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For Sale by Owner:
Selling a 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.
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Advantages Of Selling A House On Your
Own
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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. |
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You are in total control of the transaction. |
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If mistakes are made, they are your own. There is no one else
to make mistakes "for" you. |
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If your equity is low, you may be able to sell your house without
having to write a check. |
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are always available at the home for showings, answering inquiries, etc. |
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Disadvantages Of Selling A House On Your Own
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You must rely on your own instincts. |
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, visit ForSaleByOwner.com, where
you can list your home online. |
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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. |
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Without all the tools in hand, you may underprice or overprice the house. For information on getting price comparisons
for your neighborhood, visit HomeGain.com. They have
a FREE
service that is designed to help you get an estimate of your
home's value. Knowing how much your home can be worth is one of the first steps in beginning to market the property.
Click
here for more information |
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If you are not skilled in negotiation, you may leave money on the table. |
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All of the paperwork, legal forms, etc. are your responsibility and must be handled by you. |
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If you want to give maximum benefit to your efforts, your free time will be somewhat or severely limited. |
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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. |
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As you approach negotiations, you must sever emotional ties with your house or you will place yourself at a disadvantage. |
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You must become knowledgeable of legal and financial issues to be most effective. |
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Hints on Selling Your House on Your Own
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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. |
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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. |
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Become an expert in advertising
and marketing. Make your house stand out! A resource that
has a whole suite of tools available is Envision It Sold, including
a video tour that they can develop for your home (and you need virtually no video experience!) Get more inormation here. |
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Familiarize yourself with
offers and contracts now--don't wait until you have one in your hand. |
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Get maximum exposure. ForSaleByOwner.com offers
a complete menu of services if you want to sell your home on your own. Packages available range from a comprehensive
marketing plan up to a complete deluxe package that will market your property until it is sold and keep your home on the MLS
and Realtor.com for 6 months. Click
here for more information. |
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Be aware of equal housing laws. Not only is discrimination stupid (you limit
your potential market), it's illegal! |
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If 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. |
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Is selling quickly the most important goal? You may want to consider sources
such as FastCash4Homes.com, where you can view an online analysis of your home. More information. |
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