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For Sale
By Owner

If you want to sell your house without the aid of a real estate broker, here are some helpful hints and some obstacles you will run into and need to be prepared for:

Most buyers are just "window shopping" and to make it more frustrating, they will stop by at all hours of the day and night.

Remember, you are letting complete strangers into your home. Be aware of lookie-loos that have other things on their mind.

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It is difficult for a seller to qualify buyers comfortably, so you should be sure that your buyer has been pre-approved to buy this house.

It can be difficult for a seller to negotiate with a buyer directly. Make sure you are comfortable with negotiating, but keep in mind many buyers may not be. They are often uncomfortable working directly with the owner.

The real estate broker commission that you think you are saving is what buyers will think that they are saving by working with you. In fact, you may see some very lowball offers made on your home from buyers who want a great deal. They may perceive you as being desperate to sell since many for-sale-by-owner ads make such comments as "foreclosure", "divorce, must sell", "bail us out" and "desperate to sell".

40% from a real estate company or
real estate contact
20% from the "for sale" sign
18% from a real estate company ad call
8% from an open house or ad sign
7% from a relocation service
3% from an advertised property
1% buy an open house they saw
3% buy for a combination of reasons

You may miss opportunities to sell if you are away from home. Buyers are out house shopping every day of the week, not just on weekends.

Most buyer's lack familiarity with real estate contracts and would feel more comfortable having a real estate agent represent them.

Many sellers on their own will price their house according to the price of a home down the street. Be careful of doing this. Pricing your home based on others that have not sold yet may lead you to overpricing. Click here to see the dangers of overpricing.

Will someone always be able to answer the phone?
Will you know about the latest financing methods?
Will the prospects confide in you about their financial status?
Can you get buyers to sign the purchase agreement?
Who will draft the purchase agreement?

Lee Kusek
REALTOR®, Broker
CA BRE LIC# 01338321
Top Producer Since 2002

Click Here To Contact Lee

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