Any advice on selling a home "for sale by owner"?

Question

It is a pretty new house (2 years old) which I ended up with in a divorce settlement. There are also a record number of homes for sale in Lincoln right now.

Answer 1

I'm no professional, but i'm very interested in real esatate.

I would put it in the paper..and maybe find a webpage to put it on the internet? forsalebyowner.com or something like that, sorry i cant remember the exact website.

Answer 2

If all else fails, you can separate yourself from the other homes on the market by putting phrases like "seller will assist" or "possible owner financing" in your ad. You may find someone who can qualify for a 90% loan but doesn't have the 10% down. You can create your own 2nd mortgage. You can "be the bank" and collect monthly payments. You could make it have a balloon payment due in 2 or 3 years so you will be paid off sooner.

Or you can just assist in closing costs...like if you want $100k for your house, and the closing costs are $4k, you could accept an offer of $104k and tell the buyer you'll pay their closing costs up to $4k. That keeps more money in the buyer's pocket.

Answer 3

First of all Angel Baby - I think they were asking whether to sell the house themselves or go through a realtor. We sold our house the same time our neighbor was selling theirs. We used a realtor, they tried to sell it themselves. We sold ours a yr. and a half before they did. People think by selling a house themselves, they will avoid the 6% or so commission payment, which is true. But a realtor can get your house advertised in more avenues than you know. Realtors always have someone who is looking for a house. As soon as the house hits the multilist - they're calling that person. I don't want to insult your intelligence, but a multilist is where your house is available to sell by other realtors( example... you list your house with Coldwell Banker, they are part of the multilist, then ReMax, Century 21, or any other realtor who is on the multilist is able to sell your house.) That right there is more advertising for your home. As opposed to you sticking a sign on your front yard and putting an ad in the paper. Also with a realtor, that's their job. If someone wants to look at your house at 9 AM, if you're selling it yourself, you have to take time off work to show them. If it's through a realtor, they just show it when someone wants to see it. Saves you a lot of headaches. Plus, they'll know what your house is worth, and what it will sell for. Selling it yourself, you might price it too high and scare off a lot of potential buyers. Hope this is helpful.

Answer 4

Yeah, don't do it! You never know who will be coming in your house and exactly what their intentions are. Hire a real estate agent and everyone coming in your home will be prescreened and prequalified by a mortgage lender. Also, real estate agents can put a lockbox on so you never miss any showings. It will be well worth it to hire someone else to take care of all of the paperwork and other tasks associated with selling your home. If you do decide to go FSBO--good luck! You mentioned a lot of homes for sale, it pays to consult a professional.

Answer 5

Advertise everywhere you can. MLS, forsalebyowner.com, Craigslist.com, etc.

Get signs out there when you have open houses. Go to other realtor run open houses (several!) and make note of what you like and what you don't. Incorporate the things you like into your open house, avoid the ones you don't.

Make it a fair price, make sure the house is welcoming and makes people want to stay. The more you can get the information out there the better your chances of showing it. Send flyers (well done ones!) to brokers in your area. They may have a client looking for that floor plan or subdivision.

Good luck :)

Answer 6

market it effectively by listing in newspaper and even those little yard signs you see everywhere. it's your choice if you want t olist it online. will reach more customers but there will also be some fees involved as well so, again, it's your call. want to make sure you have an effective loan officer that can qualify those people interested in the house. many will come to you with promises and what not, but it's better to have someone come up to you already qualified for a loan amount. makes things much easier. it will cut down on the unnecessary wasting of time on people either incapable or unable to pay for the house.

Answer 7

GET A REALTOR!

it's a proven fact: homes listed with realtors sell faster than for sale by owner, and they make the seller more money!

Unless you or your ex is a realtor or real estate attorney, i do NOT advise doing a for sale by owner. it will not save you money in the long run, and if you don't do things properly, be prepared for legal ramifications. find a reputable realtor, ask them what they will charge to sell your home, and list it if you like what they say. there is no fixed commission rate--the rate of commission is negotiable in every case!

have a good day!

Answer 8

You've just described a situation where it is an even worse idea than usual to sell FSBO. If they have record inventory, you want someone who can attract buyers to YOUR property. Buyers need a reason to come to you, and their agents need a reason to believe the transaction will go, disclosures will get made properly, and that they will get paid.

In a buyer's market, you need a full service agent worse than ever. Assuming you care whether it sells or not. If you don't care, by all means try FSBO.

Answer 9

Advertise a best offer sale. Open the home from Friday to Sunday for people to come see and best offer over a certain amount gets it.

Answer 10

Best to ask the advice of a top LOCAL REALTOR!

Get a FREE referral to a local CRS (Certified Residential Specialist) this is the highest nation designation. So, you KNOW you are working with someone who KNOWS their stuff!

Certified Residential Specialists, are the nation's top 5% of REALTORS®, agents who hold the Certified Residential Specialist Designation have experience, commitment and advanced training to help home buyers and sellers get the most out of their real estate transaction.

AN ABILITY TO MAXIMIZE PROFITS AND MINIMIZE COSTS - Every CRS is trained to help clients understand the local market, screen prospective buyers and sellers, negotiate in the best interest of the client, and ultimately ensure a successful home purchase or sale.

The rare combination of education and experience makes the Certified Residential Specialist more than just another real estate agent. Consumers should discover the difference a CRS makes and how enjoyable and successful a real estate relationship can be. A CRS will help make your buying or selling experience a successful one.


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Answer 11

I don't have an answer but i have a question for u y do u put "for sale by owner?" Who else is going to sell it!! are u going to make a sign that says For sale by neighbor?? : )