Advise on selling a house FSBO
This is my second house that I have now sold For Sale by Owner (FSBO) in Michigan during the down market. Our first house we had for sale with a Realtor for 6 months and I sold the house less than two weeks after the listing expired on Craigslist.
Before you even think about selling your home For Sale by Owner talk to at least 3 Professional licensed Realtors in your area and have them do a market analysis. This will give you numbers on what you house is worth in the current market since they use houses that have sold in the past year as comparisons. You may also decide that a Realtor will work best for you. If you want to still do FSBO, check out my information below.
Here are a few ideas for selling your house For Sale by Owner.
1) Make your house look good by removing and personalization and finishing up projects that are incomplete. A new buyer does not want to complete a house or have to overlook clutter to imagine if it fits into their lifestyle. All family photos should be removed. De-personalize everything. Allow the buyer to imagine their lifestyle in your home. Simple is good.
2) Take Professional images and lots of them. Capture all angles of house including special features that are unique to your house. This not only helps pre-quality people but gives them a nice image of your home, while answering lots of possible questions they might have for you when they see it. You are prequalifying people. Both houses I had offers from the people who saw the house and I did not have a lot of people who were not serious.
3) Create a Professional looking website with the images and all the information you have on the house. This can include images, descriptions, seller’s disclosure, lead based paint disclosure, bills, what you love, etc.
4) Make nice signs that can be referred to for information. Also have brochures available for people to take, in front of your house, if they are interested. Print out brochures that you can put on pin up boards at grocery stores, banks, etc. with your contact number and house website.
5) List your home on Zillow, Trulia, Craigslist, Owners, and listedonrealtor. All of them are free except Owners and listed on realtor. I do the free listing on Owners and pay the $80 or so to get listed on realtor. Make sure to always maximize your images and information on the sites and refer back to your beautiful house website that you created.
6) Offer a 3.5% commission for buyers agents and a cash offering to anyone who is not a realtor and brings a buyer. This will get the excitement going and make people want to show your house. Incentives are good.
7) Make sure to mention serious inquiries only on all your information.
8) Always answer all calls immediately and be prompt with all emails regarding the house. Play on the initial excitement of the possible buy.
9) If you receive a verbal offer and it is close to your price, make sure to have the buyer fill out a purchase agreement and put down a deposit of at least $500, and $1000 if possible. This brings serious offers only. I got burned in accepting a verbal offer on the Buyers word that they had pre-approval and the funds for down payment. Always remember to protect yourself.
10) Make sure to always tell everyone why you love the home and how this home is the perfect place for them. Make it a point to listen to the Buyer and find ways to place the Buyer in your home.
11) Lastly, have a plan in mind and a number that is your ultimate low number. You may have to end up doing a short-sale in this market too to get out. Use price drops as an incentive to get people to make an offer too.
There is a lot of psychology into why people purchase houses. People buy houses for many different reasons. My intention in writing this blog was to help you work through questions that may arise on the sellers side. Always remain positive and upbeat because you never know when a buyer is going to shake your hand and you are going to sell.
Keep in mind that even with an written accepted offer you are not guaranteed a sale. I had four offers on my last house sale with the last one closing. Keep the house information live until you are closed. That means keep showing the house and telling people you have a pending offer and will get back with them if the house does not close.
Here are the two examples of my house websites
http://www.paulretherford.com/
http://www.paulretherford.net/house
Hope this information helps sell your house For Sale by Owner | FSBO
