Many homeowners believe that to maximize their profit on a home sale, they should sell it themselves, as a Louisville For Sale By Owner. At first glance, they feel selling a home is simple, and why should they pay a broker fees for something they could do themselves? In fact, some studies show that between 15 and 25% of all the homes sold last year were sold for sale by owner (FSBO).

But of that number, some estimate that half of all successful Louisville FSBO sales are to buyers they know already, meaning that those homes were never really on the open market. So absolutely, if you already know someone who wants to buy your home, go sell to them! But now consider, of the remaining successful Louisville FSBO sales, when the sellers didn’t already know the buyer, close to half of the FSBO’s said that they would hire a professional next time they sold. Thirty percent said they were unhappy with the results they achieved by choosing a private sale. Why?Many Louisville FSBO’s told us that the time, paperwork and everyday responsibilities involved were not worth the amount of money they saved in commissions.

For others, the financial savings were even more disappointing. By the time they figured the amount of fees paid to outside consultants, inspectors, appraisers, title lawyers, escrow and loan officers, marketing and advertising, they would have been better off having paid the broker’s fee which would have included many of these charges up front.Selling a home requires an intimate understanding of the real estate market. If the property is priced too high, it will sit and develop a reputation for being a problem property. If the property is priced too low, you will cost yourself serious money.

Some Louisville FSBO’s discovered that the lost money as a result of poor decisions outweighed the commission. Before you decide to sell in this manner, consider these questions and weigh the answers of assuming the responsibility versus employing a professional.  A little time spent investigating up front will pay off tenfold in the end. So here are 7 questions to ask before deciding if you should sell your home with a professional agent (like me!) or privately.

1. Do I have the time, energy, know-how, and ability to devote a full forced effort to sell my home? One of the keys to selling your home efficiently and profitably is complete accessibility. Many homes have sat on the market much longer than necessary because the owner was unwilling or unavailable to show the property. Realize that a certain amount of hours each day is necessary to sell your home.

2. Am I prepared to deal with an onslaught of buyers who perceive Louisville FSBO’s as targets for low balling? One of the challenges of selling a home is screening unqualified prospects and dealing with low-ballers. It often goes unnoticed how much time, effort and expertise it requires to spot these people quickly. Think about it, you are looking to save a broker’s commission when selling without an agent, correct? Don’t you think that buyers who target For Sale By Owners are also looking to save the same commission? Most people who try to buy from a private seller will simply subtract the savings you are hoping to pocket directly from your asking price before they even start the real negotiations. Settling for a low-ball bid is usually worse than paying broker commissions.

3. Am I prepared to answer questions about financing? One of the keys to selling, whether it’s a home, a car, anything, is to have all the necessary information the prospective buyer needs and to offer them options. Think about the last time you purchased something of value. Did you make a decision before you had all your ducks in a row? By offering financing options, you give the home buyer the ability to work on their terms and open up the possibilities of selling your home quickly and more profitably. A professional real estate agent will have a complete team- from lenders to title reps- for you to utilize; they’ll be at your disposal.

4. Do I fully understand the legal ramifications and necessary steps required in selling a home? Many home sales have been lost due to incomplete paperwork, lack of inspections or not meeting your states disclosure laws. Are you completely informed of all the steps necessary to sell real estate? If not, a professional would be a wise choice.

5. Do I have the capability of handling the legal contracts, agreements and any disputes with buyers before or after the offer is presented? Ask yourself if you are well versed in legalese and if you are prepared to handle disputes with buyers. To avoid any disputes, it is wise to put all negotiations and agreements in writing. Many home sales have been lost due to misinterpretation of what was negotiated. Did you know that of all the lawsuits that involve real estate transactions, sales involving FSBOs represent a higher percentage than professional and well trained Realtors?

6. Have I contacted the best professionals... title, inspector (home and pest), attorney and escrow company? Don’t randomly select inspectors, attorneys, and title reps. Like any profession, there are inadequate individuals who will slow, delay and possibly even cost you the transaction. If these questions raise some concerns, you may want to speak with a professional.

7. Do I have a effective marketing plan ready for my property? Are you hoping to sell your home simply by placing a sign in the front yard? Or maybe even getting your house listed with a Louisville FSBO service? In today’s marketplace, it will most likely take a lot more than that to get your house sold. If it were that easy, every home listed on the MLS with a sign in the yard would sell, and yet, close to 50% of homes on the MLS will fail to get an acceptable contract! You need to have a multi-faceted marketing plan ready to go from day 1 for your home that will guarantee the maximum number of interested buyers getting to see your property.

To learn more about the most effective marketing tools for selling homes in Louisville, either FSBOs or not, make sure to visit http://www.GregFly.com and watch the free videos discussing how best to sell a home in the current market environment.