Rey Albert

Many people ask, can I sell my house on my own and save real estate commissions? The answer of course is yes. But I think that many people do not understand the process and you really need to in order to sell your own home. In this blog I will try and explain the process as clearly as I can and, in the end, I am pretty sure you will see a professional realtor in a different light.

First, you must have an idea of how much money you think your house is worth. Everyone will almost always overestimate their home's value and never get anyone to make a serious offer. There are many ways to find out what your house is really worth on the open market. Google "what is my house worth" and several sites will pop up. Also you can ask a Realtor to do a Comparative Market Analysis (CMA). Most Realtors will do this for free in the hopes of getting a listing contract. Be honest and do not lead the Realtor on, just say you want an idea of what your house is worth before decide to sell. This will be the most accurate information you can get.

Next, you need to get your house ready for sale. Clean, paint, get rid of clutter, take your family photos off the wall, land scape, clean out the garage and basement. Remember first impressions are everlasting. Especially curb appeal, this is the first picture people will see of your home and they will start judging accordingly.

OK, your house is ready! Here is the second big mistake people make when trying to sell their home. They put a sign in the yard "for sale by owner" and that's it. Selling your home will still take some money even without a Realtor. You have to have a marketing strategy. Before I was a Realtor I sold several houses by myself and learned that valuable lesson. It is the difference between selling your home or having a sign in the yard forever. There are several Internet sites, like isoldmyhouse.com, that have different packages to choose from for advertising purposes. Research these sites and choose the one that's right for you. Have open houses and advertise them in your local paper. This is key because it lets people in your area know you have a house for sale. A realtor will do the same thing but that's all included in the commission. But a realtor also has the Multiple Listing Service (MLS). This gets all the Realtors in your area active in finding a buyer for your home. It is a powerful tool and could sell your home faster. It is your decision to make. The MLS is not the golden arrow, just a very good tool.

Legalities. I advise finding a good real estate lawyer. Not any lawyer that dabbles in everything, a real estate lawyer. This is like the doctor who specializes in heart surgery or pediatrics or any other specialty. They still could practice general medicine, but they specialize for a reason. A real estate lawyer will know how to deal with different government agencies like HUD, FHA, CHFA and any other program requiring continuing education. This lawyer will help you with the paper work you will need to handle any offers you might receive and guide you through the different laws in selling real estate in your particular area. In some areas of the country they are known as title companies. Whichever it is, they will keep track of the process, do a title search, prepare a warranty title, and deal with the lending institution. So you see why a real estate lawyer or title company is important?

OK, your house is ready, you have a marketing stratagy, and you have counsel. Now you have to deal with prospective buyers. This is the most stressful part of any transaction. Buyers come in all shapes and sizes. I use that as a metaphor because with one buyer, the transaction might be painless or you might get the buyer who makes ridiculous demands. This causes a lot of stress because once you enter into a contract with someone and take a deposit you have to deal with all the negotations. This is where the Realtor will shine, being the intermediary between you and the buyer and advising you of your options and be on your side looking after your interests.

So in the end, you may save money selling your house yourself, but you have to do all the work.

Selling your home yourself at first may seem intimidating but it can be done. I will explain to you how to find out what your house is worth, how to market your home, how to make your home presentable for buyers, and how to circumvent the legal aspects of selling your home and qualifying your potential buyers.

What is your home worth?
The first question a potential seller will ask is "what is my home worth?" The answer to this question will determine if the seller will be able to sell the home for enough money to meet there needs. To do this call a real estate professional and ask for a comparative marketing analysis or (CMA) The real estate agent will then pull comparables based on your home that has sold within the last six months. Any real estate agent will do this for free. Although the agent may be expecting to get a listing for their trouble be polite, take there card and tell the realtor you will get back with them. You may realize you actually may need them in the future.

Marketing your home
Now that you have an idea what your home could bring on the open market you now have to market your home. This is where you trade off paying a commission to a real estate agency by saving money marketing the property yourself. Most people who try to sell a home by themselves do not understand this basic concept and fail. Yes you have to put up money for marketing your home which could cost a few thousand dollars or less depending on your savvy. Paying a few thousand marketing your home is still saving you even thousands more by not using an agency like Century 21. There are several companies out there to help the for sale by owner or (FSBO). These companies include I sold my house.com, assist to sell, for sale by owner.com, and more. These companies offer packages to help you sell your home. I would go for the one that has a monthly publication you could feature your home in. Also I would suggest doing a virtual tour for the website. The one thing that sells homes is pictures. Do not skimp on this part, it is the most crucial. You will also want to advertise in your local paper for an open house. You have to be active in the marketing faze or you will not sell your home.

Preparing your home
Now you have to think about preparing your home for sale. The first thing is get rid of the clutter. All them do dads on the refrigerator, the clutter on the tables and counter tops, Pictures on the wall, clean everything, make your beds, and have a few neat place settings on the kitchen table. Clean up the yard; add a few simple plants for curb appeal. The garage is the one place that gets no respect, clean it out and let potential home buyers see you can actually put a car in there. Now is the time to clean out the closets and get rid of things you have not used or worn in years. If the walls need paint do it. Clean the cabinets and if they need new hardware do it, kitchens and baths sell homes. Also keep your lawn mowed, if it is the snow season you have to think about safety so keep the walk ways clear as well as the drive. Your goal is to help people be able to vision there personnel belongings in the home hence taking the pictures off the walls and off the counter tops. Seeing your family all over the place is not making the home feel like home to them.

The legal aspect
My advice here is to seek out a real estate attorney. For about 600.00 they do it all. They can provide you with the correct documents and explain to you how to fill them out, and are with you till closing. They will make sure the paperwork is dress right dress and will keep in contact with the buyer's attorney. They will deal with the title companies and the mortgage people. You could not have made a better investment.

Qualifying your buyer
The best way to qualify a buyer is before you accept a down payment or sign a contract and be bound please ask them for a prequalification letter from a reputable financial institution. This way you know at least they can truly afford your home and can get a loan.

If you need an agent just call me, Rey Albert (860) 394-8503 or vist my website albertr.ctmls.mlxchang.com