You can get a For Sale by Owner Real Estate Contract from an office supply store or from a few different places on the Internet. It is often difficult to get one from a real estate agent as they are in the business of marketing properties for sale, not providing forms so people can do it themselves.
Facing the decision of enlisting the service of a real estate agent or if you sell home yourself, you opted the latter, so congratulate yourself over this wise decision. However, there is no gain without pain. So be ready to apply yourself completely to the project you have undertaken to sell home.
In today’s market it is more difficult but several times more important to target market price accurately. To make a successful estimate, you need very similar sold properties that have closed in the past 4 – 6 months only. Correcting for important differences like prime location, lot size and view, the supported market price is revealed in the average price per square foot.
A common mistake made by equity sellers and REO asset managers alike is “wishful pricing.” Instead of market price, they allow what a property “was worth” or “should be worth” to factor into their decision process. It is an easy mistake to make, especially in a declining market, but it can be expensive. Here is why.
The home inspector makes it out to the property on the 10th day to do the property examination. But then it takes him a week or so to complete the inspection report and deliver it to the buyer, and the purchaser finds some nit-picky reason in the inspection to back out of the contract. Your property has been off the market far more than 10 days, so do you get to keep the earnest money deposit? What if the purchaser’s loan falls apart 25 days into the contract?
The next herculean task when you sell home is to fix the right price for your house. The best way to do this would be to enquire the price at which similar houses in the neighborhood were sold. Alternatively you can also scout around for houses to see for what prices they are being offered. An easy way out would be to pay an appraiser to fix a price for the house and the final price may be fixed based on all the information gleaned.
Efficient advertizing is the key to selling your home fast. In addition to the “for sale by owner” sign, Internet is an effective way to spread word about the sale when you sell home. Circulating flyers in the supermarkets, libraries, schools and having an advertisement inserted in the classified column of the local newspaper will also increase awareness.
Now obviously if the buyer finds some type of substantial defect with the property you were unaware of, this is a legitimate reason for them to terminate the contract. But you would prefer this unlikely situation to happen very early in the process.
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