How to Sell Real Estate by Owner

How to Sell Real Estate by Owner
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Selling your own real estate is an alluring concept due to the premiums given to real estate agents and companies. When you choose to sell real estate by owner, you are taking full responsibility of advertising and processing the needed paperwork to complete the sale in exchange for the majority of the sale’s proceeds. A successful sale requires attention to the property’s condition, marketing and effective paperwork that protects your interests and ensures a timely sale.

Prepare your property for sale. Clean up the property and make any necessary repairs. Making your real estate attractive to potential buyers can make it easier to sell. For a home sale, consider staging the property by de-cluttering and creating a clean environment.

Price your real estate. Review recent sales of property in your area. Your local courthouse or public records office typically has sales records available for review. You can also use an Internet-based service that lists property values and recent sales transactions to help you know the current prices in your area. Look at similar real estate currently for sale to understand your competition.

Advertise your property. Create an online listing for your real estate on sites such as Zillow.com, ForSaleByOwner.com and your area’s Craigslist. Physically advertise your property by placing signs on major streets and on your real estate. Place a flier box for interested buyers to obtain a detailed description of your offer.

Show your property to interested buyers. Stay accessible by phone or by e-mail to schedule appointments with potential buyers. If you are selling a home, clean before the prospective buyers arrive and consider lighting a scented candle to help increase the ambiance of the home.

Negotiate with buyers. Unless you have multiple offers, you may need to negotiate the final price and fees such as closing costs and inspections. Keep in mind the time it takes you to keep the property on the market and your time in showing the property when deciding how much you are willing to lower the price.

Create a contact. You can buy pre-formatted contracts on the Internet, or they may be available in your local bookstore. Be sure your contract specifies the final price, fees and contingencies for inspections and delays. Obtain a deposit from the buyer in exchange for taking the property off the market. Whenever possible, only accept offers from customers who have pre-approved financing, or who have a bank letter stating they have sufficient funds to pay for your real estate in full.

Establish a closing date, closing company and finalize inspections. Work with the closing company to prepare all paperwork needed and allow all inspections as required by law or in your buyer’s contract. Meet your buyer on the predetermined day to sign all documents, receive your payout and hand over the keys and title to your real estate.

Tips

  • Consider using a service that will give you an MSL listing, but ensure you are only retaining the listing services and do not have to pay any additional fees or commissions.

    Offer an open house to help show the real estate to multiple buyers at a time that is convenient for you.