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Home Selling Guide For Sale By Owner
his Home Selling Guide is sign complete with a wire stand
written to be easy to read, that includes your contact phone
use, and understand. By number on it. The sign could be
eliminating all of the technical attached to a post for a more
jargon, you can get down to the professional look (similar to
business of selling your home and those realtors use) and placed in
concentrating on potential the ground at the most optimal
buyers. This article will assist visual point on the property. A
homeowners to become an effective rider is a smaller sign that you
seller and will create a can attach to the bottom of the
comfortable environment for the "for sale" sign. Riders are used
buyer. There is no long, for displaying pertinent
drawn-out definitions or information regarding highlights
ambiguities. Just a quick, about the home or creative
step-by-step guide to preparing financing options. Riders can be
your home and completing the purchased at large
sale. "do-it-yourself" home improvement
stores, sign shops or local
Step #1 - The For Sale by Owner "Association of Realtors" stores.
Sign: You can also purchase a mailbox
for displaying your flyers at any
49% of buyers found the house of these locations.
they bought because of the sign.
They choose the neighborhood Step #2 - The Advertising Flyer:
because of the school district,
employment, shopping, etc. They The advertising flyer is your
will drive around that property's "brochure." The
neighborhood and inquire about purpose of this flyer is to
the houses they find for sale. provide quick facts and help
You should purchase a two-sided buyers remember your property, so
it should be clear and brief. will take care of you and look
Provide all the pertinent facts after your best interests. They
(address, price, number of are actually a disinterested
bedrooms and bathrooms), third party and their job is to
highlight special features, look after both you and the buyer
provide your contact information and to make sure the legal
and include a picture, if documentation is recorded
possible. Put flyers in a tube on properly. The CMA contains the
your For Sale Sign for people to public record documentation that
pick up, and always provide them has been recorded on the
to anyone who views your house. property, information regarding
important characteristics of your
Step #3 - The Comparative Market home and geographical information
Analysis (CMA): such as schools, government
offices, and medical facilities.
The CMA (or Property Profile) can It also records recent sales that
help you determine a competitive have occurred in your
price for your home. This neighborhood. Use the CMA to
document may be named something assist you with determining your
different depending on your asking price.
geographical location. You can
order one of these by calling Step #4 - Advertising That Works:
your local Title or Escrow office
customer service department. Let We have covered 49% of the sales
them know you are a "FSBO" and percentages by introducing you to
they will be happy to help you. the statistics on the sign in
Why? Title and Escrow companies front of your home. This section
would like you to use them to addresses the other 51%.
complete the Title or Escrow work Advertising on the Internet is a
on the sale of your home. They great tool to draw potential
buyers to your home. Your who just want to drive by and
audience is even greater than look (preferential
that of the Multiple Listing consideration). The phone calls
Service (MLS) utilized by you will then receive are those
REALTORS. The following is a list people who want to see more than
of possible advertising sources, just the outside.
places to present your home to
potential buyers: Step #5 - How to Handle Phone
Calls:
Your local major newspaper
Local Real Estate newspaper and Due to your successful
magazine advertising campaign, you will
Homes for Sale magazines start receiving phone calls. An
The Home Trader important thing to remember is
Local minority newspapers that people are just going
Local Military Base newspaper through ads and calling any ad
Cable television Real Estate that grabs their interest. It is
channel more important to remember that
Major city newspapers the first impression is
everything, even over the phone!
The best ads are short and to the You do not want to lose a
point. They are full of action potential buyer because someone
words and start with a strong in your household knows nothing
opening line. Ads written in this about the details of your home.
format will draw the curiosity of If you are unable to answer the
the reader and leave something phone at any time, provide an
for them to call about. You answering machine or voice mail
should consider putting your with details about your home. It
address in the ad in order to take about 45 seconds for
alleviate phone calls from people potential buyers to listen to the
message and the messages that you appraisal. Curb appeal is the
retrieve should be interested most important factor when
parties only! Realtors rarely selling your home. You only have
leave messages. Using the term one chance to make good first
"competitively prices" places an impression. If it appears that
emphasis on your motivation to the seller pays attention to
sell. detail, and the home is pleasing
to the eye, chances are very high
Step #6 - How to Prepare Your that the potential buyer will
Home to Show: make an appointment to tour the
inside. On the inside of your
Only do repairs that are home, determine if it needs a
necessary to make your home look touch up or a complete painting.
the best. Do not overspend on Consider using white or a light
repairs like remodeling a room or neutral color, which enhances the
replacing a vinyl floor. You will appearance of the room size.
not get that money back from the Avoid violet or pink paint
sale of your property because colors! In the entryways and
they do not increase the value. exits to and from the house,
It is more efficient to spend remove all clutter, old mail,
time making the problem areas shoes, coats, etc. Mop and wax
look as good as possible. If the any vinyl floor until it is as
issue is still questionable after shiny as possible. Vacuum all the
your efforts, or the buyer has carpets and have them cleaned if
noticed and has a problem with necessary. Have the drapes and
it, then try to agree to a repair blinds cleaned as well. Wash the
cost and make the appropriate fingerprints off of all light
adjustment to the sale price. The switches and wall sockets. Make
repairs may have to be done if everything that is white shine,
they are a condition of the shine, shine! Polish any wood
furniture, floors, banister, escrow closes! We have a unique
fireplace mantles, etc. Dust, way for you to host your open
clean and touch up the heater and house that creates great exposure
air condition vents and ducts, and attendance. You will need to
the ceiling fans, and any other take charge of your neighborhood
fixture that can be seen at eye or geographical area. Contact all
level and higher. Remove all of the FSBO's in that area and
cobwebs. Replace any burnt light find out who wants to participate
bulbs, and replace any working in a "Open House" block party.
light bulbs with even brighter Everyone will need to agree on a
ones. Bathroom and hallway light date to schedule open houses.
bulbs are notorious for being Each homeowner pitches in and
burnt out and overlooked. pays for a Bold Block Ad in the
Attention to detail costs little local newspaper(s). Each
in time and money but will participant will pay for a block
drastically increase the visual of space in the large ad (you
appearance of your home and will will need to coordinate this
help you to get top dollar for effort and collect the
the sale of your property. Never appropriate amount from each
have to apologize for the person). Be sure to include the
appearance of your home during days, times, and the sales price,
this period. Keep it ready to address, and phone number of each
show at all times! home. This will generate a kind
of "group dynamics phenomenon".
Step # 7 - Secrets to a You get an unusually greater
Successful Open House: response of buyers than you would
if you were on your own. Also,
A successful open house is one when more than one buyer shows up
that gets the results you are at the same time, it creates
looking for - you get a buyer and competition between buyers. It is
a great attention getter and you their loan representative about
will be happily surprised with getting a letter of approval from
the turnout that you receive. How the Underwriter. Never take your
do you find and get FSBO's to house off of the market without
participate with you? You have documented proof that your buyer
probably seen some in your is approved and Escrow has been
neighborhood while driving around opened with the earnest money
everyday. You can make up a flyer deposited into an Escrow account!
asking them to participate and Ask to speak to the buyer's loan
give them a number to contact representative to verify the
you. Just drop it on their approval. If you take it off of
doorstep and wait for them to the market and then have to put
call. You can look in the it back on, you will have lost
newspaper or on the Internet for valuable time and potential
other homes in your area. Call buyers. Put everything you agree
the phone numbers that have the upon in writing. Go down to your
same prefix as yours! nearest office supply or legal
forms store and purchase some
Step #8 - How to Complete the "Offer to Purchase Real Estate"
Sale: forms so you can document the
agreement. These forms are
When an offer to purchase is self-explanatory, or come with
made, the first thing that needs instructions for completing them.
to be done is verification that In addition to the obvious
the buyer has a mortgage loan in required information, such as
place. The buyer needs to present address, sales price, earnest
an approval certificate issued by money deposit amount, and loan
the lender. If the lender does amount, list every other
not issue approval certificates, agreement you have made (i.e.
the buyer will need to speak with appliances that are staying,
other items that will remain on acceptable, but a typical amount
the property, blinds, etc). The is $1,000 to $2,000. Make sure it
buyer and the seller should both is enough money to make you feel
sign and date the agreement. Call confident that your buyer will
a title office and make an not back out of the deal. Once
appointment to open Escrow. You the earnest money is in the
and the buyer should then meet Escrow account, the buyer will be
with them and solidify the deal. credited the amount towards the
Make sure the buyer brings the down payment and closing costs
earnest money so it can be when the sale closes. In the
deposited into an Escrow account. event that the deal falls through
Find out from the lender when the and does not happen (because of a
loan can be closed and set a legitimate reason such as being
closing date. Now you can take declined by the lender), both the
your home off of the market! When seller and the buyer must sign a
the loan is close to completion, release in order for the buyer to
an appointment will be made with get their money back. Simply
you to meet with an appraiser. changing their mind is not a
The appraisal is not ordered legitimate reason for returning
until the lender is assured that the money.
no surprises are going to pop up
and kill the deal. The earnest The full version of this "Home
money deposit is "good faith Selling Guide" can be downloaded
money". Require the buyer to put for free at:
up a sum of money in an effort to show you how serious they are size="-2">http://www.virtualfsbo.
about buying your home. You com/manager/introduction.aspdetermine the amount of earnest t>
money you want deposited. A
minimum amount of $500.00 is
About the Author:
Kyle Soper is a contributor of www.VirtualFSBO.com, a for sale by owner website created in 1999. You can download Kyle's "Home Selling Guide" as a PDF file.
Read more articles by: Kyle Soper
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