Before you consider selling your house on your own, ask yourself if you are going to have the time needed to get your house Sold - even if you just cover the basics.

The Basics

• Complete a comprehensive analysis of local market conditions, including:
  • the listing and selling price of all homes in your area for the last six months,
  • the list price of homes currently on the market, and
  • the list price of homes that were on the market but did not sell.
    Tips: Begin your research on the Internet. Follow-up by visiting the county tax records office to determine the selling prices of three categories of homes.

• Put together a marketing plan.
  • How will you market your home to Realtors? Most buyers use a Realtor, so marketing to Realtors is essential. At a minimum, you'll want to send a letter and sales flyer to all Realtors within a 30 mile radius.
  • How much money can you afford to devote to advertising? Call the local newspapers to determine how much it will cost for advertisements. You'll want to run daily and Sunday ads in the newspapers.
  • Who will create your sales flyers? Buyers expect fact sheets to take with them when they drive-by or tour a home for sale.
  • Where will you place signage? In addition to your front yard, are there areas leading in to your neighborhood where signage would be appropriate?
  • How will potential buyers find information about your house on the Internet? You'll want potential buyers who begin their home search on the Internet to find your's. Be sure to build a website to help sell your house.
  • Who will take inquiry calls and schedule appointments for showing your property? You'll want someone to be available to answer inquiry calls and schedule appointments days, evenings and weekends. Be sure to schedule showings as quickly as possible - even the same day.
    Tips: Ask newspapers for a discounted advertising rate for multiple placements. Be sure to check with local officials to determine if there are any restrictions on where you place signs.
    " Pre-qualify buyers with a lender before showing your home.

• Confirm that the potential buyer has pre-qualified for a mortgage loan.
  • If the buyer is paying cash, confirm that they have the necessary resources.
  • If the purchase is contingent on the buyer selling their own home, confirm that the buyer's property is on the market. (You may also want to determine how long the buyer's home has been on the market and the likelyhood of a quick sale.)

• Negotiations, Contracts and Closings
  • Do you have access to the proper contract and all the other necessary documents?
  • Are you prepared to negotiate the contract?
  • Do you know what the legal responsibilities of the seller are in your area? Are you aware of all the disclosures required of the seller?
  • Who will write the contract? Will you need to hire an attorney? If so, what will the attorney's fees run?
    Tips: In addition to the sales contract, you'll need to complete a a mirad of Seller's Disclosures, obtain a Hazard Zone Report and a Preliminary Title Report.

Botom Line, check with me before taking on this risky venture.

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