how to sell a house by owner

Simple And Effective Guideline For Selling The House By Owner

Selling your house will be one of the most important financial transactions of your lifetime. It is obvious that selling the house involves a long list of do’s and don’ts and decision making on various aspects from getting your home sell-ready and setting a competitive price, to negotiating with buyers and smoothly having the closing process done. Here are some simple and easy steps for the same.

Step 1: Read the Market Value of your House

how to sell a house by owner

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For getting a fair value of money, you must get this step right. Price the house too low, and you’ll get less cash on the sale than you should. But if price it too high, and the house can sit for months without selling it is also a kind of opportunity loss.  Your only strategy at that point will be to set the price in such a way that it gives fair value and impression to potential buyers. There are three ways for determining fair value of your house. They are hiring the appraiser, hiring real estate agent and going for real estate valuation site.

Also Read : All You Need To Know For Managing Funds : Home Equity Loans vs. Mortgage Loans

Step 2: Have your home Sell Ready

how to sell a house by owner

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Preparing your home for buyers is one of the most important steps before selling a house. The only objective here is to make your house more attractive by spending less on it also you can highlight your home’s best features. This can be done by clearing out the debris, having your carpet and windows professionally cleaned, using staging techniques, sparkle up your exterior, applying special touch to your garden and yard etc. To make a room seem larger, you may want to reposition couches and chairs away from the walls into little clusters and also have decent lightings to have more appropriate view.

Step 3: Effective Marketing

how to sell a house by owner

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You will need to supply information to all those who are interested in buying the house and also to others. You can create these using a Word document and by adding some graphics to it. Also you should have a considerable number of photos of you interior and exterior in order to give primary information to interested parties. Also you can post these photos on websites such as Homefinder.com, 99acres.com etc. You can also go with distribution of brochures.

Step 4: Negotiate Selling

how to sell a house by owner

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Once the buyer is interested in buying your house you should start negotiating with him. As you go down, the buyer will come up with prices. You should decide how low you want to go as you should get decent value of your property.   Once the deal is done you must get the whole thing in writing from the buyer. The contract so drafted must spell out every detail of the sale, including the purchase price, closing concessions, items that will be included in the sale etc.

Step 5: Complete Paperwork and Finalize deal

how to sell a house by owner

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Once these matters are handled, the next step is preparing for closing day. As you are selling home on your own you will need to gather all the documents personally without any assistance. In most cases, accepting an offer and signing a purchase agreement is a huge relief as it signals the end of the deal and get for your house fairly.