For Sale By Owner Resource
Congratulations on making the decision to sell your home! If you are a For Sale by Owner or are considering selling your home without representation from a real estate professional. There are a few resources that you will need throughout the home selling process. I know that many people trying to sell their home on their own have some challenges getting the marketing their home and touching as many potential buyers as possible. In this regard this page allows you to upload your home information so that I can share with my potential buyers.
It is also important to me that my buyers have full access to all available listings in the area. If you would like to share details of your home with my potential buyers, please complete the questionnaire regarding your home below so that I can distribute to any of my home buyers looking for a home just like yours!
In addition, to assist you with some of the challenges facing unrepresented sellers there are a few tools listed below the questionnaire to assist you in the selling process. Of course, if you feel you need more information or would like to discuss my successful listing and marketing plan, feel free to contact me to see if we would make good partners in the effort to turn that for sale sign into a sold sign!
Tell me About Your Home For Sale!
I may have some buyers that are interested…
How to Price Your Home
Consider comparables. What have other homes in your neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities?
Consider competition. How many other houses are for sale in your area? Are you competing against new homes?
Consider your contingencies. Do you have special concerns that would affect the price you’ll receive? For example, do you want to be able to move in four months?
Get an appraisal. Realtors typically perform a Comparative Market Analysis to give you an opinion for asking price. Absent a CMA, you should consider an Appraiser for an asking price. For a few hundred dollars, a qualified appraiser can give you an estimate of your home’s value. Be sure to ask for a market-value appraisal. To locate appraisers in your area, contact The Appraisal Institute or ask your REALTOR® for some recommendations.
Ask a lender. Since most buyers will need a mortgage, it’s important that a home’s sale price be in line with a lender’s estimate of its value.
Be accurate. Studies show that homes priced more than 3 percent over the correct price take longer to sell.
Know what you’ll take. It’s critical to know what price you’ll accept before beginning a negotiation with a buyer.
forms to sell your Home in Virginia
There are several forms required or common during a real estate transaction for a Virginia home. You will need access to and some familiarity to these forms. A buyer’s agent can present these forms to you but keep in mind they are working for the buyer and are only looking to protect the buyer and benefit their buyer not you. The buyer also has the right to choose their own settlement company, in which case the lawyer at the settlement company, is also working for the buyer. You can have a lawyer reviewing the contract but keep in mind that you will need a real estate lawyer that is familiar with Virginia real estate laws. Also, that lawyer will not negotiate terms on your behalf. Below is a preliminary list of some but not all the forms that may be arise during the home selling process.
This is the core of any residential real estate transaction in Virginia and required to sell real estate property. Unless your attorney specializes in real estate law they are not really help you navigate through this contract. Virginia has very specific regulations about contracts involving the sell of property, whether it’s residential, land, or commercial. Buyers have the right to choose a settlement company. Even if that company has an attorney to review the contract, that attorney is representing the buyer not you as a seller. These contracts are binding and testing in the Virginia court of law so you need to make sure you understand the terms.
Any property sold in Virginia, except for bank owned properties, land, new construction and inherited properties require the Seller to deliver to the buyer a Residential Property Disclosure form. This contract has specific time and manner for delivery and could result in a buyer being able to terminate the contract at any point with little to no recourse, if not delivered accordingly.
Buyers want it all from the seller. Part of the offer can include a number of contingencies on the sell of the home from various inspections, warranties and other things that need to be in writing and worded in such a way as to defend your best interest. What if the buyer has a home to sell on their own before they can buy yours? Is your home being sold AS-IS and if so, what does that mean? There are a lot of variables and you’ll need a properly worded agreement to protect your interest.
Almost every buyer wants a home inspection even if the property is sold AS-IS. If you home has a basement, the majority of buyers also want to have a radon inspection conducted. There are agreements for those defining the scope, timeline, and terms for such inspections. These terms are critical to the buying & selling process.
Does your property have a well or septic system? There are forms and agreements for those as well. Depending on how these inspections are conducted, your systems may actually be damaged by the inspections. It is important to have a well-defined, written agreement on how these inspections are to be conducted and who will cover expenses and liability.
Not everyone’s schedule for closing lines up perfectly. Maybe your buyers need to move in early or you need to stay in the home a little longer until you find your next home. In either of these situations, you need an agreement in place to protect both parties.
If your home was built before 1978, federal law requires a specific disclosure and buyer lead based paint manual to be delivered from the seller to the buyer. Selling your home on your own does not exempt you from that regulation. There are federal regulations to how this pamphlet has to be delivered to the buyer. Failing to deliver documents could allow your buyer grounds to terminate the contract at any time.
Most buyer’s have real estate agents they use to represent their best interest in finding a home, negotiating terms, and overseeing their best interests in paperwork. In this regards, they are accustomed to seller’s covering the buyer’s agents commission fees. Be prepared to have an agreement in place regarding commission fees whether you will or will not cover them.
Conventional, VA, FHA loan or cash? How is the buyer paying for the purchase? Having an written agreement on terms and timelines, makes sure the buyer follows through on loan obligations in a timely manner.
Along this line, how do you know your buyer is qualified to purchase your home? Do you have prove of funds available for a cash offer? Are they prequalified or preapproved for a mortgage? Do you have evidence that they are prequalified or preapproved? Does your buyer have enough money for the down payment and closing costs? Do they have sufficient income to afoord the home? Good credit? All things that may affect whether they will actually be able to secure a mortgage loan.
Many times one of the primary reasons for a Seller to sell their home on their own is to avoid paying commissions because they owe more than they can sell it for. If you are a distressed seller, that may fall into the category of a short sale or foreclosure, be aware that there is another list of paperwork in addition to what has been mentioned above that may be required by the bank. Having a representative, such as short sale negotiator, on your side to navigate through the pile of paperwork will truly take away some of the additional stress of selling your home. Also keep in mind in these situations the banks will cover commissions. If you have questions regarding these situations, I will be happy to discuss them with you.
Key Players You'll May Need to Have to Sell Your Home
- Real Estate Attorney
- Home Inspector
- Mortgage Loan Officer
- Radon Inspector
- Mold/Mildew Inspector
- Lead Paint Inspector
- Well Inspector (Water Testing)
- Septic System Inspector
- Contractors for Repairs (Roofing, Plumbing, HVAC, etc)
- Buyer’s Real Estate Agent
- Tax Adviser
- Short Sale Negotiator
- Environmental Specialist (Soil Testing, Underground Storage Tanks)
- Zoning Inspector
- Survey Company
- Wood Destroying Insect Inspector
- Insurance Company
- Title Company
- Moving Company
Thank You & Good Luck!
Thank you for visiting my page and feel free to bookmark it as a reference or contact me if you have questions. I hope that I will be talking to you more in the future if one of my buyers is interested in your home! If you find that you need more assistance in getting your home sold, feel free to reach out to me and I will be happy to discuss what I can do as a listing agent to sell your home!
Thinking You Need More Help to Sell Your Home...
There are definitely benefits to hiring a real estate professional to assist you in selling your home, I wouldn’t be in business if there werent because everyone would sell their own home…
Here are the top 5 reasons you should consider a real estate professional…
1. Online Strategy for Prospective Purchasers
Studies have shown that 93% of buyers search online for a home. That’s a pretty staggering number! Most real estate agents have an Internet strategy to promote the sale of your home.
According to NAR, here’s where buyers found the homes they actually purchased:
- 55% on the Internet
- 28% from a Real Estate Agent
- 10% Other
- 6% from a Yard Sign
- 1% from Newspapers
The days of selling your house by putting up a sign in your yard or placing an ad in the paper are long gone. Having a strong Internet strategy is crucial.
2. Understanding the local market
A good real estate professional understands the real estate market and can help a seller make the best decision when it comes to timing the sell of their home. Factors influencing your home can change locally and even within some subdivisions. These factors can include but are not limited to:
3. There Are Too Many People to Negotiate With
Here’s a list of some of the people with whom you must be prepared to negotiate if you decide to FSBO:
- The buyer, who wants the best deal possible
- The buyer’s agent, who solely represents the best interest of the buyer
- The buyer’s attorney (in some parts of the country)
- The home inspection companies, which work for the buyer and will almost always find some problems with the house
- The appraiser, if there is a question of value
4. FSBOing Has Become Increasingly Difficult
The paperwork involved in buying or selling a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.
5. You Net More Money When Using an Agent
Many homeowners believe they’ll save the real estate commission by selling on their own, but the seller and buyer can’t both save the commission.
A report by Zillow revealed that FSBOs are inclined to do so because they believe it will save money (46 percent cite this among their top three reasons), but they don’t actually save anything, and eventually end up listing with an agent.
The same report revealed that,
“While 36% of sellers that (at first) attempted to sell their homes on their own, only 11 percent of sellers—in other words, less than a third…actually sold without an agent.”
If you thinking selling your home on your own is best for you, that’s great! Please share your listing so I can at least help you find a potential buyer.
However, if you decide the challenges of selling your house on your own are or become too much, contact me and I will be happy to discuss your options and needs.