How Do I Sell My Home Privately?
Recent downturns in the real estate market make it more important than ever to protect your home investment. Selling a home through a Realtor costs about $12,000 for a $200,000 home. Selling your home privately requires some preparation, research and effort, but it can really pay off in saved equity.
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Instructions
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De-cluttering and cleaning your home is the first step. Remove photographs, personal items and any furniture that makes rooms appear crowded. Renting a storage unit will pay for itself when potential buyers have plenty of room to move around and picture their things in your space. Skim decorating magazines for advice on staging your home for sale. Add a fresh coat of neutral paint if needed, but don't spend a lot of time and money on redecorating.
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Ask two to three real estate agents to provide a market analysis of your property. They will compare your home to recently sold homes and houses currently on the market to arrive at a fair market price. Take note of agents whose work you respect. If selling your home by yourself proves difficult or too time-consuming, you will have a professional lined up to take over. Price your property competitively, using business sense and not emotion. Selling your home is above all a business transaction.
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Advertise. This is an important step. Post a sign on your property. Advertise in your local newspaper's real estate section. Most newspapers have special days for real estate advertising, usually Saturday or Sunday. It's worth paying a premium to advertise on those days. Make sure that your ad is listed on the newspaper's website, as well. Also consider listing your home at zillow.com, which is inexpensive. Schedule regular open houses to maximize traffic.
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If you are willing to pay a discounted commission, consider enlisting a service such as forsalebyowner.com or americaschoicehomes.com, which can post your home on the local Multiple Listing Service for a few hundred dollars.
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When you have an offer from a potential buyer, make sure a mortgage broker has pre-qualified him. Have a real estate attorney look over the contract. It will cost a few hundred dollars, but it's still cheaper than paying a commission and ensures that your interests are protected.
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- Photo Credit house sold garden image by Nicemonkey from Fotolia.com
