You can save a good deal of money by selling your house without an agent and it's not that difficult. Depending on the value of your house, you can save anywhere from $2,000 to $20,000 or more in real estate commissions? What are you prepared to do to make these savings? How long would it take you to earn these savings in your regular job? The point is that you should look at the sale of your home as a business transaction worthy of your time and attention. Be determined to educate yourself enough to see it through to the end.
If you want to eliminate some of the guess-work in determining the price, you can call just about any bank or mortgage company to order an appraisal. However, you will usually be charged about $350 up front and sometimes more, so be sure to verify the cost ahead of time. A certified appraisal can be expensive, but it is one of the safest ways to be sure that you are not under-pricing your home. However, remember that our investors will want their own appraisal - but the Buyer can usually be made responsible for this cost.
A very good way to get a ball-park feel for value is go to a title company. Explain that you are a FSBO and request information on their services. At the same time, request a "Property Profile" on the home you are selling. This will give you information on actual sales of similar properties in your neighborhood. It should also give you relevant demographic data for the area. This information will help you arrive at price and will be valuable to you when you talk to buyers.
Whether or not you should expend some effort, no effort, or a lot of effort fixing up your home to sell depends on the market when you sell ; the condition of your home; and your level of energy.
Many sellers fall into the trap of thinking that by doing a lot of fix-up work to their house they can make even more money on the sale. In most cases, that just isn't so. However, at the very least, do a minimal amount of fix-up.. the cosmetic things. You certainly do not want to turn prospective buyers off.
Remove clutter: Get rid of whatever you won't be using. Visitors will find the house feels more roomy with fewer things around. Be ruthless and clear out all of the rooms of everything but the basics. Store what you must keep.
Clean Up:
The Escrow Company, and the Title Company all have professionals who will leap into action and work together for a successful close (completion of the transaction). These professionals are usually willing to meet with you and explain the process to you in lay persons' terms. They will answer your questions, estimate and explain the "closing costs" that will be involved, and, in some cases they will prepare (or at least help you refine) the basic contract or agreement that you and your buyer initially proposed.
Put an ad in your local paper and keep it running. OK, it costs money but remember what you save by not using a realtor. Here are the essential items to include in a FSBO ad:
Because you offer Owner Financing, you are able to demand the highest price. Don't budge unless there is a good reason. You will undoubtedly have prospective buyers with conventional financing. Just listen to what they have to say.
There is no doubt that having a lawyer supervise the process is the safest way to go. However, consider paying a fee to an experienced realtor in return for his/her review of the paperwork and supervision of the transaction. They do this all the time. In many states, especially California, there are disclosure requirements on Sellers. Your realtor will be familiar with these and will help you comply.