For sale by owner or FSBO is a fairly new concept in home selling that has become popular in many areas of the country. It has become popular for many reasons, but the main reason is it eliminates the realtor and lets you keep more money in your pocket from the sale of your home. For sale by owner means you do almost everything yourself thus saving you money. Let's look at different ways to go about using this method from start to finish.
Selling your home is a big undertaking and shouldn't be taken with a light-hearted effort at all, so using the for sale by owner concept lets you control almost every aspect of the process. The first thing you will need to do is find your home's value. Compare other homes your size and see what they are selling for. Look over the market so you will have a better idea. Since your selling the home yourself, you can give the buyer a more favorable price thus making sale of the home easier. Without knowing the true value though you won't know how much to charge or how low you actually can go and still make a good profit.
Marketing your home could be the most important process in selling it. There are many options that you can try to get the best possible price for it. Putting a for sale by owner sign in your yard with a phone number is just the beginning. Some people even go as far as to attach a box with flyers to tell about the home. Don't list the price of the home on the paper as that is saved for a later date. Consider ads in your local newspapers, but talk to others who have tried that method before sinking a lot into that. Having an open house will always drive a crowd to your home. Implement a few of these ideas or all if you want.
First impressions are very important to a potential buyer and this is no different. In fact when you use for sale by owner methods, people tend to look even closer to the home than ever before. Having a well-kept yard and great looking landscape only adds to the selling value as people drive by or walk up to look over your home. Don't overlook the importance of first impressions. If you do, a lost sale is usually the result of it.
Are they qualified or not? Those two words are very important before accepting or even looking at any offer for your home. Since you're going the way of selling the home yourself, you will have to take the time yourself to make sure they are qualified offers. One way to do this is not to accept any offers unless they have been pre-qualified by a lender. This way you are covered and you know they are serious about buying your home.
For sale by owner works real well once you understand the concept. With real estate markets changing all the time, there has never been a better time to give for sale by owner a try. You never know what kind of success you may have.
