For Sale By Owner (FSBO)
Q - I want to get a larger house but need to get as much as possible out of my current home so I plan on selling it myself and saving the real estate fee. What are some of the things I should be aware of?
A - Some home owners certainly feel they have been successful at selling their own homes. It all depends on what kind of information you possess and how good you are at negotiating. The dilemma in this is that you, as the seller, want to save the real estate fee and so does the buyer. The buyer feels that, if you are not paying a real estate fee, he can offer you less and will deduct what he perceives to be the amount of the fee when he makes you the offer. So you really need to know what the market value is and be a sharp negotiator. An experienced real estate agent can sometimes net you more than doing it yourself -- without the hassle.
Here are some things to consider when selling your home yourself:
Do you know the market? Is it going up or down?
Is it a seller's market or buyer's market?
Do you know the market value of your home?
What price will you ask?
Can you write a good ad?
Can you take appointment calls at work?
Can you screen the buyers?
Can you qualify buyers?
When can you show your home? Evenings? Weekends?
What if a buyer shows up at the door without calling? Will your children answer if you're not home?
Are you familiar with the paperwork?
Have you assessed your costs for advertising, signs, feature sheets etc.
Can you negotiate for yourself?
If you feel confident in your knowledge and skills - go for it. Otherwise talk to a real estate agent who does this all the time and works in your best interest.