Know what you don't Know.

At first glance, that might sound impossible.  I don't know advanced calculus, so how could I know it? 

Don't worry, you won't need advanced calculus to sell your home by yourself.  You will however need to understand that you are not an expert in contract, negotiations, title work, insurance, inspections, building codes, mortgage lending, legal surveys, property appraisal, marketing and advertising.  You might be an expert in one or two, but you need a team of professionals to get a home sold legally and safely where all parties can sleep at night. 

Remember that when you spend money on the services of a true professional, you usually get more value than you pay out.  For instance, if you are a fairly savvy advertiser and negotiator, you could probably find a buyer and settle on a fair price in a good real estate market if your home is in a good location.  Then what?  What do you do about the rest of the hundreds of details necessary to complete a residential transaction. 

Option 1:  Assume someone else will do it.

                  Someone usually will, but they rarely will have your best interest in mind and look out for your bottom line.

Option 2:  Ask someone to do it for free.

                  Someone might, but they certainly won't have the motivation to work hard for you that they would if they were being paid.

Option 3:  Hire a PRO.  A professional will give you confidence that the job will be done right and that you will be protected from losing the thousands of dollars that are at risk in any given transaction. There are companies out there that provide this "contract to close" type of service for under $2,000.  Compared to the full commission of a traditional listing agent, this would save you over $10,000 on the average US house.  You would do what you are comfortable doing, and you would get a PRO to do the tough stuff.

BigDBlog wants you to save money where you can, and be smart where you must.  Option three makes sense for almost all FSBOs (For Sale By Owners.)

Most cities have Full Service Real Estate offices that will offer a paperwork or file service for a decent price, and most cities have Fee for Service offices that do this all day long.

Feel free to send questions as usual,

BigDBlog

Visit http://www.dallashomerealty.com/bin/web/real_estate/AR186789/TESTIMONALS/Dallas/1205872417.html for more info about getting affordable professional help when you have found a buyer.

Many Dallas home owners consider the pros and cons of listing and selling homes with traditional real estate agents and cringe at the prospect of paying a 6% or 7% commission.  This usually leads to the the book store or the Internet where home owners can find decent resources on how to sell a home on your own.  Decent means that among the blast of advertising from websites and so called marketing services you should be able to find a handful of good tips on selling a home yourself. 

Here is a cheat sheet with most of what you should know.  As this is just Part I of a multi-part series on For Sale By Owner issues in Dallas Texas, there will be more to come.  Feel free to comment and ask questions anyway.

• Plan Your Attack First
• Prepare your home for sale (clean, de-clutter, landscape, remove negatives)
• Find help to handle the "details of the transaction" once you have a buyer 
• Research advertising options (too many options to try it all, but you must advertise the home for sale)
• Commit to consistently advertising in a minimum of 4 places for a period of at least 60 days
• Make your home available for prospective buyers to view as often as possible (keep it clean)
• Smell can Sell - (keep your home smelling good)
• Remember, Price is important, but it is not the only term to negotiate (closing date, title insurance, inspections, repairs, attachments etc.)
• TAKE EXCELLENT PICTURES - LOTS OF THEM
• Use the Internet as much as possible - 84%+ of all home buyers start their search on-line.
• Research SELLING prices in your area.  Your neighbor may have asked $299,900 and he may have told you that he got it, but he most likely took less.  As a For Sale By Owner, you must price competitively.
• Be prepared for lower offers.  Buyers assume FSBO means that it will be a better deal.
• Know your Square Footage, Year Built, Age of major systems like Heating and Air conditioning, Hot Water Heaters, Roof etc.
• Have your own inspection done before you put your house up for sale.  You'll know what to expect when the buyer has his inspection.

More to come in Part II,

BigDBlog

Post your FSBO for free at www.4DallasHomes.com