Steps to Selling an FSBO Home

Deciding to put your home on the market is always a difficult decision. But with the FSBO Marketplace’s step-by-step tutorial, you can get a sense of the entire selling process, which typically takes two to three months.

Decide to sell

When the time to sell your home finally comes, it’s important to assess your financial situation so you know exactly how much you need to get when your home hits the market. Having a reasonable number in mind before your listing becomes active can ease the negotiation process.

Get an appraisal

Having your home appraised by a professional lets you know what it’s worth before you decide to sell. This allows you to ensure that you don’t under or overprice it and that the asking price is within reason.

While it’s always good to have a professional’s opinion, you could also gauge what your home is worth based on county assessment records or by seeing what comparable homes sold for recently in the same neighborhood. Once you know what your home is worth, you can begin the listing process.

Make needed repairs

Even though it’s not essential to renovate your house prior to selling, the right updates can attract a wide range of buyers, many of whom are most likely looking for something that is move-in ready. Simple repairs – such as a fresh coat of paint or new landscape design – are inexpensive, can add value to your home and ultimately create a lasting first impression with buyers.

Market to house hunters

You could be selling the perfect house, but if the public doesn’t know it’s for sale, you would be missing out on potential buyers. Besides a standard yard sign, listing your home online can increase traffic and ensure that those who live outside of your neighborhood know that it’s on the market. Additionally, post pictures of it on social media and tell your family, friends and coworkers to spread the word that your home is for sale.

Negotiate the selling price

Being able to effectively negotiate a selling price that both parties agree on is one of the most important aspects of selling a home by yourself. And it begins by establishing a timeline and bottom line price. Having these two things outlined during the negotiation process can help you decide what offers are reasonable. But, as a seller, you have to be flexible with your numbers during the negotiation. In real estate, nothing is worse than rejecting the first reasonable offer to come your way and regretting it if your home sits on the market for a while. Moreover, if certain furniture or appliances are included in the deal, be sure to include it in a non-disclosure form.

Closing time

Although the closing may seem complicated without the help of a real estate agent, it’s simple with the right guidance. For starters, you’ll need to obtain state-specific forms and contracts and you may need to get a real estate lawyer to help sort through the paperwork. Next, you’ll most likely work with the buyer’s home inspector and appraiser to ensure that everything is in proper order. Finally, you’ll hire an agency to provide a venue to officially close the sale.