If you are trying to sell your home without using an agent, here's some information that might be of interest to you.
- 80% of buyers start their search for a home on the internet. Metro Atlanta is simply too large of a market for people to drive around and find every sign in every yard. Therefore, you want internet pesence. Here are some websites you can advertise on for FREE.
www.craigslist.com - a little tricky to navigate sometimes but a very popular website
www.seemylisting.com - they will even provide you with a sign to put in the yard
www.infotube.net - this website allows you to see how many "hits" you've had
- You will need a "clear termite letter" in order to close. This is a requirement of the lenders/mortgage companies. There are termite companies (see vendor list) that will perform an inspection for $45 and furnish you with a clear letter (as long as there is not an active termite infestation).
- You should complete a Seller's Property Disclosure (see Seller Resources) and require the buyer to sign/acknowledge it. If there is problem with the home later down the road, this form will not prevent someone from sueing you if that is their desire. However, you will have documentation that you disclosed what you knew and the burden of proof will be on the buyer.
- There are 5 kinds of so called "buyers" out there. If you are selling your home, you will attract them all.
The "Will never buy" Buyer - these buyers love "FSBO"s and will be happy to waste your time. Additionally, always be aware and trust your instincts for those that pose as potential buyers for the purpose of stealing from you or causing you harm. This is rare, but if it happens even one time, it's too many.
The "Not in a hurry to buy" Buyer - Another group of people that like to look at houses but rarely do they make it to the closing table.
The "Serious but not prepared" Buyer - These people are sincere in their desire to buy but have credit issues and can't qualify for a loan or other issues
The "I want a real bargain" Buyer - These buyers will not pay fair market value for a home, but will maximize thier leverage to purchase homes below fair market value
The "Serious and Qualified" Buyer - It's not all Doom & Gloom! There are plenty of serious buyers out there. However, 80% of buyers today now use a Buyers Agent to represent them. So, to improve your odds, I would highly recommend you advertise "Agents Protected" or "Willing to Work with Agents." A lot of agents steer away from "FSBOs" but some are willing to work with an unrepresented seller.
- A "FSBO" typically spends approximately 100 hours to sell their home. A study by the National Association of Realtors showed only 13% of FSBO's were successful and of those half said they would NOT do it again. Another survey reports 7 of 10 "FSBO's" ultimately hire an agent.
- The number one reason people give for selling their home without an agent is to save money. However, studies by the National Associations of Realtors reveal that real estate agents obtain 25% higher Sales Prices than "FSBOs." Additionally, homes sell quicker when listed with an agent. Many times, I'll see a home "For Sale By Owner' sitting vacant for 6 months. Assuming an average home price of $175,000 with an average monthly mortgage of $1,300, this home owner has just paid $7,800 in payments to the mortgage company. Since a majority of a mortgage payment goes towards interest and very little goes towards principal, the payoff amount is relatively unchanged, while the homeowner has spent $7,800.
- Selling a home requires negotiation. If this is not a skill you are comfortable with, you may leave money on the table, particularly with a buyer that is a tough negotiator.
- "Staging" a home properly, can make a huge difference. There are tons of resources available on staging and I would encourage you to learn more about the little changes you can make that help sell homes sell faster and for more money.
