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Sell Your Own Home Without the Inconvenience

Released: 2/20/2010 6:49:53 PM    Source: Singapore Budget Moving & Delivery

When selling your home without the help of a realtor, there is much preparation that must be done in order to assure that you not only receive the price you want, but do so with as few trials and tribulations as possible.

  • First and foremost, do some research around your neighborhood to determine how much homes like yours are selling for.
  • Check local newspaper listings or even call up realtors in your area to get price estimates for such real estate. Once you have determined this standard price range, you will have a good idea as to a reasonable asking price for your home.
  • Before asking for this price, however, you should consider whether or not improvements must be made in order to pose the cost to a potential buyer, with a straight face. For instance, spackle up that hole or ding in the wall of the master bedroom, or replace the door to the kitchen pantry that never closes. Don't go overboard with the improvements, though!
  • Establish a rough estimate of the amount of money that will remain from the sale once your mortgage and any other pending bills are paid off, and keep that in mind when determining what alterations should be made. The idea is that the newly increased value of the home will pay for any improvements and leave a little extra to be gained after the fact, not put you into debt.
  • Don't skimp on simply cleaning the interior and exterior of your home. An overgrown lawn covered in toys can overshadow the potentially perfect area for the rose garden that the prospective buyer has always dreamed of owning.

To avoid surprises during the selling process, there are some precautionary measures that can be taken to protect both buyers and sellers:

  • Hiring a professional to inspect your home in advance will better prepare you for any issues a buyer's inspector may have.
  • Buying a Seller's Home Warranty provides insurance against any damage that is caused to the house while it is on the market.
  • Finding an escrow holder (a third party, whether it be a neighbor or an attorney, who holds on to all deposits made on the property until all stipulations agreed upon by the buyer and seller are met) will protect you against receiving any faulty funds and protect the buyer against losing money on a misrepresented home.

Advertisement is one of the most crucial factors in shaping whether or not you bring in buyers that are willing to pay your asking price. Using many different advertising mediums will increase your chances of securing the best possible deal.

  • Place a "For Sale" sign on your front lawn and attach a clearly labeled set of fact sheets (that include your contact information) for interested passer-bys to take and scan.
  • Market your home in the local newspaper (the weekend edition is optimal since that is when most people have the time to leisurely read the paper).
  • Advertise on the web (this can be done on many sites for free, but paid web advertising typically results in a listing that is on a higher volume site).
  • Take advantage of local bulletin boards. Place flyers that have your contact information, a few facts about the house, and any dates of open houses.

Your home is the only thing that will make or break the deal in the end. So, it is imperative that you create a warm environment that will make people want to not only own your home, but work with you to achieve a fair agreement.

  • Choose a few days for prospective buyers to come view your home, as well as one or two additional days for an open house (choose days in which you can assure that you will be able to have your home in its best condition).
  • Make your home inviting for any potential buyers by having some light refreshments, as well as friendly conversation available.
  • Create a cozy atmosphere by baking a loaf of bread or brewing a pot of coffee just before your home is open for inspection.
  • Obtain a set of real estate sales contracts and disclosure forms from a local home-office store and have one of each of the forms filled out and ready for signing so that you can be sure to close the deal and collect an "earnest money deposit" as soon as a buyer makes you the perfect offer.
  • Once you have negotiated with a serious buyer, set up a time when you can be home for the buyer's inspector and appraiser to come examine the property. Moreover, consider hiring a real estate attorney to handle the closing.
  • At least one day before the closing, obtain a copy of the Settlement Statement and check that the "net cash to sellers" is close or equal to the number that you initially estimated.
  • On the day of the closing, be prepared to ask any questions you may have had about the Settlement Statement and have some form of identification on you, along with the deed.