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SELL YOUR HOME
WITHOUT There is however a small percentage of homeowners that do sell their homes without paying any real estate commission. The following tips will help you in selling your home without paying a real estate commission. Tip #1 Get your property appraised by a professional appraiser. It will cost between $300 - $500 in most areas. Having your property priced correctly is the single most important element of getting your property sold. It should be noted that many home buying prospects that are looking at for sale by owners do so for the purpose of getting a bargain. They look at the asking price, subtract off the commission the seller is not paying and then frequently make a lower offer. Remember when you want to save the real estate commission so does the buyer! Tip #2 Have your home pre-inspected by a licensed home inspection company. This will give the buyer peace of mind plus prevent this from being a contingency in the contract that could allow the buyer to back out of the contract. Tip #3 Consider offering a home warranty for the buyer. This also is a psychological investment that sets the buyer's mind at ease. It covers many of the operating systems of the house to include appliances, heating and air conditioning, etc. Tip #4 Put together an effective handout package. The handout package for buyers would include the floorplan, features, legal description, photos, neighborhood amenities plus different ways a purchaser could finance the home. Also include an estimate of buyers closing costs. Tip #5 Fix those items that have been on your 'honey do' list for years. If it meant enough for you to put them on your list it might be enough for a prospective buyer to say later they want those things fixed. Additionally, have the carpets shampooed and your home professionally cleaned. Tip #6 Allow your home to be available for showing at all reasonable hours. You should also expect prospective buyers to walk up and knock on your door. You must be willing to be available and accommodate prospective buyers when they want to see your home. Tip #7 When you price your home you may want to consider building into your price an amount to pay towards the buyers closing costs. Particularly, if your home will appeal to a first time home buyer, they frequently have the income but need help with the cash required. Tip #8 When you find someone that is interested in your home make sure you give them a financial information sheet to fill out. Before you enter into a contract you want to insure that they are financially qualified to buy your home. You don't want to enter into a contract with them and find out 30 days later that they can't get a mortgage. Fax the form to a lender and have them pre-qualify your prospective buyer. Tip #9 Have an attorney ready to write up a purchase agreement immediately after you reach an agreement on price and terms. It's critical to act quickly to complete the paperwork before the buyer experiences 'buyers remorse' and changes their mind. Tip #10 Get a large deposit. The larger the deposit the more secure your contract is. When a buyer has a small amount of money they have put up, it becomes very easy to walk away from the contract. Even though the contract will allow for you to bring a law suit, the reality is that it seldom results in a sale. Tip #11 Use any and all sources available to you to expose your home to potential buyers. You want to have a for sale sign in the front of the home plus ads in the daily and weekly newspapers. The biweekly real estate magazines are usually excellent sources of exposure. Today your best buyer could be searching on the internet. Be sure your home is present on all the major internet sites. The above tips are designed to give you a highlight of the major items that will allow you to have your best opportunity to sell your home without paying a real estate commission. Depending upon your local economy and market conditions, it's possible to sell your home yourself. In deciding whether to try to sell your home as a for sale by owner ask yourself these questions: Do I want strangers in my home when some family members may be alone' Do I want the inconvenience of being tied to the home so I can be available to show it' Do I have the negotiating skills to deal with those people looking without a Realtor' Do I have the skill, ability and time to handle all the paperwork, details and follow up necessary to get the property from contract through closing' Do I understand that the vast majority of buyers want the confidence and peace of mind of working with a Realtor in the home buying process and therefore do not deal directly with for sale by owners' Do I really believe I can save the real estate commission when the buyers looking at homes without a Realtor are doing so primarily to save the commission and offer sellers a price that reflects no real estate fees paid by the Seller' If you would like a personalized, no cost no obligation market analysis, please call or email me. Maria Scors: 973-610-1909 eMail: MariaScors@NJHomesMove.com |
