You have located a ready, willing and able buyer to purchase your property. Now what? Of utmost importance is to reach a complete agreement on the following:
Price - how much have you agreed on?
Terms - how will the buyer pay for your property?
Personalty - are their any appliances, furnishing, etc. included with the property?
Legal Discription - do you have a complete legal description of the property?
Expenses - who will pay for what?
Escrow Deposit - have you gotten a good deposit and who is going to hold it?
Disclosures - have you made the proper disclosures to the buyer?
Title Insurance - who will be providing title insurance?
Closing Date - when exactly willt he transaction close?
Inspections - have you agreed on what inspections are allowable?
Financing - if applicable, are you being asked to pay a portion of the buyer's costs?
Title Defects - have you addressed the potential for a title problem?
These are just a few of the predominant issues to be concerned with when deciding to sell on your own. Once you have covered these in full, make sure you have them placed in writing. While you may use the standard form from any office supply store, consulting with a real estate attorney is more advisable. When using a Realtor, part of our job is to prepare the contracts on your behalf and answer all regarding questions you might have.
Be careful not to consider your property sold until everything is official! Unfortunately, many buyers get cold feet and change their minds before entering into a formal contract. There is also less importance given to sticking with a buying decision when dealing with an owner directly as opposed to dealing with a licensed Real Estate Professional.
IF YOU HAVE ANY QUESTIONS OR CONCERNS REGARDING SELLING YOUR HOME ON YOUR OWN, PLEASE CONTACT ME. I'M ALWAYS HAPPY TO HELP
Agents are one of the ways to sell a house. But it can be very expensive to sell your house with AN agent. It's better to sell your house with FSBO site like Owners or ForSaleByOwner . I've used www.fizber.com and it was quite OK for me. I think it will be a good idea to look more here: http://forsalebyowner.fizber.com/.
I'm working with 3 ForSaleByOwners.com clients that have signed up and then begged me and other Realtors to bring them buyers. Yes, some sellers will succeed selling their home on their own and I'm happy for them. However, the vast majority is going to pay for FSBO.com and the likes, not knowing how to bring buyers through the door, leave alone negotiate a contract in their favor. More often than not, FSBO's leave money on the closing table. When I'm out with buyers and they ask me to approach a FSBO on their behalf I'm licking my lips. I know I can get my buyers the deal of the century.
When you list your home with a typical realtor, you can usually expect to pay them a commission of 5 - 7% depending on the market and location. Traditionally, your broker lists your home in the local MLS and offers half of their commission to any broker who can bring them a buyer. However, with our flat-fee MLS option, you cut out one broker's commission completely, thus cutting your paid commission either in half or in full (no commission is paid if your buyer does not hire their own broker).
In other words, with the flat-fee MLS option, you will cut out the broker completely and get an overlooked and overpriced MLS listing for a few months.
We list your property on the MLS for a Flat Fee of $349.95. Our broker will contact you to get the information about your property for sale and will list you on your local MLS. You pay only 2%-3% to a broker who brings you a buyer. If you find a buyer on your own, you pay $0 commission. That's what we call value for FSBO's!
Value? What about a property's market value? I assume the broker on the phone consults a magic crystal ball to determine fair market value. No wonder none of the discount brokers on my MLS have nothing but expired listings to show for.
I almost forgot, Fizbers also buy their own yard signs and directionals. AND pay 15 bucks for a Homeowner's Disclosure, 10 bucks for a "Letter of Intent", "Option to purchase real estate" - 10 bucks, "Counter offer to purchase real estate" - 10 bucks, and the list goes on and on and on.
One can only pray that none of these seller are short sales because there's no 10-buck a piece form available. I'm guessing that by the time negotiating is done, all disclosures are made (I'm missing the lead paint disclosure - let me guess......10 bucks?), the "happy" seller will have spent an additional 200 bucks on forms (will the telephone broker help filling in the blanks and explain legal terms?) and have sold his property for 15% less than any agent could have netted.
CONGRATULATIONS! JOB WELL DONE!