subject: Understand The Financing Process Before Attempting To Sell Your Own House [print this page] As soon as a seller has made a decision to install a yard sign and post a house for sale online that's when she needs to sit down and seriously consider other aspects of selling her house for sale by owner. Honestly, it's something like having a new part-time job. Anybody who has put a house up for sale by owner will tell you to get prepared ahead of time in order to make the process easier. So, how can a seller start to get prepared?
I'll share my best suggestions with you in this article to jump-start your success. Although finding a buyer is the first step of your sale process, it is by no means all you need to do. When you find an interested buyer who makes you an offer, and you accept that offer in writing, you will need to deliver a copy of your agreement to a lawyer or a title company. That's when your closing process officially begins. And while the title work is done on the seller's behalf by the lawyer or title company the buyer proceeds to apply for a mortgage loan. The mortgage application process has become even more difficult lately and there's really no comparison the way it was a few years ago. Whatever you personally experienced applying for a loan when you purchased your house, realize that things will be quite different for your buyer now.
One reason you need to understand some changes to the financing process when you're selling a home by owner is that your buyer may very well not have his or her own agent, which means the process might take much longer and the closing could be delayed. I believe a good real estate agent earns his or her commission by handling the many details involved in buyer financing requirements and title company issues. As the seller you can't really help your buyer at all, but you will be busy waiting for closing day to arrive.
In addition to your yard sign be sure to write several classified ads and post them online. Most of your potential buyers are looking online to view all the local houses for sale. So, get busy now posting your sign and writing your ads to attract buyers. Those are the two most common ways that buyers find a home these days, including buyers who are working with a real estate agent. And even if you are working with an agent as well, and her sign is posted in your yard, be sure you post your own ads online. It makes a difference.
