what do i need to know to put my house up "for sale by owner"? i dont want to use a realtor.?

Answer 1

Actually, Drew is incorrect. Most foreclosed homes are listed by Realtors and are on the MLS, including HUD repos, Fannie-Mae repos and most banks. That's because they know Realtors have buyers, which is what you are looking for.

However, if you choose to go it alone, do get a few Realtors to give you a Comparative Market Analysis. they will do it for free and it's important that you know what range your home should sell in so you can price it correctly. Correct price is very important.

Then check with your Dept. of Real Estate for a list of disclosures and forms that will be required when you sell. Most, if not all, states require some sort of Property Condition Disclosure and other paperwork that is required by law, regardless of whether you use a Realtor or not.

Advertise and keep track of where the calls and interest is coming from so you don't spend money on advertising that isn't working (a pennysaver ad for instance).

When you get an offer, don't feel rushed by the buyer and if they have an agent they want to use, don't feel put off. Some buyers aren't as comfortable as you with the process. Whatever fee the Realtor wants can be added to the purchase price or paid by the buyer directly so your bottom line doesn't have to change. Please don't take it as an insult and hopefully the Realtor will understand. If the offer seems confusing or too complicated, a local Real Esate Broker can probably go over it with you as a consultant for a small fee. $100 or whatever. Have them explain the jargan or help you make a counter offer that includes what you want to happen. If you're in an attorney state, your attorney can explain it and the contract will be dependent on the attorney approving it anyway.

Most importantly ~ when you have a buyer or an offer ~ PUT EVERYTHING IN WRITING... EVERYTHING. Don't feel like "he's a nice guy I'm sure he means it... etc." Real Estate contracts must be in writing and every detail, no matter how small should be spelled out in black and white (or blue ink) and signed by everyone (husbands AND wives) A good real estate purchase contract covers alot of things you think might never come up, but they do. And the time to negoitate them is at the start, not when you're trying to close.

Good Luck

Answer 2

For sale by owner is going the make the Realtors cry, but hay they cut there own throat.
They made a bubble by doing what you want to do that that is short the market by not getting it on the MLS.
Don't worry the realtors have been doing this big time by hiding ie shorting the market and driving up prices to make this bubble. Have the realtors all listed, nope they show what they or there broker have for sale, are new homes on the MLS? nope are foreclosure on the MLS? nope. what about government homes?nope. what about all the scam small brokers that held back there listing yet advertise them as exclusive listing? there were not on the MLS also.

Hey holding back on listing is now so much money going out in commissions.That poeple like you are now shorting the realtors. may they get all they deserve as the bubble breaks.

http://www.breakingbubble.com/index.htm

Answer 3

Well, you need to know the fair price of the house, over or undervaluation can hurt your house.

Also, you can avoide capital gain tax by filing 1030 and you should have an agent for doing that.

Answer 4

What you need to know is why you need a realtor.