A Simple Guide for Selling a Home on Your Own
Why sell your home yourself?
Selling a home yourself, without an expensive real estate agent is
easier than most people think.
However, it will take some work on your part. You will be doing a lot
of things that a real estate agent might normally do. Just follow the propertygodirect.com For Sale By Owner step-by-step guide below, and you'll not only
save lots of money, but we'll make the process as effortless as possible
It's the money! You save thousands of
dollars not paying a 5% commission. For example, if your
home can sell for £250,000, you’d save £12,500
Sell Your Home Fast. Because you are not
paying an outrageous commission, you can afford to price your
home more aggressively. The lower the price, the more likely
it sells fast. You will still walk away with thousands in savings,
but you'll just be doing it faster.
It's so easy. Despite what a real estate
agents may say, selling a house is not rocket science. They know
that, and soon you will too. Just follow the simple steps below.
And, if you have any questions, call us and one of our representatives
will try to answer any questions you may have about the home
You are not alone - we will help
you every step of the way. Potential buyers visit us everyday. Perhaps
one of them is looking for a home just like yours.
8 Easy Steps to Selling a Home Yourself
Step 1. Preparing your home to sell - make it look great
Presentation is everything! Home buyers are attracted to clean, spacious
and attractive houses. Your goal is to dazzle buyers. Brighten-up the
place and remove all clutter from counter tops, tables and rooms. Scrub-down
your house from top to bottom. Make it sparkle. Simple aesthetic improvements
such as trimming trees, planting flowers, fixing squeaking steps, broken
tiles, shampooing rugs and even re-painting a faded bedroom will greatly
enhance the appeal of your house. Also, make sure your house smells good.
That's right, clean out the cat box and light mildly scented candles.
Invite a neighbor over to walk through your house like
a buyer would. Get their opinion on how it "shows." The stuffed donkey
in the family room may have to go to your in-laws for a while.
Step 2. Pricing your home effectively
Do not over price your home. Over-pricing when you sell a home reduces
buyer interest, makes competing homes look like better values, and can
lead to mortgage rejections once the appraisal is in. Over-pricing when
selling a home is the single biggest reason why many "For Sale By Owner" home sellers don't sell their homes successfully.
Remember: the home selling market dictates the price (not what you think
it should be worth).
One of the best ways to correctly price your house when selling is to
find out how much other homes, similar to your own, recently sold for
in your neighborhood. Talk to home sellers, buyers and check out the
real estate listings in your local newspaper.
Typically, if you set the price of your home at 5 to 10 percent above
the market price, you are likely to end up with an offer close to your
home's true value. Also, you may try calculating the cost per square
meter of your home compared to houses selling in your area (divide list
price by square footage of livable space). If your house has more features
or other desirable qualities, you may want to set a slightly higher house
The easiest way to accurately price your home is to contact your local home appraiser.
Finally, set your house selling price just under a whole number, such
as £169,900 rather than £170,000.
Step 3. Get a real estate lawyer
Even though it's an additional expense, it may be wise to hire a lawyer
who will protect your interests throughout the entire transaction. An
experienced real estate lawyer can help you evaluate complicated offers
(those with a variety of conditions), act as an escrow agent to hold
the down payment, evaluate complex mortgages and/or leases with options
to buy, review contracts and handle your home's closing process. They
can also tell you what things, by law, you must disclose to buyers prior
to a sale and can also help you avoid inadvertently decimating against
any potential buyers.
Unless you're significantly experienced in the home selling process,
having a real estate lawyer at your side provides peace-of-mind. You
know you've got someone looking out for your interests, not just the
buyers. To locate a lawyer in your area, click here
Step 4. Marketing your home
Exposure, exposure, exposure. That's how sellers sell their home
propertygodirect.com For Sale By Owner provides
extensive home exposure because international visitors come to the web
site each month. We make a lot of effort each month
to assure that propertygodirect.com For Sale By Owner is prominently
placed on Internet search engines so buyers can easily find our site
when seeking property in the UK for sale.
Writing your sell ad
While propertygodirect.com For Sale By Owner allows
you a 1,000 word description of your house (try to afford that in a newspaper
ad), your advertising copy should be thorough yet short, simple and to-the-point.
Long, flowery prose will not make your house sound more appealing. It
will simply make it harder for the home buyer to read. Make sure to provide
the critical facts buyers are looking for such as the house's number
of bathrooms, a re-modeled kitchen, etc.
Most home buyers quickly scan ads, so it is important that your house
stands out. For example, you may want to add a theme-line such as "Priced
below market" or "Great schools." Stay away from industry jargon and
use language that makes home buyers comfortable. Survey our web site
and see how others have written their ads. You will quickly see which
are "buyer friendly." Copy their approach for your ad.
Home Photos: Yes, a picture is worth a thousand words
If you are taking a photo of your home, be sure that the home's yard/driveway
is uncluttered. Remove bikes, garbage cans and parked cars. The same
applies for interior shots. People are looking to buy your house, not
your possessions. Think of furniture as props and the room a stage. Move
things around if you have to. Also, take lots of photos. Film is cheap...your
home deserves quality. The more you shoot, the better the odds are that
you'll get a few really go shots.
Home Brochures/Information sheets
It is a good idea to create an information sheet (with a photo) about
your home to give potential buyers. Consider printing copies of your
ad from propertygodirect.com For Sale By Owner to give to people who
visit your home.
You are your home's best salesman
As every salesman knows, to be effective you have to really know your
product. And who knows your home better than you? Certainly not a real
estate agent, who, in all likelihood, has spent only a few moments in
your house before showing it to prospective buyers.
Sell your neighborhood as well as your house. Show enthusiasm, but don't
get caught-up talking too much about how "your daughter spent the best
years of her life in this very room."
Step 5. Negotiating an offer on your home
When a home buyer makes an offer (this is often presented to you directly
from the buyer or through their lawyer), you should consult with your
of your home's offers can be complicated and contain special clauses
that favor the buyer.
Purchase price isn't everything. Carefully consider the purchase contract's
other terms and conditions. Too many contingencies can leave loopholes
and cause a deal to collapse. Especially avoid contingencies that favor
the house's buyer, such as linking the closing date to the buyer's
sale of their current home. If the buyer insists on such terms, include
a so-called kick-out clause in the contract that will allow you to consider
other offers if the buyer isn't able to sell within a certain period
Assess your buyer's financial qualifications
Is the buyer pre-approved? How much of a loan is the buyer seeking?
Unless you are in an active market, lenders tend to shy away from underwriting
a deal in which the purchase price is higher than the nearest comparable
sale and the buyer is putting less than 10% down. If this is the case,
your buyer may not be able to obtain financing.
Know the selling market
How you judge an offer also can depend on market conditions. If the
market is slow, you may feel vulnerable, especially if circumstances
are pressing you to sell. Make sure any offer you accept does not keep
you in escrow longer than 30 days. In a hot market where multiple offers
are likely, be wary of countering more than one offer at a time (you
could end up in legal trouble if two buyers both accept your counter
offer). Also be wary of offers that promise more money but contain poor
contract terms (long escrow, multiple contingencies, etc.).
If you feel the home's offer is insufficient, make a counter offer.
Rarely is a first offer the buyer's absolute highest price they are willing
to pay. Negotiating is part of the home selling process.
Again, your lawyer should review the details of all offers.
Step 6. Home inspections
All standard real estate contracts are going to give the prospective
home buyer the right to inspect your property - so be prepared. Under
a general inspection you are obligated to make major repairs to appliances,
pluming, septic, electrical and heating systems - or the buyer may cancel
the offer. The inspection will also include your property's roof.
If you are concerned about how your home will fair when inspected, you
may want to visit your local inspector. They can conduct an inspection for
you before a potential buyer has one done. This way, you can address
the problems before a buyer stumbles upon them.
Once the inspections are complete, the buyer makes an application to
a mortgage lender.
Step 7. Buyer appraisals and other details
The mortgage lender will order an appraisal of your home to make sure
they are not paying more than the house is worth. They may also order
a surveyor to make sure that the property boundaries are properly laid
out. They will also order a title search to determine if there are any
liens against your property. These tasks are all the responsibility of
the buyer and/or their attorney.
At this point too, the mortgage company will issue a commitment.
Again, the buyer (and their attorney) must complete all conditions listed
on the mortgage commitment.
Prior to closing, you should notify your lender that you will be paying
off your mortgage. After a closing date has been agreed to, you should
contact your utility providers and advise them of your final billing
Step 8. Closing
The day of the closing of the sale, the home's buyer will do
the property to make sure all agreed repairs are completed and that the
home is in the same condition as when the buyer made their offer. If
problems arise that this point, the closing can still take place with
funds held in escrow to remedy the problem.
Closings usually occur 30 - 45 days after you have signed the sales
contract. Depending on what state you reside in, you may close with an
attorney, or with a title company. At the closing, all monies will be
collected, any existing loans or leans will be paid, the deed will be
transferred, and insurance will be issued insuring a free and clear title.
The home seller will receive the proceeds of their home in one to two
business days after the closing.
This step-by-step home seller's guide is a general overview of the home
selling process. Each country has slightly different laws and customs
as they relate to the transaction process. Be sure to understand the
law in the UK.
Selling a home yourself can be time consuming, but the financial rewards
can be tremendous.