason to sell - perhaps a job change to a new community or the need for more space. Your reason for selling can impact the negotiating process so it's important to think thoroughly regarding your desires so that the end result is what is truly best for you!

 

How do you improve your home's value?

The general rule in real estate is that buyers seek the least expensive home in the best neighborhood they can afford. In terms of improvements, this means you want a home that fits in the neighborhood but is not over-improved. For example, if most homes in your neighborhood have three bedrooms, two baths and 2,500 sq. ft. of finished space, a property with five bedrooms, more baths and far more space would likely be priced much higher and likely be more difficult to sell.

Improvements should be made so that the property shows well, is consistent with the neighborhood and does not involve capital investments, the cost of which cannot be recovered from the sale. Furthermore, improvements should reflect community preferences.

Cosmetic improvements - paint, wallpaper and landscaping - help a home "show" better and often are good investments. Mechanical repairs - to ensure that all systems and appliances are in good working condition - are required to get a top price.

Ideally, you want to be sure that your property is competitive with other homes available in the community.  Visit open houses and take notes of the bad and the good.  Then take another look at your home and see how you compare to those you believed to be good.  If you have been in your home for many years you may find it hard and sometimes impossible to truly be honest with yourself regarding this because your mind simply is used to the home and its easy to miss things that are blatantly obvious to others so go and ask others for their opinions and tell them to speak up!

 

Tips for Making Your Home More Saleable
Before going on the market, differentiate & beautify your home from others.

When preparing to put your home up for sale, your first concern is the home's exterior. If the outside, or "curb appeal" looks good, people will more than likely want to see what's on the inside. Keep the lawn and landscape nicely manicured. Trim the bushes and season permitting, plant some flowers. Be sure your front door area has a "Welcome" feeling. A fresh coat of paint on the front door looks great.

Of all the rooms inside your home, pay special attention to the kitchen and bathrooms. They should look as modern, bright and fresh as possible. It is essential for them to be clean and odor free. A fresh coat of paint just may do the trick. Have any leaky faucets taken care of. A call to a plumber is a wise investment.

 Since you want your home to look as spacious as possible, remove any excess or very large furniture. Make sure that table tops, dressers and closets are free of clutter. Don't use your garage, attic, or basement to store these extra things. These areas also need to have the impression of space. Instead, put them into storage. Make sure walls and doors are free of smudges and look for anything that might indicate a maintenance problem, such as cracked windows, holes in the wall or stained ceilings.

Finally, if your basement shows any signs of dampness or leakage, seal the walls.

Quick tips for showings:

  Read and Implement ideas from my section on Taking Safety Precautions

    Keep counter tops cleared

    Replace all burned out light bulbs

    Open all drapes and window blinds

    Put pets in cages or take them to a neighbor

    No dirty dishes in the sink

    No laundry in the washer/dryer

    Clean or replace dirty or worn carpets

    Put on soft music

    Burn wood in the fireplace on cold days, otherwise have it just cleaned.

 

 

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