Selling Your Home Without A Realtor Requires Doing Your Homework

I have noticed an increase in the numbers of homeowners with signs in their yards

, a sure sign they have decided to sell a house by owner. This is not a bad thing at all, but I often wonder if they know what they are getting into when they start the process of locating a buyer. That is only one part of a much longer process, and as challenging as it may be it is not the most complicated part of selling a home. There are quite a few other things that must be considered the day you go out and stick a For Sale By Owner sign in your yard.

Here are some examples of what I am talking about, the things a homeowner needs to consider up front to sell a home by owner:

1. Where and how to advertise and promote the home for sale

2. Where and how to get the proper legal forms needed for a purchase agreement and accompanying disclosures required by the state, county and city where the home is located,

3. When to be available to show the home to property inspectors and how to deal with the results of an inspection,

4. When to be available for a property appraisal and how to deal with the results of the appraisal,

5. Where to take the purchase agreement and associated documents for a title search and preparation of closing documents,

6. Where to turn if the buyer is turned down for financing.

That list may seem long and involved, but it is actually rather concise because many other things may come up and require the attention of the seller once the buyer shows up and signs a purchase agreement. The signed agreement is only the beginning, really, it is not the culmination of the sales process at all.

Real estate agents are well-versed in all these parts of a sale transaction and therefore they know who to call and when things need to be happening along a timeline of sorts. The value of a good real estate agent really shows up after a purchase agreement is signed, in my opinion. That's when his or her expertise can pull a transaction out of a derailment and put it back on track. About the time there are inspector recommendations for the seller to make some repairs to the home prior to the buyer obtaining financing, well, that's when you might find yourself needing some help. When you sell by owner you don't really have that kind of help available. It's not part of the job description of an attorney or a title company, either. You're just basically on your own.

by: Leo Kingston

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