Thinking of Trying to Sell Your Home on Your Own?

Occasionally homeowners decide to try and sell their home without the use of a professional Real Estate agent. As a chronic do-it-yourselfer, I can certainly understand the thought process. I have completed many successful home projects and am quite proud of my work on most of them. There are however a few times, when I regretted not hiring a professional. I believe selling your home is a good time to hire a professional as there are some mistakes that can be very costly and even a few legal pitfalls.

  It looks easy enough, do some advertising, place a sign in the yard and wait for someone to make you an offer. In my opinion, after you find the buyer is when you may be entering the danger zone. Here are a few things to think about before deciding to sell your home on your own...

1) Negotiations
 Are you a skilled negotiator? It can be difficult for someone with an emotional attachment to remain calm and negotiate effectively. Buyers who are looking at For Sale by Owner properties are looking to save money too.

 2) Paperwork
Realtor's use contracts and disclosures that were created by the state Real Estate Association's legal team. In addition to the purchase agreement there is a seller's disclosure, homeowner's association disclosure and various other disclosures that should be used for your protection in certain types of sales.

3) Inspections
Does the purchase agreement you plan to use clearly spell out the inspection timeline and whether repairs are to be made by you prior to closing? Is it clear what items must be repaired. if any? Are you willing to renegotiate on price if a large item comes up as a result of the inspections?

4) Appraisals
Is your buyer financing their purchase? Do you know what your options are if the property doesn't appraise? Will you and the buyer renegotiate the price? Did you get a pre-approval letter from the buyer's lender when they signed the purchase agreement? Do you have lender contacts that might be able to save the deal if financing becomes an issue? Are you aware that an FHA appraisal will stay with the property for four months, so any future FHA buyers will get the same appraised value on your home until after the four months have past?

These are just a few of the potential situations you might find yourself up against if you try to sell on your own. There are sellers that do sell their own home, and I'm sure there are a few that say they would do it again next time, but are you sure you're up for challenge? I'm here to help and am willing to meet with you and answer any and all questions about selling your home, whether or not you decide to list your home with me or any other agent. Call for your free, no obligation, consultation today!