Is Selling a House By Owner Worth It?
Selling a house by owner is a great way to
pocket some extra cash but you will have to work for
a list of the tasks that you'll be doing in lieu of
Here to find out more about selling a house by owner
and list your house online
First off, if you do attempt this, make sure you
get a good real estate lawyer that can draw up
contracts and advise you as to the legalities,
otherwise you may really get your self into trouble!
The second thing is, be prepared to set aside a lot of
time for your house selling activities - it can almost
become a full time job!
When you are selling a house by owner, you will be
doing most of the work that a real estate professional
usually does for you so you best be prepared!
Marketing the house
When selling a house
by owner, you don't have the advantage of listing it
in the MLS system that Realtors use, so how are you
going to let people know it's available? You could
join a for sale by owner program that has
listings on line and in special booklets but you
should also advertise in the paper and put a sign out
in front of the house. You should also prepare some
marketing materials listing the great benefits of your
house - play up the good features and what is great
about the area. Have these printed on nice sheets of
paper and hand them out to prospective buyers.
Showing the house
When you opt for selling
a house by owner, you will be the one showing the
house to the prospective buyer. This may put some
buyers off as they are used to the owner not being
present so that they can feel free to comment to
themselves about what they like or don't like. You
can use this to your advantage, however by making it a
time to comment about the great features and how your
family has benefitted. Don't go overboard, though
as it might sound like you are trying to cover up
other flaws! Lead the prospective buyers around the
house but let them have time to look over everything
while you point out the positive things.
Answering phone queries
Anyone who is
selling a house by owner should be prepared to spend a
lot of time on the phone answering questions about the
house. It helps to keep your sheet that you have
prepared handy so all the answers are right in front
of you. Make sure you have a professional message on
your answering machine and return all calls as any one
of the queries could turn into your buyer!
Have an open house
To get a bunch of
lookers and hopefully some real estate people too you
could run an open house. Advertise it in the paper
and make sure the house is in tip top shape. It's
always nice to have some baked goodies available to
make a good impression. Be available to answer
questions but don't hound the people that show up -
and make sure you have plenty of marketing sheets
available to hand out.
This is the final step in
selling a house by owner and, perhaps the most
intimidating. Typically, this is done with the
realtor as a buffer, but in this case you will be
dealing with the buyer or his representative directly.
The main thing is to keep a professional attitude.
Don't take it personally if the buyer points out
flaws in the house in order to try to get a reduction
in price. You need to think about all offers
objectively and be able to compromise a bit in some
Once you have an agreement, get the buyer to sign a
purchase and sale agreement. Make sure you use a
lawyer who specializes in real estate to draw up the
agreement and to go over it to make sure you are not
making a costly mistake!