For Sale By Owner Tips
Posted 01-30-2016 at 07:51 PM by OHdanIO
Are you thinking about selling your home on your own? I understand that if you're a FSBO, you probably want to save $ in commission which I completely understand! Below are some things to keep in mind if you do plan on selling on your own!
1- Fill out a residential property disclosure truthfully and have your buyers sign and initial showing they read and are okay with everything you disclosed. This is VERY important and could help you with any potential lawsuit a buyer might file down the road. You should be able to find the property disclosure form somewhere online, but it's best to seek an attorney to provide you an updated form. Depending on your relationship with a Real Estate agent, they may provide you a blank copy as well.
2- Lead based paint disclosure- If your home was built prior to 1978, this is another form you'll need to fill out and have any potential buyer sign and initial. You should be able to find the lead based paint disclosure form somewhere online, but it's best to seek an attorney to provide you an updated form. Depending on your relationship with a Real Estate agent, they may provide you a blank copy.
3- Speaking of lawyers in #1 and #2, I'd recommend hiring a Real Estate attorney to fill out your offer/contract to make sure everything is being filled in and done correctly. This attorney should also be able to fill out all the other paperwork for you including removal of contingencies forms, blank addendums, promissory notes, etc. Some Real Estate agents will also take care of all the paperwork for you and sign a "waiver of duties" form and that will be there sole job in the transaction. These agent typically won't ask for a full commission.
4- Hire a professional photographer to photograph your home. I can't stress this enough. A buyers first impression will be based on the pictures they find online. If the pictures are blurry or the lighting is poor, a buyer will more than likely go to the next house.
5- Be extremely careful with buyers who want to tour your home. An extra security step would be to ask for their pre-approval letter so you know they're actually in the market to buy. This will also save you time. If someone isn't pre-approved for a loan, they may not be a serious buyer. Even if they're pre-approved though, still be cautious. Unlock all your exit doors and never turn your back to your potential buyer. You can also download the app "safeFI" and it has some safety features. You can set a timer for X amount of minutes, and if you don't turn the timer off by the time the timer runs out, it'll let your emergency contact know and will send them map of where you are. BE SAFE!
6- Know what you're going to net after your transaction BEFORE you accept an offer. Some of the things you'll want to consider is how much you still owe on your home, real estate taxes, property taxes, closing costs, what the buyer is purchasing your home for, buyer concessions, and other miscellaneous things.
7- Work with a reputable title company. Do your research and call different titles companies to get a feel for who you want to work with. Find out what their fees are and make sure they're accessible.
If you're thinking about buying or selling Real Estate, I'd be happy to help! I make it a priority to be available to my clients and can be reached directly through my cell!
Dan Mitchen
Realtor
Keller Williams Greater Cleveland Southwest
Cell- (330)322-8868
1- Fill out a residential property disclosure truthfully and have your buyers sign and initial showing they read and are okay with everything you disclosed. This is VERY important and could help you with any potential lawsuit a buyer might file down the road. You should be able to find the property disclosure form somewhere online, but it's best to seek an attorney to provide you an updated form. Depending on your relationship with a Real Estate agent, they may provide you a blank copy as well.
2- Lead based paint disclosure- If your home was built prior to 1978, this is another form you'll need to fill out and have any potential buyer sign and initial. You should be able to find the lead based paint disclosure form somewhere online, but it's best to seek an attorney to provide you an updated form. Depending on your relationship with a Real Estate agent, they may provide you a blank copy.
3- Speaking of lawyers in #1 and #2, I'd recommend hiring a Real Estate attorney to fill out your offer/contract to make sure everything is being filled in and done correctly. This attorney should also be able to fill out all the other paperwork for you including removal of contingencies forms, blank addendums, promissory notes, etc. Some Real Estate agents will also take care of all the paperwork for you and sign a "waiver of duties" form and that will be there sole job in the transaction. These agent typically won't ask for a full commission.
4- Hire a professional photographer to photograph your home. I can't stress this enough. A buyers first impression will be based on the pictures they find online. If the pictures are blurry or the lighting is poor, a buyer will more than likely go to the next house.
5- Be extremely careful with buyers who want to tour your home. An extra security step would be to ask for their pre-approval letter so you know they're actually in the market to buy. This will also save you time. If someone isn't pre-approved for a loan, they may not be a serious buyer. Even if they're pre-approved though, still be cautious. Unlock all your exit doors and never turn your back to your potential buyer. You can also download the app "safeFI" and it has some safety features. You can set a timer for X amount of minutes, and if you don't turn the timer off by the time the timer runs out, it'll let your emergency contact know and will send them map of where you are. BE SAFE!
6- Know what you're going to net after your transaction BEFORE you accept an offer. Some of the things you'll want to consider is how much you still owe on your home, real estate taxes, property taxes, closing costs, what the buyer is purchasing your home for, buyer concessions, and other miscellaneous things.
7- Work with a reputable title company. Do your research and call different titles companies to get a feel for who you want to work with. Find out what their fees are and make sure they're accessible.
If you're thinking about buying or selling Real Estate, I'd be happy to help! I make it a priority to be available to my clients and can be reached directly through my cell!
Dan Mitchen
Realtor
Keller Williams Greater Cleveland Southwest
Cell- (330)322-8868
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