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The Reality of Selling Your Own Home

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By : Krista Kehoe    99 or more times read
Most people who are interested in selling their home want to maximize their profit; consequently many home owners consider selling their home without the assistance of a REALTOR®.

Owners who sell their own home do not pay a commission to a real estate agent. Instead, the owner takes responsibility for representing themselves, with the help of a lawyer, throughout the sale. Interestingly, Canadians are more likely to sell their own homes than Americans; more than half of all homes sold in Québec are sold without a real estate agent.

If a buyer, who has enlisted the help of a real estate agent, is interested in your home, that person can still buy your home even if you don’t have a seller’s agent. The buyer’s agent may request a finder's fee or commission from the home owner for bringing the buyer, but the seller has no legal obligation to pay one.

The following is a list of things that you will have to do if you decide to sell your home without the help of a real estate agent:

Determine what your home is worth. Be careful not to overvalue your home; independent appraisals are recommended.

Advertising: Most people advertise on line, but you may also want to advertise in local papers and invest in some “for sale” signs. Some on-line advertising companies can provide for sale signs as well.

Staging: Your home should be very clean and clutter-free. Your house should look welcoming but free of personal items such as family photos.

Book Appointments: Interested callers should not have to wait days to hear back from you. The longer they wait, the more likely their interest in your property will dwindle or they will find another home to buy.

Showings: Everyone has a different schedule, so you should be prepared to show your home on weekends and evenings.

Price negotiating: You will need to be able to negotiate a fair and objective price. Be clear during negotiating about what you will leave in the home and what you will take with you. Typically, anything attached to the house, stays in the house, while everything else goes.

Be prepared: Look up real estate terms for FSBO sellers. You don't want to make a mistake simply because you don't understand a term.

Close the deal: A lawyer familiar with real estate should be involved in writing up, and closing, the deal.

There are people you can hire to do each of these jobs. However, if your goal is to save on realtor fees, then you probably don't want to spend money on home decorators, appraisers, photographers, etc.

A real estate agent's job often seems easy but when you factor in all the jobs they do, and the services they provide, it's understandable why the majority of people enlist the help of an agent.
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