For the 'FOR SALE BY OWNER'

By
Real Estate Broker/Owner with Coldwell Banker, Mountain View Real Estate

Selling your home or property without the services of a reputable real estate company is very possible.  The only question that needs to be answered is how long are you willing to wait to find a buyer?  Is the savings from not paying a brokerage fee for the knowledge and marketing experience of an agent worth the wait?  That depends on how soon you want to sell.  You might find it surprising that the marketing plan of CBA Properties could handle the sale of your home and still get you the amount you hoped for and get it more quickly.

Until you are ready to consider interviewing agents we would like to provide you some information to help you do it yourself.  Here are some questions you should ask yourself:

  • How much should I ask for the home?  How do I know if the price is in line with homes like mine are selling for?  Do I want to pay an appraiser to find out the market value? You should know that not all homes with advertised prices sell for that amount. If they do, you won't know if any concessions were made such as repairs or if any money was paid to the buyers for their closing costs. 
  • How am I going to let buyers know my property is available?  Am I going to rely on people driving by while looking at the home down the street that is for sale with a real estate company?  How much do I want to spend on advertising and where will I advertise?  Over 70% of buyers search the internet when they begin their search for a home.  REALTOR.com is one of the most popular sites visited.
  • What do I need to do to give the home curb appeal?  Take a good look at the yard and front of the home.  Trim any bushes or shrubs.  Remove anything that does not belong in the front yard.  Paint the front door if necessary.  Remove weeds from the sidewalks or driveway.  Plant some flowers with color.  The idea is to motivate buyers to want to see more.
  • Once in the house how will buyers be greeted?  Appeal to the senses of sight and smell.  Clean out cluttered closets, dust light fixtures, and repair any leaking faucets.  The kitchen and bathrooms should ‘sparkle'.  Be certain all the beds are made.  Not all people like indoor pets.  Be certain the carpeting is clean and odor free. Open the curtains and turn on bedroom lights to brighten rooms.
  • How do I know if somebody who wants to see the house is really buying or just looking?  Ask qualifying questions.  In addition to that, are you going to allow just anybody into your home that acts interested in buying it?  Be certain to secure any valuables such as jewelry. 
  • Buyers are classified into four primary categories.  More than likely selling your home yourself you will only be able to target just one of the four.  They are identified as follows:

First time buyers.  This category of buyers generally relies on the services of a licensed real estate professional.  Why?  They rely on the expertise of agents to answers questions regarding sources of financing, home inspections, market analysis, negotiations and assistance with the overall buying process.

Buyers new to the area.  This category of buyers will either fly or drive to the area where they plan to purchase.  With a short amount of time to find a home they rely on a real estate agent for assistance.  They rarely, if ever, search for properties that are ‘FOR SALE BY OWNER'.  Most of these buyers have questions about particular areas, schools, shopping, etc.

Local buyers.  This is the most likely buyer for a home that is ‘FOR SALE BY OWNER'.   Some of these local buyers will know the area and attempt to make the purchase.  Another type of local buyer is the educated buyer who has some knowledge of the purchasing process.  They are aware of financing options, looked at numerous homes, and know that a ‘FOR SALE BY OWNER' home is one that is not paying a brokerage fee for the transaction.  With this in mind they will generally offer an amount lower than the asking price. 

Investors.  As you know investors desire to buy low and sell for a profit. They have a target profit margin and take that amount off the top when negotiating for the purchase of property.  As a rule of thumb they attempt to buy for approximately 75% of the market value.

To find out a possible selling price without paying for an appraisal complete our on-line Market Analysis form.  If you would like a copy of the NC Property Disclosure Form, Utility Expense Form, or Helpful Tips to Sell Faster Form contact CBA Properties. There is no cost or obligation.  We would appreciate the opportunity for an interview should it become necessary to have a real estate company market your home.

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