You want to sell by owner to save money and time and to remain in control of the sale; however, you can utilize people in related fields to help you. When you sell by owner, you need a team:

1. A lender

2. A Title Company

3. A Home Inspector

4. An Appraiser

5. Even Brokers

In the past there was little or no information to help the FSBO. Brokers held firm to charging six or seven percent commissions.

Today, there’s a wealth of information available and a variety of FSBO services designed to help you save money.

Before you start, learn how to sell by owner. Prepare yourself.

Here are the steps you need to take:

Look at the property - with the critical eye of a buyer. What’s the condition of the property?

The condition of a property not only determines whether a buyer will buy; it absolutely determines the price they will pay.

You’re trying to create a powerful first impression for the buyer. You want the yard, the driveway, the windows, the garage everything to sparkle.

You never get a second chance to make a good first impression. Ask yourself:

"Would I buy my property today -- at the price I am asking -- in its present condition?"

As an owner you’ve learned to live with the grease spot on the garage floor, the drip the toilet, the light bulb that needs replacing, and so forth.

Now that you’re getting the property ready for the market, you’ll need to make a list of everything that needs repair. Then repair it to get top dollar. A valuable team member is the home inspector - Get a home inspection and repair the items that need repair. Give this information to buyers along with receipts for repairs.

Listing Price - Pricing is key; Why do some properties sit on the market and become market worn while others sell almost immediately? The reason a house doesn’t sell is because it is not priced right. Conversely, the reason a house sells quickly is because it is priced right.

Any property will sell if the buyer and seller agree to the price. A well-priced property is one where the seller agrees to sell and the buyer agrees to buy at a given price. This may sound like gibberish, but it’s the truth; price determines wether a property sells or it doesn’t.

Said one more way:

The only reason a house sells is the price.

The only reason a house doesn’t sell is the price.

An old real estate proverb gives three reasons a property sells: location -- location -- location. The true reasons are price -- condition -- terms. Get an appraiser on your team. A current appraisal is invaluable

Financing - You’ll need a Lender on your team - Interview two lenders, ask each of them for financing plans. Ask if they will prepare flyers for you. Flyers should include several different financing options.

Find out who you’re most comfortable with, then refer buyers to that lender.

Information - Brokers can be on your team too. Brokers can provide you with a free market evaluation, with sales activity for your area.

FSBOS avoid brokers because they’re afraid the broker will force them to sign a listing agreement. Brokers have information you need, and most of them are willing to share it with you for free.

Ask for market evaluation, and if you decide to list the property, use the broker who’s been and helpful to you.

When you put a sign is in the yard, when your ad is running, and your neighbors have been over to ask why you’re moving, The Brokers will Come.

You’ll start getting calls from brokers. They’re in the business of listing houses and to them a "For Sale by Owner" sign says, "I have a house for sale! Help me."

Decide if you’re willing to coop. Brokers have buyers.

Closing - Pick a Title company for your team. The seller pays for title insurance. You need to know what your cost will be.

Any title company will provide you with closing cost estimates and a free property profile, which gives you:

• The legal description of your property. A legal description is not the same as your address.

• Information on covenants, conditions and restrictions.

• Current taxes.

• Any liens on the property.

• Lot size, square footage or acreage.

• Square footage of the house.

Usually, there is no charge. In some areas there may be a minimal charge. Ask the title company that provides you with information to do the closing.

Gather the team - After you’ve done your homework use the people who gave you free information. Recommend the people who helped you. Your team should consist of:

1. A lender

2. A Title Company

3. A Home Inspector

4. An Appraiser

5. Even Brokers

It’s also nice to provide the buyer with a list for service hook ups. Include phone numbers.

Provide your buyer with numbers of services that you’ve used such as:

• Repairmen

• lawn services

• painters

• house cleaners

• etc.

Flyers - You’ll need a house feature flyer with a floor plan and a financing flyer.

Advertising - Learn how to write an ad. Advertise on the web, in local magazines and newspaper. Prepare flyers for your sign box.

Summary:

Brokers will come. Know what you’re going to do with them. Are you willing to coop at 2.5 - 3% commission? Let them know. If not, stay firm.

Do your homework. Put together a team of professionals

Get it right — Sell fast and get top dollar.

1. Gather your team

2. Put the sign in the yard

3. Let the games begin.

Copyright© Wee Dilts 2010