Before you consider selling your house yourself, ask yourself if you are going to have the time needed to sell your house - even if you just cover the basics.
The Basics
Complete an extensive research of local market conditions, including:
the listing and selling price of all houses in your area for the last six months,
the listing price of houses currently on the market, and
the listing prices of houses that were on the market but did not sell. Tips: Begin your research on the Internet. Follow-up by visiting the county tax records office to determine the selling prices of houses.
Put together a marketing plan.
How will you market your house to Realtors? Most buyers use a Realtor, so marketing to Realtors is essential. At a minimum, you'll want to send a letter and sales flyer to all Realtors within a 30 mile radius.
How much money can you afford to devote to advertising? Call the local newspapers to determine how much it will cost for advertisements. You'll want to consider daily and Sunday ads in the newspapers. Remember, you'll need to be home to take those calls.
Who will create your sales flyers? Buyers expect fact sheets to take with them when they drive-by or tour a house for sale.
Where will you place signage? In addition to your front yard, do you know where to find out about the zoning restrictions concerning in sign placement?
How will potential buyers find information about your house on the Internet? You'll want potential buyers who begin their house shopping on the Internet to find your house. Be sure to build a website to help sell your house.
Who will take inquiry calls and schedule appointments? You'll want someone to be available to answer inquiry calls, screen potential buyers and schedule appointments. Be sure to schedule showings as quickly as possible - even the same day.
Some transferees may only be in town to buy a house for the day, if you are not available now, some can come back later, others will have bought another house by then and are out of the market. Tips: Ask newspapers for a discounted advertising rate for multiple placements. Be sure to check with local officials to determine if there are any restrictions on where you place signs. "Pre-qualify" buyers before showing your house.
Confirm that the potential buyer has pre-qualified for a mortgage loan.
If the buyer is buying with cash, confirm that they have the necessary verifiable resources.
If the buyer has prequalified, does that mean that they will definitely be able to obtain the loan?
If the purchase is contingent on the buyer selling their own house, confirm that the buyer's house is on the market. (You may also want to determine how long the buyer's house has been on the market, and if it is reasonably priced, and the market conditions in their selling area.)
Negotiations, Contracts and Closings
Are you prepared to negotiate the contract?
Do you know what the legal responsibilities of the seller are in your area?
Do you know where your abstract is, what to do with it and when?
Who will write the contract? Make sure that it is valid in your state and that you have a right to use it, some contracts are copyrighted. Would they stand up in court if you were not legally entitled to use one? Will you need to hire an attorney? If so, what will be the attorney's fees?
Who will follow up to make sure that things are done in a timely manner and who do you need to follow up with?
If the buyer's inspections require that repairs be made, who is responsible for paying to have them done?
Tips: In addition to the sales contract, you'll need to complete a Seller's Disclosure and a Lead Based Paint Disclosure.
