FSBO HINTS FOR SELLERS

Your review of these helpful hints will help you sell your home in a shorter period of time and at market value.

1)     State and federal laws require that certain disclosures are made to prospective buyers. Federal law requires that homeowners disclose to consumers any knowledge of lead based paint or hazards in the home. In order to comply, you are required to present disclosure documents at the time of first substantive contact with them. You are also required to give potential buyers a "Lead Pamphlet." Consult with your attorney about making proper representations to buyers when you respond to their questions and inquire about your legal obligations to consumers with regard to the Privacy Rights Law.

2)     Many buyers are unaware of their financial qualifications before they look at homes. This can cause problems for you if you assume that you are showing your home to financially qualified buyers only to find out later that they aren’t qualified. It is very common for buyers to seek "financial gifts" from family members in order to make their home purchase possible. I strongly recommend that you request from the buyer a copy of a pre-approval letter from a bank or other lending institution. You’ll be glad you did.

3)     Familiarize yourself with financing programs so that you will be prepared if and when a buyer asks you to pay points or make seller concessions. You will benefit by meeting with a reputable lender that offers a full menu of programs including VA, FHA, conventional, etc. Having valuable knowledge about down payment and closing costs requirements will help you in the sales process. Anything less could cost you valuable time and money.

4)     Develop a marketing plan that includes an advertising budget and promotional materials that provide extensive exposure to potential buyers. The more buyers who know about your home, the better your opportunities for obtaining the best possible price. Also, Internet promotion is very popular among consumers. Consider taking the time to locate a web site provider who will assist you with additional ways to promote your home electronically.

5)     Be sure to review purchase offer documents including "sale contingency riders." Understanding your legal contract obligations helps to prevent misunderstandings later on. Secure the appropriate contingency removal forms for situations such as engineer’s inspections, sale contingencies, etc.

6)     Study negotiation techniques so that you’re prepared to protect your position when offers are presented. Most buyers do not offer the asking price, and good negotiating skills will make the difference for you in obtaining the best possible price and terms.

7)     A sturdy and attractive yard sign is one of the best ways to attract buyer interest.  Prepare yourself to handle buyer calls by using a list of questions about housing requirements, financial qualification, employment, etc. This will prove to be very helpful in learning more about potential buyers before you allow them to view your home.

8)     Pricing your home right is another critical step to a successful sale. We recommend that you study comparable sales data or ask a Realtor® to provide you with a complimentary "value estimate." Be prepared to provide prospective buyers with this data so they will feel comfortable in making a reasonable offer. Buyers don’t want to overpay….and that is why they will compare your home with others. Overpricing tends to help sell other similar homes.

9)     Preparing your home for showing is important to making a good first impression. Make sure that items such as repairs and cosmetic updating are complete before showing. Buyers make their purchase contingent on an inspection by a licensed engineer or home inspector; therefore, incomplete items will create more buyer concern than is necessary as well as delay the sale of your home.

10) Develop a security plan before you start showing your home. Secure all valuables such as jewelry and artifacts that may attract attention. If you have children, it is wise to inform them that potential buyers may be calling on your ad or sign. Advise them that all showings will be by "appointment only" because some assertive buyers may come to the door asking to see the home without calling first. Anxious sellers often compromise their personal safety when it comes time to show the house.

11) Be prepared for "no shows." Often, prospective buyers set appointments to view but fail to keep the appointment. This could be extremely frustrating to you but is a reality.