f you ask anyone who has ever tried to sell a home now themselves they will tell you that from the moment the For Sale by Owner sign goes up, the phone begins to ring. Unfortunately, many of those calls will not be from prospective buyers, but rather from real estate agents looking to obtain your listing.
Obviously the idea of not having to pay a commission to a real estate agent is attractive to any home seller. But because of all the issues involved in the process, selling a home on ones own can be challenging as many home sellers will attest to.
The key is to be properly prepared. If you are not, your home could remain on the market longer than you expect because you are not attracting and getting offers from qualified buyers. This can be a point where many homeowners become frustrated and consider giving up the sell home now idea. However, there are sellers who accomplish selling their own homes, very well. You can be one of them.
According to John W. Schoen, Senior Producer at MSNBC in Real Estate, Sellers could not have raised prices as fast as they did without buyers with lots of cash to spend. As economists and analysts sift through the debris of the housing bust, it seems clear that what we were all calling a housing boom was really a lending boom. With so much credit available to so many buyers, the competition for properties sent home prices soaring. Many other experts predict the availability of mortgage credit to tighten.
However, there is a new approach to selling your home quickly to a larger number of house buyers on the markets. You can provide seller assisted financing or you can turn your home over quickly for cash to a set of home buyers that have the means and the capability to quickly purchase. This is the part where realtors ears are perking up too. Because whether it’s a for sale by owner, pre-foreclosure, direct sale or tax sale home there is now a way for you to sell your home fast.
Here are a few expert tips that you should be aware of before you make the decision as to whether or not this is the right approach for you.
Correctly setting your asking price is critical. Setting your price too high can be as costly as setting it too low. Home prices are determined by fluctuations in the marketplace not by your emotional attachment or by what you feel your home is worth. Appraisals are very scrutinized today by Lenders who request that appraisals be done with more than just a computer. A drive by is necessary as well as many phone calls to people involved in all aspects of the transaction. This means, appraisals will be much more conservative than before.
Consider seller financing if the appraisal comes in low and the buyer can not qualify. Offer homeowner financing. This advice is helpful to real estate investors, realtors in addition to sellers who need to sell a home fast.
Do not gloss over needed repairs and fix-ups, as your prospective buyers will not. Your job is to ensure that your home stands out favorably from the competition. You don’t want your house labeled so the buyer is thinking are we buying an ugly house?
Beyond the sign you will put on your lawn, you should find effective ways to spread the word about your home. Local buyers can be reached through the newspaper, but this is only a small part of the market you are after. Be sure you include the many buyers who could already be working with a Realtor . To locate them, target as many top agents as possible in your market to see if the criteria of their buyers matches that of your home.
The contract you use should be thoroughly examined by your real estate attorney if you are not using a realtor. Escrow and title will provide the seller assist transaction. Seller financing paperwork is an emerging trend and many Escrow Officers are used to filing this paperwork as well as explaining this to home buyers. According to Benny L. Kass of the San Francisco Chronicle any real estate attorney can assist you with the negotiations with your potential buyer, and can easily – and clearly at a much lower cost – prepare the purchase-and-sales contract. The attorney can also give you guidance throughout the entire process.
Typically you will know very quickly if the appraisal is going to work or not, so if seller assisted financing will be your option, it eases the sellers worries because the buyer does not have to have perfect credit or a high down payment. So try out a few of these options and sell your home now.