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Home for Sale by Owner: Things You Have to Know before Putting

Aug 18, 2007
You have finally decided to put up your FSBO or Home for Sale by Owner sign in front of your house. At this point, you have to remember a few things to make a really good sale. It is not enough that you clean up the house and fix all broken fixtures. You have to know the rules and play by the rules.

What You Should Check

1. Check the market trending. See the going rate for real estates. It is not going to help if you overprice since buyers will not be interested first hand. A home for sale by owner is expected to have a lower than normal price. However, you do not have to offer rock-bottom prices, either. You can strike a balance by going with the average sales price.

2. Have a professional appraiser check the market value of your house. Basing your price on how much your neighbor is selling his house for is not enough. For all you know, your house might be worth more.

3. Check the value of your location. In real estate, location is everything. If you are in a high-maintenance area, your house will definitely get a higher going rate than when it is in the suburbs, for instance.

4. Check to see who gives the best deal. Do not sell off your property to the first interested buyer you take on a tour. Give it to the one whose offer is impossible to refuse.

5. Most importantly, run a background check on your buyer. See if they have the ability to pay. Also see if they have genuine concern for the house. After all, you would not want to see the house you love in shambles after a few years.

These are really important matters you should take careful consideration of before putting up your Home for Sale by Owner sign out in your front lawn. You have to know that when you decided to become your own real estate broker, you have to think like a realtor and an owner all at the same time; there are a lot of things you need to learn first.

In essence, though, the first thing you really have to make sure of is your decision to sell. You would not want to get into all the trouble of fixing the house and checking all of the above, only to back out at the last minute. The second thing to consider is your decision to be your own broker and your willingness to study all that you need to know about selling real estate before taking the final plunge.
About the Author
Silvia Ruch is a Real Estate Agent who helps sellers to sell their homes on their own using her web-site http://www.learnhowtosellyourhome.com or buying her book http://www.booksandarticlesonline.com/temp.html. Also helps them using her real estate services http://www.SilviaRuch.com
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