As an experienced real estate investor who teaches homeowners how to sell their own homes, I find most people tend to have the same questions.
Here are answers to some of the most frequently asked questions about selling your home yourself:
Q: How do I know if I've "got what it takes" to sell my own house?
A: If you can answer "yes" to these questions, you are an excellent candidate to sell your own home:
- Do you have basic computer skills? Can you surf the net, shop, and fill out basic forms online? If you do, then you will have no trouble doing your FSBO marketing, such as placing your flat fee MLS listing.
- Can you devote 4-5 hours on you initial FSBO marketing? (Remember, you will a lot of time not having to research and find an agent, and then meet with them to fill out their paperwork.)
- Are you open to seeking additional education? Most seller's "don't know what they don't know" and this is where they can fall into trouble.
Q: It seems that I'll need to do a lot of computer and internet stuff. I'm no "techie". Can the average person can handle it?
A: Since you have gotten as far as reading this article online, I'd say absolutely! If I can do this, you can do this! I am not a tech person AT ALL. (Compared to the guys in my family, my computer skills are downright primitive!) The most difficult technical thing you'll do for your FSBO marketing is download digital photos of your house. If you don't know how to do that, I'm sure you know someone that can show you how. Do you know anyone under the age of 25? They'll know how!
Q: Does selling your home yourself take a lot of extra time? Especially the marketing?
A: It depends! The marketing can if you have to put together a good marketing plan from scratch, then research and test to find the best internet-based tools and services. But once you have these things, I'd plan on an initial 4 hours to get all your marketing set up and 2 - 3 hours per week to talk to buyers and show your house.
Actually, having an agent takes a lot of time! Just trying to pick a good one, meeting and signing the listing agreement, and continually being in touch with your agent takes as much time as doing all your marketing yourself!
Q: Will my FSBO marketing cost me very much?
A: ABSOLUTELY NOT! If you went "all out" with your FSBO marketing, getting custom FSBO signs, a flat fee MLS listing, and place a FSBO listing on a the most popular "for sale by owner" site, you'd spend around $800. But I've sold houses spending under $100! There are at least a dozen excellent places to advertise for free online. The number one place for effective free advertising is Craigslist.
Q: I worry about having the right "for sale by owner" contract and forms. Isn't there a lot of paperwork and documents I have to handle?
A: Again, not really! A standard "for sale by owner" contract is a relatively uncomplicated document. The standard realtor sales contract is much longer because much of it is to protect them, not you. You can get a sales contract, addendum, and any disclosures required in your state from a title company or purchase a FSBO documents package online.
Q: Will selling my own house make it more difficult to sell than if I used a realtor?
A: Definitely not, provided you price it right, get it ready right, and market it right.
Q: I really want to sell my own house. But I'm scared. Where to begin? I'm afraid of the details I don't know.
A: The fact that you realize you don't know all there is to know is a wonderful thing! Really. I see too many homeowners jump into selling their house, think they know it all, and don't have a clue what they are doing. You can get into some serious trouble that way.
You are right, "the devil is in the details". That is particularly true in real estate. There are a lot of details you need to know about. Some mistakes could cost you a lot of time and money, or even a lawsuit. So don't just jump into selling your home yourself without first doing a little research. I urge you to get a "FSBO crash course" from someone experienced with selling FSBO's and then follow their plan!
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Deane Alban is a real estate investor and creator of the first "FSBO 2.0" home selling system. Today's technology lets frustrated homeowners bypass their realtor and even do a better job. Learn how with The Truth About FSBO , a "total realtor replacement" system. It's the only home selling info product that offers vital personalized support. Get free daily "FSBO 2.0" Selling Tips. Harness the power of 2.0 today!
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