For Sale By Owner Tips, Tricks & Articles

Today's Featured Article:

The steps to successful selling your "for sale by owner" home in Maine. Short Version

While this article gives a brief overview I recommend more in depth information before deciding if For Sale By Owner suits your needs. One of the best books out there is For Sale by Owner: Do You Really Need an Agent?

Determine the correct sale price for your home. You can do this by watching for similar homes for sale in Maine, using the the newspaper or on the internet and then visiting those homes that are in a similar area of the community, with similar features to get an idea of what the market is for your home. Many owners who are selling their own homes ultimately find it is more effective to enlist a professional appraiser who has done a number of appraisals in your particular neighborhood, rather than someone who is simply licensed to do business in Maine

Once you know what your house is worth then set about determining how much you actually owe on the property in mortgages, second mortgages, also known as home equity loans, property taxes, how much transfer taxes will be, title insurance cost. It is better to know in advance that this might not be the right time to sell your house, than after you invested time and money in marketing.

Line up your professionals. Find a Maine real estate attorney you feel comfortable working with. Find your title insurance policy. Often you can get a better rate going through the company that wrote the policy when you bought the home, but not always. Researching lenders at this time can give you a source to send the potential buyers as well as a resource for yourself if you will be buying a replacement home. LendingTree Mortgage Loans is one source

Some sellers find having the home pre inspected by a reputable home inspector will make the process go faster. Most buyers will hire their own as well but your inspection will give you a chance to fix any defects in advance of an offer so it does not become a point of price negotiation .

Get the necessary forms and paperwork so you have it on hand. Your attorney or a legal blank company can help, just make sure you are using forms approved for use in Maine rather than s generic form found on a free website. Then when a prospective buyer says we are interested in writing an offer you can give them the form approved for brokers in your state. Also be aware that if your home was built prior to 1978 you must give the buyer a disclosure of known lead hazards and an EPA booklet entitled Protect Your Family From Lead In Your Home

Begin your marketing. You will need a for sale by owner sign. Choose one that is large enough and bright enough to attract buyers, but be aware that some communities have restrictions on real estate for sale signs.

Advertising online is a must, but also budget some money for print ads, remembering that not everyone is web suave even today.

Open houses - the jury is out on this. Many sellers like an open house but reality is that more houses sell during an appointment that fits the buyers needs than during open houses. If you decide on an open house here is one source of marketing it Open House advertising

Once you get an offer do not sign it immediately rather this is a time to to take the offer to the real estate attorney and have it checked for any possible problems. If the buyer has more knowledge of real estate transactions than you there could be language in the offer that is not advantageous to you.

The closing process is best handled by your attorney or a closing agent at the title company of our choice.

Future articles: How to stay out of trouble through proper disclosures, Avoiding becoming an accomplice to mortgage fraud.

---