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Guidelines for a Successful FSBO

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By : Leticia Carvalho    99 or more times read
Technology has made every human endeavor easier. With the help of this amazing thing, selling properties, particularly For Sale by Owner transactions, should be a breeze as well. Through the Internet, homeowners can now put their properties on the market without a sweat, or the help of a real estate agent.

An FSBO transaction is always worthwhile. It spares sellers from having to pay commissions to an agent and it gives them full control of the entire process.

For a successful FSBO, follow these guidelines:

  1. Make sure that your home is ready to sell. A presentable home is very important in an FSBO transaction. Do some enhancements. They can be as elaborate as redecorating rooms and improving the landscape or as simple as scrubbing the carpet and cleaning the house.

  2. Set a reasonable price for your property. A very low price will leave you with a meager profit while a very high price might drive buyers away. Price is the major reason why FSBO transactions fail. To help you decide on a sensible price, hire an appraiser.

  3. Seek the help of a real estate lawyer. They can be very helpful in drafting the sale contract. Also, they can help you learn about complicated mortgage terms.

  4. Market your home. Advertisements range from simple word of mouth to yard signs to internet ads. An open house is also a good advertisement if you want a more personal encounter with potential buyers.

  5. Discuss offers with your buyer. Be ready with counter-offers. Also, assess your buyerís paying ability.

  6. Have your home inspected. Should damages be found, it is your obligation to have them repaired. Otherwise, you may choose to slash the cost of repair from the amount to be paid by the buyer.

  7. Prepare for closing day. Usually, the buyer does a final inspection to make sure that necessary repairs are done. This happens 30-45 days after contract-signing. All payments are made on that day.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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