Your home is likely the biggest asset that you own, so when it comes time to move, being thoughtful in the way you approach selling it is crucial. Though many people automatically turn the process over to a Realtor, doing so means giving up 6 percent of the sale price in commissions, so more and more people are making the decision to go the DIY Home Sale route and put out a “For Sale by Owner” sign.
If you have decided to manage your home sale on your own, there are a few steps that you need to follow in order to protect yourself. Here are a few of the most important ones:
- Learn what’s required – Selling your home is not as simple as setting a price, writing up an ad, putting up a sign and accepting an offer. There are transfer taxes involved and specific rules about what you’re allowed to say in your listing. You need legal documents and appraisals, home inspections and more. Study up before you start, make a checklist and seek legal advice from a company like Legalty Services.
- Price it right – If you’ve noticed homes in your area that are sitting on the market for a long time, there’s a good chance that it’s because the owner thinks the house is worth more than it actually is, and the reverse is true for houses that get snapped up immediately – they probably were listed for less than what they were worth. Check to see what the homes around you have sold for and take the time to make sure that it’s more than just the house type and the neighborhood. What was the house’s condition? Setting the right price makes a big difference in both selling quickly and not cheating yourself out of what your home is worth.
- Make sure the buyer can afford your house
This is an issue for experienced Realtors, so it’s an easy mistake to make. Ask potential buyers questions about their credit, how much they’re approved for, and whether they have a commitment before you take your house off the market.
- Be smart about protecting yourself and your property
It wasn’t that long ago that the Chicago Tribune covered the story of Realtors being victimized when showing homes and houses being burglarized during open house showings. As a DIY Home Seller, you need to be twice as vigilant. Take steps to protect yourself when a stranger is coming to your home and make sure that your valuables are locked away, or out of the home completely. Get complete information on anybody before they come into your home, including photo identification, and never show your home alone or without somebody else knowing what’s happening.
For more assistance in successfully selling your home on your own, contact Legalty today to learn how we can help.