TOP 10 INSIDE TIPS FOR FSBO

Selling your own home is a full-time job.  You don't have a lockbox to safely allow buyers into your home when they are available so you need to be available.  You can save a lot of money in marketing and commission fees if you know what you are doing and can rely upon your attorney to advise you of your legal obligations.

PRICING

This is the most critical component of your marketing strategy.  Even the most professionally marketed home will not sell if it is not at the right price point.  If you set your price too high, you will lose buyers.  In fact, at only 5% over fair market value and you've reduced your buyer pool from 95% to 50%.  Price you home too low and you not only lose money, but buyers will be suspicious of what's wrong with it!

The worst thing you can do is be emotionally attached through this process.  Analyze the comparable homes on the market, recent sales, and List Price to Sale Price ratios.  If you don't know, most real estate agents are willing to do a Comparative Market Analysis for you.

Stage Your Home

Remember, you decorate to live in your home, you stage for the buyer.  Knick knacks, magnets on the refrigerator, walls covered with photographs engage the buyer in your "stuff" and not your house.  It is too cluttered for a buyer to feel he/she can fit in.  Try to view your home through the eyes of a buyer.

Retain an Attorney

You'll need many forms to meet legal requirements.  Remember too that the Fair Housing Laws pertain to you too when you advertise your home.  Be careful that you don't unwittingly discriminate!  *

Marketing Your Home

Statistics show that 20% of buyers come from just putting up a yard sign.  You might consider working with real estate agents for a negotiated commission (most people offer between 2-3%) since 40% of buyers come from agents.  Just putting up your sign will attract some agents.  You may consider obtaining a list of agents in your area and send them flyers.  If you are going to market, make sure you are available to answer the phone and provide tours.

Detach Yourself

Remember, whatever a buyer says, it's more about them than you.  Don't take it personally and become defensive.  Accept that not everyone is going to love your home or your wallpaper the way you do.

Only Work with QUALIFIED Buyers

You are not interested in showing your home to people who cannot buy.  Ask for their mortgage pre-approval letter, employment history, salary, debts, liability, and a recent credit report.

Negotiate Knowledgeably

Ask your attorney for a Contract of Sale to use or obtain a sample from the National Association of Realtors.  Be certain you understand the contract and have considered price, terms, inspections, possession date, exclusions, addendums, etc. 

A Motivated Buyer is the Best Buyer

Know your buyer.  If he/she is not motivated, chances are you will not be selling your home to that buyer.  Why do they need to move?  Do they need to sell their house first?  The more you know about your buyer, the better you will be able to close the sale.

If You are a Motivated Seller

KEEP IT TO YOURSELF!  The more you know about your buyer and the less they know about you, the better your negotiating position.  Whatever your reason for selling....that's your business.

Don't Move Out

Studies have shown that is is more difficult to sell a vacant home.  It also tips your hand and tells buyers that they have an advantage because you NEED to sell quickly.

A free detailed report is available on this topic on the web: MorrisCountyHomesForSale.com