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Selling your House On Your Own

With the potential rewards that can be gained--saving $4000, $8,000, $12,000 or more (minus your expenses) by not having to pay a Brokerage commission, many people wonder why less than 20% of home sellers undertake the task of selling their houses on their own. Possibly it has something to do with expertise. Many home owners who consider a self sale of their house back off when they see the level of knowledge and commitment that is needed to do an effective job. If you decide, however, that self selling is the best option for you, you will find the vast majority of the information on this Web Site to be of value. Most of what you will find here will be geared to either doing the job yourself or monitoring the job that your Agent is doing. The most successful home sellers are those who take an active role in the process, whether it is as a sale by owner or a sale by an Agent . If you feel that the best route is to sell your home yourself, then having as much information at hand is crucial. You will find many helpful hints on this web site, but an excellent source of additional information is Kevin Wood's newly revised Real Estate Secrets . Kevin was a top producing real estate broker and owned two real estate companies. He has a strong opinion that the public is not getting their money's worth from the real estate industry.

Advantages and Disadvantages Of Selling A House On Your Own

Advantages

1.-There is no Brokerage Fee (commission) to be paid. You receive all of the proceeds (less marketing costs). This is, of course, the biggest benefit of selling your own house.

2.-You are in total control of the transaction.

3.-If mistakes are made, they are your own. There is no one else to make mistakes "for" you.

4.-If your equity is low, you may be able to sell your house without having to write a check.
You are always available at the home for showings, answering inquiries, etc .

Disadvantages

1.-You must rely on your own instincts

2.- All marketing and advertising costs are your own, which can be an expensive proposition. For an economical way of marketing your home with a wide reach,

3.- Unless you pay to have your listing included, you will not have access to the MLS--the Multiple Listing Service. You must hunt for buyers one at a time.

4.- Without all the tools in hand, you may underprice or overprice the house. For information on getting price comparisons for your neighborhood,

5.- If you are not skilled in negotiation, you may leave money on the table.

6.- All of the paperwork, legal forms, etc. are your responsibility and must be handled by you.

7.- If you want to give maximum benefit to your efforts, your free time will be somewhat or severely limited.

8.- Many buyers believe that if you are selling on your own and not paying a commission, it is they (the buyers) who should get the saving--not you.

9.- As you approach negotiations, you must sever emotional ties with your house or you will place yourself at a disadvantage.

10.- You must become knowledgeable of legal and financial issues to be most effective.

Hints On Selling Your House on your Own

1.-Don't scrimp on your house preparation. Remember, you will be in competition with house listed by Agents who will coach their sellers on all aspects of preparing their homes.

2.-Be aware of all legal requirements for disclosures in your area. Not disclosing necessary information or not using the correct form could leave you open to legal action from a buyer.

3.-Become an expert in advertising and marketing . Make your house stand out!

4.-Familiarize yourself with offers and contracts now--don't wait until you have one in your hand.

5.-Get maximum exposure.

6.-Be aware of equal housing laws. Not only is discrimination stupid (you limit your potential market), it's illegal!

7.-selling your house on your own appears to be your best option, the checklist will be of great value to you. If you feel that using an Agent may be the way to go, see the section devoted to finding and selecting an Agent .

8.-Is selling quickly the most important goal? You may want to consider sources such as Appraise a home where you can view an online analysis of your home.