selling your own home

www.terryrightrealtor.com

Please read this presentation for valuable information and points to consider.


There are many reasons you may have decided to sell your home on your own:

1. Save the money that would be spent on commission2. Previous bad experience with a real estate agent3. Satisfaction of doing it yourself.

Can an owner sell their own home successfully?Absolutely! If you are willing to put in the time, effort and resources it is quite possible that you may be able to sell your home on your own.

Should an owner sell their home on their own?Each owner needs to evaluate their specific situation and determine if the wise choice is to sell on their own. The following pages will provide you with some information in making that determination.


Okay, I want to sell my home. What do I need to do?

1. Determine the appropriate market value (asking price) of my home.

2. What do I need to do to get my house ready? How do I make it most attractive to buyers?

3. What do I have to tell buyers about past repairs or existing issues with my home?

4. When do I have to tell buyers about these items?

5. Where do I advertise my home for sale?

6. Should I do Open House’s? What is the best day/time for Open Houses


Safety vs. AccessibilityAs a homeowner attempting to sell your property on your own, it can be a balancing act between accessibility and safety for yourself and your family.

Accessibility:

Buyers are often spontaneous. They may see a sign indicating your property is for sale, they may hear about it from a friend or family member, or they may see it advertised on line. If you don't live in the area of the property you are selling how prepared are you to show your home to prospective buyers? Are you able to meet them at your property is a reasonable amount of time? Or do you need to make an appointment for a later date, perhaps even the weekend?

Have you driven to your property only to have a buyer not show up or call to cancel the appointment? Now you have to close up and drive back home!

Safety:

Odds are you are letting complete strangers into your property. It is highly unlikely this is a buyer you know or one that was referred to you by a friend or family member. Are these serious buyers? Or are you traveling to show a property to a window shopper or someone with worse intentions.

Always make sure someone knows when you are showing your property. A spouse, parent, adult child or a trusted friend. Communicate when your showing is over so they know you are safe.

As a realtor(R) I could alleviate many of these concerns. Your home showings would always be attended by a real estate licensee, we ensure your safety by showing homes for you, and we are most likely to bring truly interested, and qualified, buyers to see your property.

You should also be mindful of where you place certain contents in your home. IE. Medications, Jewelry, and other valuables.

Please feel free to contact me at 609-675-3043. I am happy to discuss some simple tips to ensure your safety while selling your home; during both showings and open houses.


Why do owners receive less for them home when selling on their own?

There are many reasons this occurs:

1. Today’s buyers are more educated about the process. They realize that if you are selling on your own you are not paying commission. They perceive that as a bargaining tool.

2. You may be unwittingly surrendering some negotiating power while showing or discussing your home.

3. You may not have priced your home appropriately for the current market conditions. Pricing a home under value can be as detrimental as over pricing your home.

4. Are you aware of the message you a giving when doing a price change, using certain phrases in your home description, or answering buyer’s questions?

5. Negotiating is a skill not all sellers possess. Buyers will ask for a lot and sellers negotiating on their own may feel they have to give in to make the deal happen.


Why do homes being sold by owners typically take longer to sell?

Below are a few of the reasons this may occur:

1. Buyers are often suspicious that if seller’s aren’t using a Realtor, the seller must be hiding something very wrong with their home.

2. In most cases a seller’s marketing efforts pale in comparison with the tools available to Realtors.

3. Buyers are most likely to align themselves with a Realtor to protect their interest in the transaction.

A. Realtors will first look at their own company’s inventory to see what may meet their client’s criteria.

B. If nothing within their own company is what their buyer is looking for, the Realtor will look into the Multiple Listing Service (MLS) to see what is currently listed by other real estate companies.

C. Once the Realtor has reviewed A and B above they have most likely found their client a new home.

D. Some Realtors do not want to work with sellers directly. In some cases they will do more work for less commission. There is also a perception that these sellers can be difficult to work with for a variety of reasons.


A Buyer is interested and places an offer!

Here are some things you will need to fully understand as you proceed

1. Is the buyer qualified? Have they been preapproved for a mortgage?2. They say they are paying cash – Do they actually have the cash?3. Who draws up the contract?4. How much will I pay a lawyer to handle this process?5. The buyer did a home inspection and has a list a mile long of repairs. Should I fix all items, some, or

none?6. If I agree the repairs are needed should I do them or offer cash to the buyer?7. Can I do the repairs myself?8. How/When do I give a buyer credit for these repairs?9. What disclosures do I need to provide the buyer?10. Should I get a deposit from the buyer? What do I do with the deposit before settlement?11. Is my home in a flood zone? If yes, what zone? If you currently do not have flood insurance you will not

be able to estimate the policy premium for buyers.

New settlement regulations make some of these answers more complicated than in the past. If certain steps in the process are not handled correctly you could have to delay, or even cancel settlement.

You will most likely need to hire an attorney to get you through the process of “contract to closing”


ForSalebyOwner.com Founder Uses Agent to Sell Home

DAILY REAL ESTATE NEWS | TUESDAY, AUGUST 09, 2011

The founder of a popular for-sale by owner Web site used a real estate broker to help sell his 2,000-square-foot, two-bedroom New York apartment after it lingered on the market for six months.

Colby Sambrotto, the founder and former chief operating officer of ForSalebyOwner.com, tried to sell the property himself by listing it online and through classified ads, but after six months of it sitting on the market, he sought the help of a real estate broker.

Broker Jesse Buckler told Sambrotto the condo was priced too low and wasn’t attracting the right buyer for the condo.

"At first he wouldn't let me increase the price," Buckler said. "I told him I know what I am doing—the market is picking up.“

The condo soon attracted multiple offers and ended up closing recently for $150,000 more than the original asking price. Source: “DIY Guru Gets Broker Help,” The Wall Street Journal (Aug. 3, 2011)

http://online.wsj.com/article/SB10001424053111903341404576484352486553740.html?mod=googlenews_wsj


We are back to the original question:

Can an owner successfully sell their home with out a Realtor?

Again the answer is absolutely.

The information in this presentation is meant to guide you through the process of deciding if you should proceed on your own or consult a Realtor. I hope you have found this useful in your decision making process.

I would be happy to discuss the selling of your property and provide a marketing presentation on how I can get your home SOLD; often in less time and for more money.

There is never a cost or any obligation with any of my presentations.

Should you decide to proceed with selling your home on your own I wish you success.

Thank you for taking time to review this presentation.

Sincerely,

Terry WrightSales Associate

selling your own home

Real Estate