Sell by Owner Process

Selling a house on your own can save listing commissions.

Selling your own house can save you thousands of dollars, but you have to be willing to do the work. Preparing the home, pricing it, marketing it, showing it and hopefully closing the sale are up to you. Be aware that if the buyer has a real estate agent, as many do, the agent is entitled to a commission.

Preparing Your Home for Sale

Before you put your house on the market, it has to be prepared for sale so it is presented in the best possible light. Clear away the clutter inside and check to make sure the yard is free of debris and landscaping is neatly trimmed. Make necessary repairs, and consider repainting. If carpets are worn, think about removing them, especially if there are hardwood floors underneath. Some people "stage" their homes to make them seem more inviting to buyers. This can be accomplished by such touches as setting the table in the dining room, making sure the lighting is appropriate and even baking apples or cookies to make the house smell homey.

Pricing the Home

There is an art to pricing a home well. The old adage "location, location, location" still holds true when you think about what lends value to a home. A small house in a remote area will bring one price, but move it close to a major city and the price for the same house goes up. To price your home, do some research and find out how much similar homes are selling for in your area. Notice the word "selling." Neighbors might list their homes for unrealistic prices, but the only thing that matters is how much they actually sell it for. Factors that affect the price of a home are square footage, layout and amenities like decks and remodeled kitchens and baths. The quality of the local school system is important, along with the proximity of transportation and recreation. Consider hiring a professional appraiser if necessary.

Marketing the Home

Once the home is ready for sale, it has to be marketed. A professional-looking sign in the front is essential. Prepare a brochure about the house with plenty of pictures. Include the square footage, a list of amenities, and nearby services and attractions like parks, shopping and restaurants. Put in financial information like the price of the house, down payments and sample monthly payments. A mortgage broker can help with this. Make sure to include your contact information. Print some hard copies and make them available to people who drive by and attend an open house. Email digital copies to all of your friends and family and ask that they forward it to people they know.

Online Marketing

Time was when people looking to buy a home turned to the real estate section of the newspaper. While this is still an option, many home seekers look at the Internet first. Social networking websites like Facebook, Twitter and YouTube are a good way to get the word out about your home. Another way to market your home online is to sign up for a For Sale By Owner, or FSBO, service like Forsalebyowner.com. These services typically charge a fee and place photos and descriptions of the home on a real estate multiple listing website. Remember that while selling your home by yourself will save the listing commission, if the buyer is represented by an agent, a commission has to be paid on the buyer side, generally from 2.5 to 3 percent.

References

• For Sale By Owner: Everything You Need to Sell Your Property
• ERA Real Estate: Why It's Worth What It's Worth: Factors Affecting Home Value
• Superpages.com: How to Sell a House While Buying a House