Archive for the 'For Sale By Owner' Category

Feb 21 2008

For Sale By Owner Success - Part II (Home Seller Checklist)

Published by Carolyn Thompson under For Sale By Owner

FSBO Part II

Time to create a timeline and budget for your home sale. 

Microsoft Project is an ideal tool for reaching your goal, as many tasks will occur both consequtively and simultaneously.

Before you grab your clipboard, consider that you are in a serious position of potential liability.  If there is a problem with the home, such as a leak in the basement, and you don’t either make the necessary repair or disclose to the client that there is a current leak in the basement, you may be liable for ALL damages and legal fees.  You may also want to get a home inspection prior to putting the home on the market, so that you will have a better idea of the current condition of the home.

Grab your clipboard and your home seller check list and walk outside.  Keep walking.  Go all the way to the street and turn around.  This is how the potential home owner is going to view your home through their criticle eye.  This is called curb appeal.  If you can’t get the shopper out of the car don’t waste your money on the interior of the home.

Now work your way back in the house.  Go through each hall and room, continuously referring back go the home seller checklist.  Make sure that you write down everything that has to be cleaned, organized or repaired.  RESIST the tempation to perform the work as you are taking note of each task. 

Now determine how much time and expense it will take to make each repair.  Make a note as to who will perform the work.  Do you have a reliable handyman? If you are planning on doing the work yourself, you should keep in mind that you are going to have a lot of other responsibilities.  You may have to manage the contractor; pick up materials; learn how to market your home; organize and clean.  You may also want to budget time for eating and sleeping.

Be sure that you read over the checklist thoroughly!  Then look over it again.

Who will keep the house clean and the yard groomed when it is on the market?  If you are going to hire a maid and lawn service add this into your budget.  Do the calculations and add 15% to the time and 15% to the money that you think that you will need to get your home ready.

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Feb 20 2008

For Sale By Owner Success! Part I

Published by Carolyn Thompson under For Sale By Owner

 For Sale By Owner Success!  Part I

It is no secret that most people who elect to sell their homes on their own, For Sale By Owner (FSBO) give up and hire a Realtor.

Realtors feed on For Sale By Owners because they are taught in their very first real estate marketing course that the FSBO’s almost always convert to Realtor clients.  It is just a matter of which Realtor will real them in.
I am going to keep this painfully simple in Part I, as I want you to think through each step and simply ponder what I am saying before you read Part II. 

Most buyers are represented by *Realtors.  Realtors will take the path of least resistance and look up only the homes listed on the multiple listing service, or mls.  If you are not there, your home will not be shown.  It is that simple.

Access to your home is key.  Like I said, Realtors are very busy and will take the path of least resistance.  Think about how they are going to show your home when you are not there.  Do you want to give everyone that calls the combination to your lockbox?  How do you know that they are really a Realtor?  You don’t. 

The answer is to use a special electronic lockbox that is only available to Realtors.  I have never known a Realtor, who is trying to reel in a For Sale By owner offer to lend the home owner their lockbox.  The lockbox can record which Realtors are visiting your home and at what time they entered the home.  This is essential!  If anything is lost or broken, you have a way to track it.

Okay, I was going to wait until Part II to give you more information, but you will soon see that I am not patient when conveying pertinant information. 

Realtors are hungry!  Especially in this market.  They can be a real estate agent looking for a home for sale in Maryland, home for sale in Washington, or home for sale in Virginia, they are all hungry.  If you are offering the buyer’s agent less than 3%, your home will be shown less.

Less showings means it is less likely your home will sell for the asking price.

Read ALL available blogs on home for sale before you put your home on the market.

Because this is a new blog, it will take some time for me to get all sections posted.

Post if you have any questions.  Chances are that many other home owners have the same questions.

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