I would like to sell my house myself, but in this market I am wondering if I am screwing myself. My house will probably only sell for $240k and I purchased the house for $228k. My profit margin is so small that I am very reluctant to use a realtor. Any tips from people who have sold thier own house? What were the challenges? I live in Southern New Hampshire.
2007-10-12 03:43:07 · 9 answers · asked by Working Mom 1 in Business & Finance ➔ Renting & Real Estate
Can you wait it out in a year or so after the election things can change drastically
2007-10-12 03:50:51 · answer #1 · answered by Michael M 7 · 0⤊ 0⤋
Try it yourself and see how it goes.
Check with a local title company to see if they have a FSBO packet. That might include all the disclosures and a fill in the blank contract.
Remember safety first. Have a 'by appointment only' showing policy and stick to it. People will drive by, see your sign and want to see the house, but never show it alone. Make sure someone is there with you. Also, store valuables or place them out of sight.
There are so many FSBO websites out there, I don't think any of them are effective, so don't spend money on those.
There are limited service agencies that put your house in the MLS, but they get paid up front whether your house sells or not. Decide whether you will compensate a Realtor for selling your house, because if it is in the MLS, you will be asked. If you are not going to compensate a Realtor, they will not show your home.
Do what a Realtor would do, advertise, hold open houses and place flyers.
2007-10-12 12:34:07 · answer #2 · answered by godged 7 · 0⤊ 0⤋
Agree with the guy who says don't sell now unless you have to. So, if you do have to sell there's a number of things you could do to help yourself.
a) Contact a local Title Co to see if they will handle the Contract and most of the rest of the paperwork. Ask for a quote of all associated costs.
b) Decide how you can market the home e.g, will you create your own little flyer, print them off and start distributing them to local places where they will display them?
c) How will you use the Internet? Do you have friends with their own websites (Business & Personal)?
d) Is it worth writing to Human Resources Dept's of local companies to see if they have anyone seeking a home locally. (Maybe still the thing to do if you're keeping the house. Could be a way to find a lodger to help pay the mortgage, etc.)
e) What about local free-sheet newspapers? They often have free classifieds for private individuals. And, any other similar sources.
f) FSBO free sites usually offered by Realtors may also help - check the Net.
If you sit down and really concentrate on the problem, you'll be amazed at the local resources available and can probably begin to work out for yourself the best places. Afterall, you know your local facilities far, far better than anyone replying via the Net.
Best of good fortune whatever you choose...
2007-10-12 11:08:39 · answer #3 · answered by PI 3 · 0⤊ 0⤋
I hear ya! I would love nothing more than to handle the house selling process without the Agent, it would obviously mean more money in your pocket. The reality is they handle a lot of paperwork which makes selling the home a whole lot easier. While I am sure you could do it yourself, there is a lot you need to know, which means there is a greater margin for error. The laws and regulations behind this is industry are like that of the Finance industry, very convulited and complex. I would argue this is largely done to create a barrier for entry for the Do-it-Yourself home seller. As for the market, you being in the Northeast, you are in a better market than the majority of the country, but the market is still sour all the same. Many analyst estimates place the market still set to experience a drop in value up to 30% in some areas, with these problems persisting until the end of 2008 to the beginninng of 2009. If you absolutely must sell, than I would argue that you should get an agent and do your best to increase you market value with as little work and money-in as possible. If you are comfortable with waiting until 2009, you could use this time to study up on the industry and learn what would be needed to sell it on your own. If you are thinking long-term I would say this to be a sound solution. You avoid some pitfalls in the current industry. You increase your equity, possibly even the home's value by slight renovations. And you become informed on the industry and yield the possibility off handling it all yourself. Keep you eyes peeled for advertisements for Real Estate seminars in your area that would give you the information you need for taking the reigns yourself. Hope this helps. Good Luck.
2007-10-12 10:54:36 · answer #4 · answered by Kiker 5 · 1⤊ 2⤋
It cannot hurt to try unless you have to get out right away. Some things to consider:
You will pay the cost of advertising.
You will have to show your home, meaning have strangers come to your home.
You will need the necessary paperwork when an offer is to be presented (you can easily find this online).
You will need to understand the process. Get a good title company lined up.
I would set a time limit. If the house didn't sell in a month or two, consider listing it. Try to find a realtor that will work with you on the commission. If you pay 6% commission you will need to bring money to closing.
Best of luck to you.
2007-10-12 10:54:54 · answer #5 · answered by Anonymous · 2⤊ 0⤋
Would you cut your own hair?
Your home is probably your biggest investment. Why take a chance of screwing up?
For one thing, your home is off the market every time you walk out the door. You won't have a lock box, so the only time you can show the property to potential buyers is when you're home.
Strangers will be coming to your house and that could pose a danger to your personal safety. They're going to say things about your house that will hurt your feelings. You'll have to negotiate the price and other terms of the contract yourself. Do you know anything about writing a contract? Do you know what it needs to say to protect you?
How will people know your house is available? You'll put a sign in the yard, but someone has to drive by to see it. You'll put an ad in the paper, but someone has to read that ad in that paper. A listing agent will arrange for agents in his office and many other offices and companies to see the property and give you suggestions about improvements that would help you sell the property. He'll put it in the multi-list so any agent looking for a house of that size and nature will be able to find it.
Don't cheap out. Hire a professional.
2007-10-12 10:57:06 · answer #6 · answered by Debdeb 7 · 1⤊ 1⤋
There are several factors that may play into affect when you decide to sell your home. You will need to decide if you want to sell it on your own or if you would like to use a real estate professional. See, personal safety is also an important issue. With a real estate agent, they will know something about their buyers and they will be prequalfied to view your home. This way, it's not some complete stranger going through your home that may or may not be qualified to buy it.A real estate agent will help you negotiate your transaction and help you remove emotional issues from the transaction.
There are some other online sources that you may be able to check to get an idea of what your home is worth.
2007-10-12 11:00:56 · answer #7 · answered by Kislay 3 · 0⤊ 0⤋
you will still need to hire a lawyer or someone to help with the paperwork and the buyer's agent is still going to want their normal share of the sale for bringing a buyer (3%) . why sell now if you're not b\going to make any money? - it's a lot of work trying to get people to look at your house if you're not on a MLS realtor system
2007-10-12 15:25:44 · answer #8 · answered by Anonymous · 0⤊ 0⤋
at the very least pay a service to list your home on your local MLS service. Spend the money on this, and not other advertising. This is what all of your local Realtors will access. http://www.choicerealestate.net
2007-10-12 12:08:58 · answer #9 · answered by Anonymous · 0⤊ 0⤋