FSBO New Trends for Today

When the general economy starts to go down, people start looking for ways to cut corners and save as much money as possible. One way people are doing this is to sell their house themselves. For Sale by Owner, or FSBO for short, has become a viable option for people that are looking to sell their home in today’s economy.

With all of the tools online people are feeling like they can sell their home themselves without needing a real estate agent. Many website have realized this and popped up to offer help to people that are trying to sell their home by themselves so they can hopefully avoid the pitfalls.

Another time that the FSBO method is very popular is when someone is not able to afford the 6% commission that comes with selling through a real estate agent. If the home is at or below the price you need to make in order to pay off the loan you may not be able to afford any extra out of pocket expenses.

The FSBO way is often the step that many homeowners take first on their road to selling their house. Keeping this in mind you will find many sites that offer low rates to help this segment of the market before the homeowner decides to go the traditional way of using a real estate agent. Many sites that offer FSBO will include some, or all, of the following features.

Basic listing features including a link for a virtual tour

  • A template for a printable flyer
  • Workbooks to assist the homeowner in their research of what they need to know and what they need to do prior to attempting a sale.
  • Listings that compare to the listings of a real estate agency site
  • Offering a flat fee for listing the home as long as needed, without additional weekly or monthly add-ons
  • Pricing reports to help you value your home appropriately
  • Typical yard signs much like those used by real estate agents
  • No limit on the number of pictures on your listing
  • Access to a free consultation line for questions

With all of these services it is no wonder that these types of sites are quickly becoming the first call people are making when they start the process of selling their home. You have a better chance of selling your FSBO home if you are able to be patient and by doing some research on their own.

The key to success is centered on the reason the homeowner wishes to sell their house. If they simply need to upsize for a new addition to the family, to downsize after the kids have gone to college, to change locations closer to or further away from the city, or just for a general change of scenery, patience can be the key.

However if you are moving because you are changing employment, marriage, divorce, or any number of other reasons the move may have to be more immediate. In the past companies that wanted to hire a worker would pay for the house and the expenses from relocating. Due to the sagging economy this has become a lot less popular because companies are trying to save money and quality people are looking for a job everywhere.

FSBO is a viable way to get the home out into the spotlight and into the market without the fees from realtors. Then if FSBO doesn’t work out, the homeowner has the option to sign up with a qualified real estate agency to sell the house and continue where the FSBO support ended. Your decision on how to sell your house, is entirely dependent on your situation.

Answer These 5 Questions To Procure The Best Real Estate Deal For You

Understand that you need a lot of knowledge if you want to emerge successful out of a deal with seasoned real estate professionals. If you can answer these 5 questions comprehensively, you can rest assured that will you have received the best end of the bargain.

Q 1) What Does The Real Estate Sector Point To?

This is one of the most important questions to help you with the pursuit of your buying/selling experience. More often than not, you will be dealing in a market that is more inclined towards being profitable to one of the parties, i.e., buyers or sellers, due to fluctuating demands in the real estate scenario. Do some research. Gather information. This will help you stay prepared and keep you well equipped to deal with this situation efficiently.

Q 2) Do You Have The Details About The Property?

When you are buying/selling a property, it is not enough to know just the dimensions and the general specifications of it. You need to know the premises inside and out, to be able to make the pitch convincing or devise a plan for necessary modifications depending on the side you are on. An advantage of having the details at your disposal, is that you can use them to bargain with your buyer/seller for the deal that you want.

Q 3) Who Has The Advantage?

This is where the deal can go both ways; in your favour or the other party’s favour. For instance, sellers that have 8 buyers lined up can sit back and watch as prospective buyers fight to get the deal they want. This is done while they make immense profits no matter to whom they sell the property to.

Q 4) Can You Negotiate?

Negotiating is a skill not everyone can master. The better you are at it, the worthier deals you get. Usually, buyers/sellers have their own brokers who can negotiate the better end of the deal for them and their clients. If you are pitted against them, there is a definite chance that you will get the negative side of the deal. Hence, it is recommended that you figure out what you want and stick to it.

Q 5) Have You Got The Capital?

Capital is the most necessary part of the deal closing process. If you are buying, you need to sort your finances out and find the money to make the buy. If you are looking for lenders, remember, they don’t offer you the loan before taking a peek at the property themselves.

Dealing with real estate transactions is a tough and tricky business, where you need to play your cards right. One false move can practically leave you with nothing. Make sure to be extra cautious when dealing with property investments.

For Sale by Owner – Realtor Secrets 101 For FSBOs

It’s no secret that today’s real estate market is tough.  Worried sellers are trying to sell their homes themselves.  Home property values are down, and they desperately want to save the cost of a real estate commission, so they try to market their properties as FSBOs (for sale by owner sellers).  Makes sense, right?

Yes, “if.”

If you are accustomed to taking responsibility for yourself, have some business sense, have bought and sold homes before, have some time and money to invest in the project, and know and can use the tools and techniques that good Realtors use, then the answer is an unqualified and resounding, “Yes!”   You have the right mind set and the ability to actually earn the Realtor’s commission.  Either the whole commission, or just the part the selling agent would have gotten.  Earn is the operative word here.

So how do good Realtors do it?

Good Realtors start with the basics and work through a systematic, well designed and thought out, integrated, multi-media marketing plan.

Property Condition

At the risk of alienating new listing clients, good Realtors tell it like it is when it comes to getting a home into shape to show well.  If you plan to be a successful FSBO seller, you need to do this for yourself.  Do one or more rooms need to be painted?  Do carpets need to be shampooed?  Are all door knobs and locks tight, and in good working order?  Does it have “curb appeal?”  Is it clean, tidy, uncluttered?  Are closets jam packed, or tidy?  Have any burned out lights been replaced?  If you are smart, you’ll take care of these sorts of items before your property goes on the market, and keep them in good order.

Price

Realtors who continue to earn a living in down markets are very good at getting their listing clients set realistic asking prices for their properties.  A Realtor friend of mine often asks her clients, “Do you want to list your property, or do you want to sell your property?”  Price can make a huge difference in the outcome, and my friend knows that.  A person can put property on the market at any price.  It will not sell unless the price is realistic.

Buyers are out there even in a slow market, but they are VERY price conscious.  In areas where the market is weak, it’s generally effective to be priced just under the list price of any comparable home that’s for sale in your neighborhood AND a bit lower than the recent “sold and settled” comparable properties in the neighborhood.  Time and again, I’ve seen people make the mistake of coming in with a price above those things.  The property lingers on the market.  They lower the price again and again, but if they’re just behind neighborhood prices and the market prices continue to go down, they “follow the market down” without making a sale even though they’re lower than what would have sold a few weeks or months ago.  Try not to let that happen to you.

Internet Marketing

Realtors put information about the homes they hope to sell in their local, Realtor multiple listing service (MLS), and on the Internet.  The best ones see to it that full information about price, number of bedrooms, number of baths, number of garage spaces, size and location of lot, plus interior and exterior photos, and what makes the property attractive appear on the Internet.  You need to do the same.  There are several really good online MLSs for FSBO sellers and buyers.  Use one or more of these sites, and take advantage of all the bells and whistles (many photos, captions under the photos, a place for descriptive text, map to your property, hit counters, a unique web address for your property, etc.) they offer.  Today, approximately 70% of home buyers begin their search online. 

This is just getting started.  In “Realtor Secrets 201,” we’ll discuss the next steps.   

The For Sale by Owner Option-Selling Your Own Home

The majority of those who successfully sell their own property are the property owners who live in highly populated metropolitan market areas where property sales are more common. In a buyer’s market or in rural areas it is much harder for properties that are for sale by owner (FSBO) to successfully sell.

A buyer’s market is when there are more home sellers than there are people to buy homes. This creates a situation where the home buyers are exposed to a large range of property to choose from making it a more competitive market for the sellers. Homeowner’s should opt for the FSBO option only where the local economy is doing well and it is a seller’s market.

To be considered a seller’s market there needs to be more buyers then properties for sale. In a seller’s market the buyers are left with fewer properties available to them. This often creates a situation where the sellers are much more selective on the buyer and also get a higher selling price for their property.

There are other economic issues that play a role in the real estate such as home mortgage interest rates, local employment, and consumer confidence. Unfortunately we can’t control the economy and some are forced to sell their homes or buy homes in times that are unfavorable financially to them.

There are a few things people who succeed at selling their homes do to increase their odd of winning at FSBO. They need to be able to have the financial support that it takes to keep their property exposed to those who are purchasing homes for the entire period it takes to sale a home. This advertising period is at least 90 days and includes personal signage, advertising, repair costs of the home, and professional legal advice. You also should have a little bit of spare money to back you up financially if there are any marketing mistakes.

You should also have basic business knowledge about important marketing, personal selling, as well as enough technical information on real estate principals and practices. This will prevent you from making informed decisions that can cost you a lot of money and stress.

Anyone who wants to list the property FSBO must be disciplined with marketing goals and objectives with set time frames for the process and finalization of those goals and objections. You need to be able to be very organized and able to pay close attention to details.

There are a lot of stressful moments when selling something as expensive as your own home so you need to be able to keep a business perspective on all decisions. When selling you own home always avoid guesswork and replace it with concrete analysis. Making informed decisions is much less stressful then guessing.

If you want to sale you own home successfully you need to be a wise negotiator and be able to effectively deal with the different personalities in your potential home buyers. Be ready to and well equipped to sell your home and plan to use a lot of time devoted to selling your home.

You may wish to contact Joe and Colleen Lane, Realtors® for more info on real estate, especially in the areas of Pasco Wa Real Estate, Richland Wa Real Estate, and surrounding Southeastern Washington Communities.

For Sale By Owner – You Can Do It!

Need to sell your home? In today’s market “for sale by owner” may be the best way to sell. Trust me, it doesn’t take a rocket scientist to be successful at selling your own home. The information in this article may provide you with in-site you may not have had before. You can do it yourself!

Prepare your home for buyers. New paint helps and is not expensive. Make sure it is clean, clean, clean. Most important and most over looked by sellers, you need to get rid of the clutter, inside and out. Less is more! Rent a storage facility or have a garage sale but get rid of the clutter. Less furniture makes a room look larger. Over stuffed closest are a real turn off to buyers who ALL want plenty of storage space. Get rid of all the nick knacks.

We all know how important curb appeal is. Get those yards cleaned up, front and back! Remember, an appraisal has pictures of the back yard as well as the front. I know this sounds silly but a junky back yard tells an underwriter a lot about your home’s interior and maintenance routine. A buyer may over look it but the appraiser and lender do not.

Next, get a home inspection performed. An inspector will check the structure and systems in your home. He may find things you are not aware of. It is better to find and repair these issues before the buyer’s inspector does.

Make sure you price it right. Spend the money to get a professional appraisal performed by a HUD approved appraiser. Do not rely on a real estate agent’s market analysis. These are seldom accurate and many times an agent will just blow smoke by telling you what they think you want to hear.

Go sit down with your local mortgage broker. He has a wealth of knowledge you need to take advantage of. Most mortgage brokers have free FSBO programs that will help you immensely. It is important that you know what your costs will be based on the type of loan the buyer acquires. Did you know that a VA loan could cost you much more in closing costs PLUS home repairs that probably are not required by other loans? Will your home qualify for a FHA loan without making very costly repairs? If you are on a tight budget and need every possible dime out of the sale of your home you may want to negotiate in the contract that the buyer gets conventional financing.

A mortgage broker will also teach you the critical areas you need to watch in the sales contract. He may even provide you with blank contracts and other state mandatory disclosures required when you sell your home. Most brokers will even create your home flyer and more important, your financing options flyer. Perspective buyers want to know two things: how much will my payments be, and how much money do I need to pay down plus closing cost.

You should list your home on a “For Sale By Owner” web site. I want to caution you here. A lot of these sites try to charge you a lot of money for things that do not/will not help sell your home. Homebuyers DO NOT spend hours searching “For Sale By Owner” web sites. They work with real estate agents, read the papers, and drive on the streets in the neighborhoods they want to live in.

The advantage you get by listing your home on the Internet is that you put the URL in your newspaper ads, your flyers, and on your yard sign. Then when a buyer drives by your house or sees your ad they can go on the Internet and see pictures, amenities, and the price. If your house fits their needs and their budget, they will call you. If not, it is less of a bother for you. It can be very frustrating to let lookey-loo’s in your home week after week. Don’t you really only want truly interested buyers at your door? There are many free FSBO websites on the net. Check it out.

With all this said, the rest is just common sense. You Can Sell It Yourself!

Navigating The Home Selling Process Like Professionals

As you’ve probably already guessed selling your home is something that you can do own your own. Many people rely on the knowledge and skills of real estate agents when buying or selling properties. Although these professionals can provide effective solutions to complete sales, their services are not required.

In fact, more people are doing the buying or selling process without the aid of agents. With the Internet and modern technology, finding information related to the real estate industry is easier than it has ever been. A word of caution would be that even though it is easier to find all the resources you need online to sell your home the process can still be stressful. Of course the amount of money you could save selling your home without an agent makes it really tempting to try to sell your property without an agent.

Property owners can cut costs, up to thousands of dollars, by selling properties without agents. There are numerous resources that offer valuable information about how to sell a home. Most are available for little to no cost, and offer as much insight as agents might.

Homeowners used to rely on real estate agents for information on listings. These professionals were in the know about the market, recently sold properties, pricing information, competition and more. They still are today, but the Internet has made this information more accessible to all.

There are numerous websites that can be used during this process. These sites allow people to easily upload information about properties, which means listings can be marketed to millions of Internet users within minutes. More potential buyers and offers are expected when listings are well-marketed.

More than ever before, potential home buyers are also utilizing the Internet as a tool. There are trustworthy websites designed for property buyers and sellers. Sellers use them as a platform to list properties and reach a large audience. Buyers use them to browse what is available in a specific area. People who use these as a selling platform are encouraged to be thorough in their listings, including high-quality photos and accurate details.

It can be difficult for do it yourself sellers to determine the right price point, especially without professional help. It is important to research the value of nearby properties, including those recently sold. Keep in mind the condition of the home and details about it that might add to its total value. There are plenty of automated tools that produce pricing estimates, but hiring an appraiser might also be helpful. Consider all these things before setting a price. If a property does not sell after some time on the market, reconsider the price to attract more buyers.

Sellers who do not hire real estate agents to list and sell their property should still consider working with professionals. Real estate attorneys or title companies can help close a transaction by signing off on the final paperwork. Another thing to consider is just because you can advertise your home for sale does not mean that you won’t have to work with a real estate agent to get your home sold. Many times your potential buyer will be working with a real estate agent and it would be highly recommended to offer the buyer’s agent a commission to attract the greatest number of potential buyers. This is often the most complicated step in the process of selling and must be done correctly.

Disadvantages of ‘For Sale by Owner’

When you want to sell your property by yourself, without taking services of a real estate agent, such a property sale is termed as a ‘For Sale by Owner’ or FSBO property.

Though FSBO has advantages to it, you should also be aware of the many drawbacks that it can entail and this is applicable for both the sellers and the buyers. Let’s take a look at the negative aspect from both aspects.

As A Seller

As someone opting for FSBO, here is a look at things that can be a cause for concern here:

The FSBO property sale property is as such quite cumbersome – While you enjoy the freedom to work by yourself without the interference of a broker, you face an uphill task to sell your property on your own. You need to work a lot to make it possible – the research work, pricing your home, putting ads, screening applicants, conducting open houses, showing the property and so on. This, at all times, seems like heavy burden on your shoulders.

Emotional attachment: You have an emotional attachment with your property and value every small detail about it. This has perils of its own –

1. You tend to over-price the property

2. You tend to describe very minute details of your house to the irritation of the prospective buyer when you are showing your property to the latter.

Also, you find it very difficult to market your house as a product, to speak in that ‘marketing language’ which is required to satisfy buyers.

Lack of market, legal and financial know-how: Being the owner of a property and not a real estate broker, you fall short of the knowledge you need to possess to facilitate a house sale. Not only are you unaware of the market conditions, the prevailing prices, the prices of similar houses in your locality but also all the other legal and financial matters that go along with it.

Time consuming – A lot of information is available to you at the click of a button through the internet, but you don’t have the time to go through the huge web and also get utterly confused with the enormity. All this research work, the task of choosing where to place ads, how to place them, what to write and so on takes a lot of time. Investing that much time is difficult.

Limited exposure – If you avail the services of a real estate broker, your property gets more showings and a greater exposure than if you sell it by yourself.

Higher costs – Although you feel that by selling your home on your own, you can cut down on the costs the real estate broker would take for the purpose, you actually end up spending more! The advertisement costs are huge. Many real estate brokers include the costs in their services; you get it as a package. Also, you incur costs running around for placing ads, opening bank accounts, doing research and so on. Above all, is the cost of losing your peace of mind over the sale!

As A Buyer

You are attracted to an FSBO as in this case you are not required to pay the real estate’s commission. Here is a look at problem issues that you need to be aware of:

Unsure of the ownership: As a potential FSBO buyer, you are not sure about the ownership of the same. The person who has put up the house for sale might only partially own the house and the other owner might not actually be interested in selling it!

Unsure of the price: As FSBO houses are generally over-priced and there is no agent involved, you don’t know the market and are hence you are unaware of the ideal price of the property to help you bargain well.

Unaware of the faults: As the owner is putting his house for sale and values every little bit of it, he/she will not come out with the faults to the prospective buyer. This creates a difficulty as the latter is deprived of the right to know all the aspects before deciding to buy.

Unaware of technical details: The owner of an FSBO home isn’t aware of the exact measurements – the total area, the carpet area, dimensions of each room, section etc. Hence, he/she will not be able to provide you with details on the same!

Bereft of expert advice and help: A real estate owner’s job is facilitating the buying and selling of homes! He comes up with his expert advice from time to time which an FSBO home owner cannot provide! He can think about the property neutrally, without any bias and hence you can value the same. Also, a broker helps the buyer throughout the entire process including interpreting the agreement, handling registration details etc.

How To Sell Your Home With Craigslist – Step By Step Instructions How

With the advent of the internet comes the advent of great free advertising tools and Craigslist is one of them. For those who do not know, Craigslist is a free online classified website used to buy and sell a variety of items. One area that has huge success on Craigslist has been with real estate and millions of people advertise on Craigslist daily. Because of the high level of advertising participation by other sellers in order to fully take advantage of Craigslist you need to stand out from the rest of the ads and get noticed.

What you need to have a great Craigslist Ad are the following:

-> Posting Title (aka your Compelling Headline): You need to make your listing unique. As mentioned earlier, focus on your homes features, benefits and what makes your home unique to get a prospective buyer’s attention. The headline needs to be compelling enough to get people to click on your ad before all others. Mention that your home is FSBO. People like to know this and on Craigslist this will give your ad more attention as people will like the non-real estate agent appeal.

-> Posting Description (aka Property Information) – Your ad and content should be brief and to the point. Don’t go over the top with catch phrases and marketing language, people will see right through that. Since your ad is a reflection of the home you are trying to sell make sure you spell-check and proof-read your ad to make sure it looks acceptable. There should be an internet web link or multiple web links from your ad that will bring a prospective buyer to your comprehensive property information page. This web link to a comprehensive information page could be your MLS listing, Facebook listing, postlet listing or all of the above.

Your Craigslist Posting Description should include:

1. Your First Name

2. Email and/or Phone Number

3. Home Address

4. Your Posting Title (compelling headline). Stated Again.

5. Brief Informational Facts About your Home (e.g. # of bedrooms, # of baths, single family or multifamily, price, sq. ft., parking, lot size, etc.).

6. Property Description in a Couple of Sentences.

7. Property Features in a Couple of Sentences.

8. Web Links.

9. Open House Information if Applicable.

10. Your Contact Information Stated Again.

Please see the ad sample below to give you a better idea of how an ad is put together.

Sample Craigslist Ad:

Price: $250,000

Posting Title: Private Lakefront Home Close to City Center of Maple Grove – FSBO

Posting Description:

Mary Jane Doe | 555-555-5555 | Email Address Here

1234 Center Lane N., Maple Grove, FL

Private Lakefront Home Close to City Center of Maple Grove – For Sale By Owner

3 Bdrm Single Family Home offered at $250,000

Year Built 2000

Sq. Footage 2,150

Bedrooms 5

Bathrooms 2 Full

Floors 2

Basement Yes

Lot Size 1 Acre

Garage 2 Car

PROPERTY DESCRIPTION

This 2,150 sq. ft. home is mint condition and has 3 bedrooms, 2 baths and a great view of the lake from the kitchen. The kitchen is open and spacious and has granite counters, stainless appliances, porcelain tile and cherry wood cabinets. The private backyard leads to the lake, dock, firepit and lots of space to have fun.

PROPERTY FEATURES

Gas Forced Hot Air Heat, Central A/C, Gas Fireplace

Vaulted Ceilings, Many Closets, Hardwood Floors, Tile Kitchen & Baths

Family Room, Sun Room, Dining Room, Bonus Suite, Owners Suite, Full Basement

Stainless Refrigerator, Gas Wall Oven & Range, Microwave & Dishwasher

Granite Countertops, Center Island with Sink, Cherry Wood Cabinets

Washer & Dryer, Cabinets, Mud Area

Big Yard, Lake, Doc, Firepit

Full Property Description:

[Web Link Here]

Virtual Tour:

[Web Link Here]

-> Photos & Virtual Tour – Include a few of your best professional photographs so that prospective buyers can see how your home shows. As mentioned earlier, high quality photos are very important part of your listings. You should also have a link to your Virtual Tour so they can see what your home would feel like when walking through it.

-> Call To Action – When the prospective buyer opens your ad they should see a call to action also compelling them to call or email you. Think about it, what would make you call on an ad in your area.

-> Relist Your Ad Everyday – Craigslist sorts ads by showing the most recent ads first or at the top of the webpage visible to the viewer. Therefore, as ads continue to be posted, your ad will continue to go further down the list or on a subsequent page. Although many prospective buyers will use search terms to find a listing, it is still beneficial to be as close to the top of the page as you can because some people do view homes by most recent date order.

-> Real estate agent or NO real estate agent – If you put in your ad “No Real Estate Agents Please” most real estate agents will not contact you therefore only unrepresented buyers will contact you. I still subscribe to the theory that more exposure to a buyer pool you would otherwise not have access to is better, however, if you really want to try and sell your home 100% commission free you will want to ad “No Real Estate Agents Please”. This may be a risky move because you will limit your prospective buyer pool, use your own judgment here.

-> Best Time to Post Your Ad – The three times a day that will give you the best possible exposure are in the morning, midday and at night after dinner. Pick a time and go with it. Your ad will only be at the top for a brief moment, but every helpful tip counts.

For Sale by Owner in Michigan-A Huge Growing Trend That Helps Motivated Home Sellers and Buyers

One of the biggest advantages when you list your home for sale by owner in Michigan is that you know you are going to make the profit, not a real estate agent. The real estate agent can charge up to 6% commission of the total price, which can severely cut into your bottom line.

Although it’s not bad to use a real estate agent, in this soft economy many people are trying to save the money they would have had to pay a real estate agent. And as buyer, why pay more for the property when working with a seller directly gives you more negotiating room to drop the price.

For sale by owner in SE Michigan (Southeast Michigan) is booming we’ve noticed lately, and a quick look at the papers and Internet ads across the entire state shows pretty much the same thing.

Michigan Houses for Sale By Owner

Michigan houses for sale by owner, bottomline, is the preferred way for many people to sell their home in this downward trending housing market.

Selling your own home offers a number of advantages over a traditional real estate listing through an agent. These are the most prominent:

Michigan Houses for Sale by Owner Pros

  • You are in complete control.
  • You set the price and negotiate the closing.
  • You decide when, where and how you will advertise.
  • You control the open houses, showing, etc.
  • As a buyer, you can find Michigan houses for sale by owner at cheaper prices because the middle man (and the fee) is out of the picture.
  • For Sale By Owner or FSBO is advantageous for both buyers and sellers in that it puts them in direct contact with each other.
  • Michigan houses for sale by owner usually means lengthy negotiations are reduced because there’s no more third party. The buyer and seller are in direct contact with each other. Offers are made and accepted or rejected much more quickly.
  • The game of phone tag with an agent waiting to see if an offer has been made or an offer has been accepted is gone.
  • Negotiations are more productive because sellers and potential buyers are motivated to come to agreements on terms.
  • Buyers can get questions answered directly about the property by the party that actually lived in it.

Quick tips for Buyers:

  • Read the local papers for FSBO listings For sale by owner SE Michigan ads are easy to find in major papers and on the Internet. Check mlive.com or subscribe to the Ann Arbor Observer.
  • Do your research about the property. FSBO sellers are required to offer full disclosure on information about the property but just like when dealing with a real estate agent this is not always the case.

    Or let us put you into a home. As investors we have unique programs to get you into a nice michigan home, even if you have poor or damaged credit…in the town you want to live in and at a monthly payment you can afford.

  • Consider a buyer agent or using a real estate investors like us if this is your first purchase to assist with negotiations and legal issues.

For sale by Owner in Michigan

Quick tips for Sellers

  • Do your research. Find out what the market is like for FSBO’s in your specific area. Look at the similar Michigan houses for sale by owner in your neighborhood and similar communities. Check comps on websites like http://www.zillow.com.

    In addition, real estate investors, like us here at Buy-Sell-Michigan-Real-Estate, can also help out home sellers by buying their houses with cash or on terms if they are truly motivated to sell.

  • If you consider for sale by owner in SE Michigan consider hiring a real estate appraiser. Appraisals can be cost effective and will give you professional advice on the market value of your home with a one-time, up front cost. Real estate investors like us are also connected with professionals that can do a good job at determining a property’s fair market value.
  • FSBO listings (in newspapers and on the internet) offer cheap and affordable advertising for your home in a number of venues. FSBO advertising also offers targeted advertising directly towards buyers looking for FSBO properties.
  • Pre-qualify home buyers. Require that potential buyers be pre-approved for loans in the amount required for purchase of your home. Or if you can’t find anyone who can get preapproved, talk to creative real estate investors like us who can get buyers financed for your home if you’re willing to work on terms.

For Sale By Owner Signs – Why They Are a Big Mistake

Every year, thousands of homeowners opt to avoid real estate commissions by listing their homes themselves without a RealtorĀ®. It makes a lot of sense, why pay 6% of the sales price if you don’t have to (especially in a down market like today)? There is nothing wrong with this thought process or the decision to sell for sale by owner. However, the decision to go to a hardware store and buy a cheap white and red For Sale By Owner sign with a place to write in your number with a black marker, actually is a mistake that should be avoided.

Rather than use a For Sale By Owner sign, you should do one of two things. First you can design a custom sign that does not say For Sale By Owner and looks like a real estate company sign, but with your contact information. It does not have to say Realty, Properties, Real Estate or anything like that. It just should not say For Sale By Owner, By Owner, or anything of that nature. It needs to look like a real estate broker sign even if the subdivision name or something else is in the spot where you would normally have the real estate broker name. The second option is, if you are using a flat fee listing company to gain MLS entry, use that broker’s sign with your contact information on it (as long as it doesn’t have the same type of ‘for sale by owner’ slogans or URL’s the cheap signs from the hardware store have). You will benefit from the professional look with the RealtorĀ® logos, while still getting all the drive-by phone calls that any For Sale By Owner using a cheap sign would receive.

Almost any sign company including several real estate sign companies on the Internet can assist you in designing and printing a For Sale sign. It might have a house on it, a snow scene if you live in the mountains or just be professional-looking with stylized fonts in 2 or more colors. You should place an Equal Housing Opportunity logo on it. Make sure it is the standard size metal sign that you see in your area, such as 2′ by 3′, and if possible, have it installed on a wood post or H-frame. Many major cities have sign installation companies that install and remove posts and signs for real estate agents; again this adds to the professional look and feel of the sign.

When your sign ceases to look like a cheap For Sale By Owner sign, you will cease to receive as many agents hassling you about listing your property with them. They are more likely to think you are already listed by an agent since your sign looks like a professional sign. (It is an ethical violation to approach the seller unsolicited and attempt to get a seller to cancel their listing and switch listing agents). Unrepresented buyers are less likely to realize right away that there are no agents involved and ask for a discount based on avoiding commissions. You are also less likely to be approached by scammers who attempt to prey on unrepresented sellers with various schemes like kicking back illegal payments to shill 3rd party companies. Finally, the professional -looking sign will tell prospective buyers that you are serious about selling; you did not just throw a cheap sign up on an overpriced property to see if anyone would pay your above market price.