If you drive or walk by the road, you may see boards that say 'For Sale By Owner (FSBO)' near plenty of houses. The boards show that the particular property is ready to be sold by the owner, and without the involvement of any real estate broker.
The two main advantages are that you can save on the commission to be given to the realtor, and also sell quickly with your own efforts. Here are a few tips for your homework.
The first step you need to take is to make sure that your house is ready to be offered for sale in the market. It is suggested to take help from a home inspection professional, who will assess the current condition and suggest the necessary steps for any renovations or adjustments.
Carry out the essential home improvements and adjustments. For increasing the value of your home, you should make it look beautiful by interior painting and garden designing. Clean it thoroughly, and set everything in a proper and systematic manner.
Determine the Real Market Value
The most important - pricing factor. For getting the best possible price, you need to determine the current market value of real estate in your neighborhood. You can get an idea of the price by researching on the ones sold recently in your locality.
If another owner has offered his for sale in your locality, you can ask him about the determinants of the price and on what conditions has he valued his house. You need to keep the price within limits to attract more customers.
After you have fixed the price, you need to take up the real estate marketing task. Set up a board of 'For Sale By Owner (FSBO)', just in front of your house. This is the best marketing strategy that can be used to get noticed by a passersby.
On the board; it is suggested to mention essential information such as FSOB, size and number of rooms, your contact information, etc. Newspaper and Internet advertising are also very effective tools for advertising the sale. Inform your friends, relatives, colleagues, and neighbors to spread the word amongst their friends and family
Inspection by Potential Buyers
Ensure potential buyers take an appointment before visiting the property. It will give you time to prepare. Before presenting to prospective customers, clear the house of all furniture and other items. This will make the house look bigger and also enable the customer to check it freely. While discussing the features, focus more on the positive points.
Legal Paperwork and Formalities
Another important aspect is getting paperwork done. After a customer agrees on a price, start the legal formalities and paperwork. You will have to take help from a good lawyer, so hire a good real estate attorney, known for dealing in such matters. Work with him to carry out all formalities of ownership transfer, registration matters, tax formalities, etc.
With all these points, you certainly increase the chances of getting a better price, while saving on real estate agent fees.