20 Tips on Selling Your Own Home (FSBO)
20 Tips on Selling Your Own Home in Middletown, Edgmont, Upper Providence or Media Borough, PA
I had a man call me one day to say that he was selling his home on his own. He had the home under contract for $325,000. After the buyer did their home inspection, they wanted an additional $5,000 from the seller. The buyer did not use an ASCI inspector. After explaining to the seller what that meant, he told the buyer ‘no’, and the buyer walked from the transaction. The seller called me to list his home. I sold the home in less than a month for $360,000. The seller told me at settlement that I was the best decision he ever made. Before selling your own home, I caution you to consider the following:
We are Middletown Township, Edgmont Township, Upper Providence Township, & Media Borough (Rose Tree-Media School District) PA real estate agents. Over the past 4 years, we have sold over 100 homes in Middletown Township, Edgmont Township, Upper Providence Township and Media Borough, PA. If you would like to schedule a buyer or seller meeting with us, please feel free to call The Shirley Booth Team directly at 610-636-6920 or send us a note here.
1. Do Your Research!
Carefully research information regarding the prices and terms of sales in today’s real estate market. Investigate recent sale prices for properties similar to yours in your immediate area. Then establish a realistic price for your property based on that information. This is most important due to today’s mortgage market and appraisal process in order to keep a sale together.
2. Make A Check List
~Fresh, clean paint thoughout
~Clean windows and window coverings
~Well-manicured lawn and yard
~Plumbing and all appliances in working order
~New or clean carpet
~All sealants (window, tub, shower, sink) in good condition
~Roof and gutters in good condition
3. Fix It Early
Make all necessary repairs and improvments before you begin to advertise your property
4. Offer Options
Meet with local lenders and determine financing alternative for your prospective buyers
5. Know Where To Advertise
Determine which Internet sites, newspapers and home magazines, etc., will best advertise your property. Call them for rates and deadlines.
6. Determine an Advertising Budget
Establish an advertising budget. Prepare a contingency advertising budget in case your home does not sell as quickly as you anticipate.
7. Attract the Right Buyers
Visualize where your buyers are coming from, what interests them, and focus your marketing based on that knowledge. Prepare a professional, attention-getting advertisement that will attract the right buyers to your property. Place your ad in the newspaper(s). Upload your information and photos on all the most popular and high traffic websites.
8. Extend Your Market
Prepare a plan to reach out-of-town buyers who account for a major portion of home purchasers.
9. Post a Yard Sign
Purchase an eye-catching and weatherproof yard sign, intall it in the front of your property. (Be sure to check with your municipality as their are certain restrictions that could result in a fine)
10. Advertise Your Open House
Purchase special “open house” signs and position them in paths that lead from main roads or thoroughfares, through the neighborhoods and to the property. Put these signs out each time you hold an open house (be sure to check with your municipality with these to as some do not allow them at all or for certain timeframes. Also be sure to remove all signs after the open house)
11. List Key Home Features
Prepare a “feature” fact sheet outlining specific features of your home and the corresponding benefits to prospective purchasers.
12. Welcome Buyer
Schedule and conduct open house “weekdays” as well as open house weekends. Make your property more inviting by placing freshly cut flowers in several rooms. You might burn scented candles in the living room, kitchen and baths. The aroma of fresly baked bread or cookies also adds to the ambiance of your property.
13. Be Available
Be available at all times so that you can walk through the property with prospective buyers to answer their questions and offer information about local schools, parks, transportation, shopping, places of worship, etc.
14. Return Calls Promptly
Respond to telephone and email requests for information in a timely manner. Learn how to separate the “lookers” from qualified buyers. Ask for names and phone numbers and be sure to follow up.
15. Keep It Professional
Be prepared to negotiate with the buyer(s) as though you are an impartial third party. Remain calm and refrain from any emotional outburst that might spoil a sale.
16. Be Prepared For a Sale
Obtain all forms necessary for the legal sale of real property such as:
~Deposit Receipt and Offer to Purchase
~Buyer’s Cost Sheet
~Seller’s Disclosure Form. In our increasingly litigious society, it is imperative that all known defects be disclosed to the buyer(s).
17. Financing Options
Determine the type(s) of financing that you are willing to consider, such as FHA, VA, Conventional, Seller Carryback Loan, Conventional Loan with Seller Carryback Second Loan, or a “Wrap Around” Loan. Remember that certain loans have diffent requirements where you may be responsible for additonal repairs.
18. Cover the Details
Negotiate with the buyer(s) all final terms of the sale including price, financing, inspections, date of closing, date of possession and other pertinent considerations.
19. Offer a Walk-Through
Plan a final walkthrough with the buyer before the settlement process is complete in order to resolve and disputes. Have a witness present.
20. Coordinate Your Move
While you are marketing your current property. locate and negotiate to purchase your next home. Attempts to schedule both transaction so that they close simultaneously. In this way, you and the buyer are able to move at the same time.
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