Do you have what is takes to be a “For Sale By Owner”?

Many people are comfortable in the role of a “For Sale by Owner”, are you? To be successful you need to complete the following steps:

1. Conduct your own inspection of your home and note any thing that needs repaired or could be improved.

2. Make all necessary repairs and improvements before advertising your property.

3. Carefully research the current market to determine the similar properties currently on the market and the similar recently sold properties. From the information you gather establish a realistic market price for your home.

4. Meet with local vendors to evaluate what financing options may be available to prospective buyers.

5. Determine the best places to advertise you home and call them to get the cost for advertising.

6. Establish and advertising budget.

7. Prepare a professional attention getting advertisement targeting the right buyers for your home.

8. Purchase and install an eye catching weatherproof sign in your yard.

9. Purchase “open house” signs and place them in your yard for open houses conducted both on weekends and during the week. Get phone numbers and email addresses from all the buyers. Follow up with phone calls and emails as necessary.

10. Be available at all times to show your home to prospective buyers and to answer any questions about schools, shopping, transportation, etc.

11. Learn how to separate “’lookers” from qualified buyers.

12. Be prepared to negotiate as an impartial “third party”. Remain calm during the negotiations.

13. Obtain all forms required for the legal sale of real estate including:
a. Real estate sales contract
b. Seller’s disclosure form (It is imperative that the seller disclose all know defects to
the buyer)
c. Lead Base Paint Disclosure (required for all homes built in 1978 or earlier)
d. Buyer’s cost sheet

14. Determine if the buyer’s type of financing is the type you are willing to accept.

15. Negotiate the buyer to determine the final terms of the contract. At a minimum this should include, the final sales price, amount of earnest money, financing, home inspection, termite inspection, financing, and closing date.

16. Address any issues found in the home inspection by completing the repairs, making an allowance for the repairs, or renegotiating a new sales price.

17. Conduct final walk through prior to closing.

18. While completing all of the above, look for and negotiate the purchase of your new home. Coordinate both transactions so you can move out of your old and into your new home at the same time.

If you think you need assistance in this process please contact a Realtor.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com/