Finance Globe

U.S. financial and economic topics from several finance writers.
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Selling your Home by Owner: Are you Ready for the Process?

If the time comes to sell your home, you have two basic options for moving forward:
  • List and sell your property by owner
  • Hire a real estate agent
The primary benefit of selling by owner is that you don’t have to pay a real estate agent for his or her services. In the end, if you are successful, you will save quite a bit of money.

While this may sound like a no-brainer, especially for those who want to save money, when you sell by owner you are responsible for every detail along the way. Are you ready for anything that could be thrown at you?

Here are the four primary parts of the process to be aware of:

1. Listing and marketing your home. During this stage, it is your job to make sure that others are aware that your home is for sale. From putting a sign in your yard to paying for an MLS listing, there are steps you can take during this step to improve your chance of immediate foot traffic.

2. Show your home to interested parties. Nobody is going to make an offer before they see your home with their own two eyes. For this reason, you should get ready to act as a real estate agent. You are staffed with the responsibility of showing your home until it sells.

3. Negotiating a final deal. For many, this is the most challenging part of selling by owner. During negotiations, you will be faced with many big decisions. Will you accept the first offer? Will you counteroffer?

Stick to your guns, but don’t be so stubborn that you look past a good deal.

Tip: since you don’t have to pay a seller’s agent commission, you may be in position to sell your home for less without feeling the hit.

4. Close the transaction. This is the act of transferring ownership of your home to the buyer. If you are lucky, the buyer will have an agent who can set this up for you. If not, contact a closing company or real estate attorney to walk you through the process.

When selling your home by owner, these are the types of details you will be faced with. Are you ready to take on these four steps? If so, the for sale by owner route may be perfect for you.
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Sunday, 20 October 2019

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