Congratulations on your Commitment to Home Selling Success! You are probably wondering how we know you are committed? Clearly you have the desire to learn and do what you can to increase your odds of selling you home on your own. If you are willing to learn how to sell your own home, invest in the time and money that it will cost, then you CAN be successful in selling your own home.

You are most likely planning to sell on your own TO SAVE MONEY! Why pay real estate commissions if you do not have to?

At this point, you are probably asking why we would include information for people on HOW TO SELL THEIR OWN HOME WITHOUT AN AGENT? It's really pretty simple…

If you are successful at selling your home on your own based on the information that you learn through our website, we're pretty sure you'll let other people know that we were helpful to you.

Additionally, nearly 80% of the time people end up listing their property anyway. If we are of help and service to you NOW, we'd hope that if you are not able to sell your home on your own, you will give us an opportunity to present our marketing plan to you in the event that you do list your property.

So, how do you get started?

Determine the Market Value of your Home
Remember to Take the Emotion out of the "Deal"
Set Your Price and Advertise
Its Show Time!
Negotiation and Contract
Seller Disclosure
Lead Based Paint
Fair Housing
Contract Items
From Contract to Closing

So how can you do this? You can find out what other homes in your neighborhood sold for by checking the county records, as all sales will be recorded. This can be a painstaking task, but you really cannot rely on prices of homes/condos currently on the market as they may not sell for what they are priced. If you are interested, we will provide a comprehensive Comparable Market Analysis for you AT NO COST OR OBLIGATION. Once again, you will ask yourself "Why would they do that?" Because if you are successful you will likely tell other people about us!

Your home may be worth more to you because of the work you did on it, holidays, family gatherings and other emotionally based issues. Your buyer is not buying your home…they are buying your house to make their own. This is one of the most difficult areas of selling by owner, as it can impact both price setting and negotiations down the road. If you are going to sell your house on your own, you need to treat the transaction like it is business. If you cannot do that, then it is probably worth the money you will pay to hire a professional realtor to do the job for you.

If you are still game, set your price based on the Market Analysis. Decide on your marketing strategy. Develop advertising for local newspapers. Make sure that you ARE AVAILABLE to answer all calls. The biggest complaint buyers have with For-Sale-By-Owners is that no one answers the phone…or it is answered by a child or baby-sitter who is not prepared to properly handle the call. Remember that you are competing against professionals. Use a cell phone and have calls forwarded to you. While it may seem insignificant, many buyers won't bother to call back if their call is not returned or someone answers the telephone that has no knowledge or information about the property for sale. (If you ever wondered why real estate agents always seem to be on the phone, that's why!) You need to be available and have the property ready to show at any time.

Develop a Brochure and make it available to prospects. Put the price on the brochure and in your advertising.

To get the most out of every showing, you need to follow certain procedures. Prior to putting your house on the market, you should have completed necessary exterior and interior cosmetic work to make sure the house "shows well". If there are bikes in the front yard, clean the garage and put them away. A manicured lawn and fresh landscaping may make the difference between someone who drives by and the person who ends up buying your home. Get rid of the junk …Yes, if you have clutter, rent a storage locker or start pitching. Clean the property and keep it that way.

Remember that the Buyer may not have the proper contracts or forms to complete a purchase contract. You should obtain a Real Estate Purchase Contract. You should consult with a real estate attorney to obtain the appropriate forms to complete the transaction "on your own". You also need to have a written Seller's Disclosure for the property if you have lived in the property at any time. You also need to provide information about Homeowner's Association, dues, and special assessments. You should provide the buyer with a copy of the Covenants and Restrictions, the Homeowner's Association Budget, and a contact person, either the President or the Property Manager who they can speak with.

You are the only one who knows your true motivation for the negotiation. Remember that with any offer, you can: 1) Accept, 2) Reject, or 3) Make a Counter Offer. As soon as you reject or make a counter offer, the initial offer is no longer in force. So, let's say you received an offer of $298,000 and you really wanted to get $300,000 for your home. If you counter at $300,000, the buyer may or may not accept those terms. He/she is under no obligation to honor their previous offer of $298,000 if you rejected it.

Remember that a contract is a legally binding. Consult with an attorney as there are a host of legal issues to be aware of including:

As the seller, you are required to disclose all known defects. Failure to do so can result in considerable liability. You need to disclose any physical defects with your home's structure or systems. If you know the roof is sometimes leaky or that the furnace needs to be replaced, you are obligated to advise the purchaser. We live in a very litigious society and it is possible to be sued for deficiencies for which you were not aware. You may then have to prove that you had no knowledge-a difficult thing to do. You may want to Home Inspection completed prior to placing your home on the market. You may need to make repairs which may not make your home MORE valuable, but will help it sell. Your purchaser may also want a Home Inspection. Remember that it is for your own protection to know if there is a defects with your home.

If your house was constructed prior to 1978, the law requires that you provide the following before a Purchase Contract is signed:

The Civil Rights Act of 1968 included Title VIII, which is the Fair Housing Action. The Act, which has been amended several times to more broadly protect against discrimination in housing and now covers race, color, religion, sex, national origin, handicap, and familial status. While the law applies to persons who own four or more homes or multifamily properties, the 1866 Civil Rights act clearly prohibits racial discrimination in any real estate transaction.

So, You have a legally binding contract-A meeting of the minds-an agreement to price, terms and conditions.

1. Price
2. Earnest Money/Down Payment
3. Terms of Sale
4. Date of Possession
5. Financing Contingencies (Is your buyer pre-approved?)
6. Home Inspection
7. Other contingencies and how long?
8. Prorations
9. Loan Discount Points (if applicable and who pays)
10. Closing Costs-Who Pays what?
11. Home warranty-If available and who pays?
12. All Items included in the sale.
13. Title Company/Escrow Company/Attorney

Contingencies may seem minor but they can be a major stumbling block. A contingency means that something else must happen in order for the transaction to proceed to closing. A purchase may be contingent upon the buyers getting approved for financing, selling a home, or on the home inspection report. Make sure that contingencies are very specific and spell out what will happen if a contingency is or is not met.

Once you have a contract that is mutually agreed upon and signed by all parties, take it with the buyer's earnest money to an Escrow company or real estate attorney.

Now is not the time to drop the ball. You will likely be dealing with a mortgage company, a title company, an escrow agent or real estate attorney, an appraiser, a home inspector, a surveyor, to name a few of the players. There are dozens of things that can go wrong to jeopardize a sale. Professional realtors deal with these types of problems on a daily basis. Make sure that all the contingencies on the contract have been met. Make sure that you have done everything you need to do to be able to transfer the property at closing. Do not assume that your buyer knows what to do. AND DON'T PACK UP AND MOVE until you KNOW that everything is in order. You don't want to put the house back on the market after you have moved out.

And don't forget all the little details, like changing the utilities, and telephone; and a change of address for the mail and newspapers.

There you have it…If you take the time and energy to follow the tips in this report, you are way ahead of most others attempting to sell their home. Please feel free to call us for knowledgeable assistance without obligation or pressure. This guide does not provide Legal advise, nor is it intended to be used in lieu of legal counsel.

Good Luck and Happy Selling!

Julie Dorathy and Michael Oelrich
Realtors