Someone called and wanted me to write about some of the pitfalls of selling your own home, also known as a FSBO or a For Sale By Owner. Thank you for the request!
Everyone needs to make their own decision as to whether they should or should not attempt to sell their homes on their own. I have given For Sale By Owners tips both in my writings and to callers, but there are numerous pitfalls and concerns to be addressed.
Things you will need to consider:
1. Be sure your asking price is accurate.
2. Spend money wisely on advertising and marketing.
3. Allow time for needed appointments, showings and time for organizing the same.
4. Security - This means checking the details of the buyers to ensure they are not woul -be burglars and a danger to you. Always double check their phone numbers. You should always have another person with you during the showing of your home, especially if you are elderly or single.
5. You must be confident in your negotiating skills.
6. Always have documented proof of funds in writing.
7. Have your home inspected before putting it up for sale. If any fixing needs to be done, do it before scheduling appointments.
8. Create a good relationship with a Title Co.
9. Brush up on all local knowledge.
10. Prepare property details and professional looking pictures.
11. Maintain a buyers' database.
12. Be qualified in dealing with offers and other questions.
13. Be capable of understanding contracts, local, state and national rules and regulations including the Fair Housing Rules and Regulations.
I would not recommend selling your property privately unless you are confident of handling all of the above items plus many more. If money is a factor, the cost, time and effort of all of the above should be weighed against the commission or fee charged by an agent!
There are numerous other concerns that I have not discussed, but these are among the most important. I may address many more and go further indepth in a future article.
My number one main concern in this day and age is that we are living in, is your safety and security!
Remember my favorite sayings. "Experience Isn't Expensive, It's Priceless! Selling A Home Is Easy, Doing It Right Is The Key!"
Lee Amble, Realtor/Consultant
NATIONAL REALTY OF PRESCOTT
Lee's cell: 928 533-4455
Jan's cell: 928 533-4488