14
Important Facts to Consider Before You Try and
Sell Your Own Home |
Occasionally,
one can see "For Sale By Owner" signs,
and some owners think that selling their own home
will not only save them money, but believe they
have an advantage over the sellers that have their
home listed by a reputable Realtor. Before you
decide to take on this very important and legally
complicated process…remember not even most
Real Estate Lawyer’s recommend selling your
own home yourself in today’s market. Here
are a few of the reasons why: |
1. You are limiting
your exposure to potential buyers (less than 10%
of what a good real estate broker will generate)
which theoretically means your home will take
ten to fifteen times longer to sell on the market. |
2.
The longer a home is on the market the lower the
selling price is. Why? Because most buyers think
that if the home has not sold after this long…there
must be something wrong with the home. |
3. The selling/buying
process begins AFTER the buyer leaves your home.
Most sellers think that all it takes is for someone
to see their home, fall in love with the great
decor… and the offer automatically will
follow. Remember that the buying process begins
after they leave your home. If a real estate agent
does not represent the buyer, and they are looking
on their own…they usually leave the home
and start to talk themselves out of the buying
process. If the buyer is represented by a real
estate professional Realtors© are trained
on how to overcome buyers remorse--a very common
occurrence. |
4.
Because of the limited exposure you will very
likely end up with a lower selling price. Remember,
in order to generate the highest price possible
for your home… selling means exposure. You
need the maximum exposure possible, to generate
the highest price possible. |
5. Most buyers
find it extremely awkward to negotiate or even
to talk directly with sellers and therefore avoid
FSBO properties. |
6.
Lack of negotiating experience and lack of pertinent
information often will result in a lower selling
price, or worse yet, a bungled contract and possible
lawsuits. |
7. The majority
of qualified buyers are working with experienced
real estate professionals. |
8.
Many serious buyers will pass by a FSBO home merely
because they recognize that it is not in the real
estate mainstream, this can some times make them
wary. |
9. As most local
buyers now retain an experienced real estate sales
person to represent them as their buyer-agency,
you will probably be negotiating against an experienced
professional. |
10.
Expected savings in broker's fees will also be
greatly reduced if you offer a selling commission
to entice real estate agents to bring potential
buyers. |
11. If you are
planning to use a Lawyer to help you negotiate
the offer, then your lawyer’s fees will
be considerably higher. |
12.
Only real estate agents have access to the up-to-date
market information. News reports cannot approach
the timeliness or specificity available to agents.
Further, real estate agents are involved in home
sales much more frequently than the average homeowner
is. This familiarity leads to a degree of expertise
that provides an edge on negotiating and successful
selling. |
13. You only pay the commission
to the real estate broker, if they successfully
sell your home at the price you are happy with.
|
14. Accepting
an offer is one thing, ensuring a safe and successful
closing is quite another. Real estate transactions
usually always have problems on closing. At times,
expecting the Buyers and Sellers Lawyer’s
to fight it out or resolve the problems, can sometimes
mean the deal is lost. This is the time that your
experienced real estate professional, can be the
most important. Your Realtor© can act as
a great mediator. Lawyers MUST act only on their
client’s instructions and are not paid to
negotiate. |
|
10
Ways to Make Your House More Salable |
1.
Get rid of clutter. Throw out or file stacks of
newspapers and magazines. Pack away most of your
small decorative items. Store out-of-season clothing
to make closets seem roomier. Clean out the garage. |
2. Wash your
windows and screens to let more light into the
interior. |
3.
Keep everything extra clean. Wash fingerprints
from light switch plates. Mop and wax floors.
Clean the stove and refrigerator. A clean house
makes a better first impression and convinces
buyers that the home has been well cared for.
|
4. Get rid of
smells. Clean carpeting and drapes to eliminate
cooking odors, smoke, and pet smells. Open the
windows. |
5.
Put higher wattage bulbs in light sockets to make
rooms seem brighter, especially basements and
other dark rooms. Replace any burnt-out bulbs.
|
6. Make minor
repairs that can create a bad impression. Small
problems such as sticky doors, torn screens, cracked
caulking, or a dripping faucet may seem trivial,
but they'll give buyers the impression that the
house isn't well maintained. |
7.
Tidy your yard. Cut the grass, rake the leaves,
trim the bushes, and edge the walks. Put a pot
or two of bright flowers near the entryway. |
8. Patch holes
in your driveway and reapply sealant, if applicable.
|
9.
Clean your gutters. |
10.
Polish your front doorknob and door numbers. |
|
20
Low-Cost Ways to Spruce Up Your Home |
1.
Trim bushes so they don't block windows and cut
down on light. |
2. Buy a new
doormat. |
3.
Put a pot of bright flowers (or a small evergreen
in winter) on your porch. |
4. Put new doorknobs
on your front door. |
5. Put
a fresh coating on your driveway. |
6. Edge the
grass around walks and trees. |
7. Keep
your garden tools out of site. |
8. Be sure kids
put away their toys. |
9. Buy
a new mailbox. |
10. Upgrade your
outside lighting. |
11.
Use warm, incandescent light bulbs for
a homey feel. |
12. Polish or
replace your house numbers. |
13.
Clean your gutters. |
14. Put out potpourri
or burn scented candles. |
15.
Buy new pillows for the sofa. |
16. Buy a flowering
plant and put in a window you pass by frequently. |
17.
Make a centerpiece for your table with
fruit or artificial flowers. |
18. Replace heavy
curtains with sheer ones that let in more light.
|
19.
Buy new towels. |
20. Put a seasonal
wreath on your door. |
|
10 Ways
to Make Your Home Irresistible at an Open House
|
1. Put fresh
or silk flowers in principal rooms for a touch
of color. |
2. Add a new shower curtain,
fresh towels, and new guest soaps to every bath. |
3. Set out
potpourri or fresh baked goods for a homey smell. |
4. Set the table with pretty
dishes and candles |
5. Buy a
fresh doormat with a clever saying. |
6. Take one or two major pieces
of furniture out of every room to create a sense
of spaciousness. |
7. Put away
kitchen appliances and personal bathroom items
to give the illusion of more counter space. |
8. Lay a fire in the fireplace.
Or put a basket of flowers there if it's not in
use. |
9. Depersonalize
the rooms by putting away family photos, mementos,
and distinctive artwork. |
10. Turn on the sprinklers
for 30 minutes to make the lawn sparkle |
|
7 Steps
to Preparing for an Open House |
1. Hire
a cleaning service. A spotlessly clean home is
essential; dirt will turn off a prospect faster
than anything. |
2. Mow your lawn, and be sure
toys and yard equipment are put away. |
3. Serve
cookies, coffee, and soft drinks. It creates a
welcoming touch. But be sure the kitchen has been
cleaned up; use disposable cups so the sink doesn't
fill up. |
4. Lock up your valuables,
jewelry, and money. Although the real estate salesperson
will be on site during the open house, it's impossible
to watch everyone all the time. |
5. Turn
on all the lights. Even in the daytime, incandescent
lights add sparkle. |
6. Send your pets to a neighbor
or take them outside. If that's not possible,
crate them or confine them to one room (a basement
or bath), and let the salesperson know where to
find them. |
7. Leave.
It's awkward for prospective buyers to look in
your closets and express their opinions of your
home with you there. |
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