For Sale by Owners
selling my own house
Quick tips for the inexperienced seller
How are you marketing your property?
In todays modern market, most buyers will find their home online. They will more than likely be represented by a buyers agent. Make sure your marketing, negotiation and contract skills are sharpened.
Cash offer, no problem!
Make sure you have a verified proof of funds letter from the buyers banking institution.
Do you have a legit qualified buyer?
Keep in mind the criteria based on loan type fluctuates. Not all loans are created equal. (If you have an HOA, there may be strict guidelines that may make the deal fall apart.
3A. If you are selling a condo, is your condo warrantable per HUD? This may eliminate certain types of buyers due to their loan product. (Click link below)
You are always welcome to call us to help vet a buyer or answer your questions.
What should I know?
The majority of for sale by owners have one common denominator, saving on commisions.
Please keep in mind that you will still more than likely have to pay a buyers commision as the majority of buyers will be represented by an agent. Agency is typically a "free service" to buyers.
Although all peices of a real estate transaction are negotiable, the odds of finding a buyer on your own without representation is slim, but not impossible.
There are different types of representation.
Sellers agent (Typically 3%) Please note: It is illegal to price fix a commission; Everything is negotiable in a real estate transaction.
Buyers agent (Typically 3%) Please note: It is illegal to price fix a commission; Everything is negotiable in a real estate transaction.
Transaction broker (Varies) Legal in Colorado, most agents refrain from this representation. High risk.
Unless you sell properties for a living, you may want to highly consider hiring an agent to represent YOU, after all you will be paying for an agent to represent your potential buyer. By not securing your risk factors, you may be left holding the raw end of the deal while the buyer walks way, legally protected.
Most folks believe they can save money by selling on the black market, however statically, a homeowner will make 7%-11% greater in net proceeds when hiring a professional (data from NAR®) , this includes all commissions. At Propertyville Inc., we work with your goals in mind. Helping you decrease your risks while holding onto your time built-sweat equity. Transfer your risk and save your time.
Source: National Association of Realtors®
Call us today to determine how we can help keep more money in your bank.
If you have an active online FSBO, ask about our flat fee for service agreement.
