Steps involved in Selling through Picket FenceReturn to article list
Steps in Selling by Owner
1. Prepare yourself: Know what to expect, average time on market, steps involved.
2. Prepare your home: Do that deferred maintenance. Buyers want a home in 'move-in' condition and will make low-ball or no offers on poorly maintained homes. De-clutter, clean. Make sure each room is neat and excess stuff is stored away.
3. (Optional) Consider getting a professional real estate appraisal to properly price your home. Guessing at your price or ballpark estimates will cost you dearly…maybe many thousands! An appraisal is as close to knowing exactly what your property is worth as you can get. An appraisal enables you to defend your price as fair, immunizes you against lowball offers and protects you from panicking and dropping your price. Appraisers also take photos which you may want to use in your ad (just ask). This is usually between $300 - 450, depending on the size and uniqueness of your home.
(Optional) Consider a pre-sale home inspection for an older home. Most buyers will want a home inspection before the committing to the purchase. If you have concerns, control the process by getting it inspected now, remedy any problems and move forward with confidence. A home / building inspection is usually between $300 - 400, depending on the size and age of your home (the buyer pays if they commission the inspection).
4. Take photos, and write a description of your home (see "Tips on Writing your ad"). Advertise in Picket Fence Preview. The magazine and website are go-to sources for serious buyers. We are here to help you edit your ad to maximize its effectiveness.
5. Fill out PFP property disclosure forms. Put out yard sign once you're ready to start taking calls / emails.
6. Interview attorneys and figure out who you want to hire. Many are paid at closing, so it won't cost you anything until you've sold. Call and ask them how they like to work with private sale (for-sale-by-owner) sellers, their typical fees, etc..
7. Show your home to interested buyers. Consider scheduling open houses to sell faster. You are the best person to show your own home. Our How to Sell your Own Home book will provide you the expert guidance to ensure that you understand the do's and dont's.
8. Entertain offers. Contact your attorney when someone makes an offer. Have your attorney review the completed contract with you before you sign it.
9. Wait for the buyer's home inspection and the buyers' lender's real estate appraisal to go through. Meanwhile, use this time to pack and prepare to move!
10. Attend Closing -- The buyer's closing attorney will coordinate with your attorney so that all documents are in order for the big day. All you need to do is show up and pocket your equity check (supplemented by the monies you didn't needlessly squander on realtor commissions)!