Homes For Sale By Owner - Real Estate By Owner, Inc.
Frequently Asked Questions
- What happens if I start, then decide I can't handle selling For Sale or For Rent by Owner?
We can refer you to a full service REALTOR® who will list your home in the traditional manner and still give you a discount on the commission fee others charge. - How will showings of my property be handled?
Generally prospects will call on your advertisements, your internet ads with us, your yard sign or other ways. When you get a call from a buyer or buyer agent, simply set the time for showing the home that's convenient for both of you. If a REALTOR® buyer agent is involved - then you can use a lockbox that permits entry while you are away. We have lockboxes if you desire one. - What should I emphasize to the buyers or renters when showing them through?
Stress the special features, improvements and updates of your property. Tell them about your community amenities. Let buyers know about the mass transit in your area and the proximity to local schools. Think about why you bought your home and what has been nice about living in this property. Make a flyer with these points listed to hand out to buyers and buyers agents, so that they have something to remember your home after they leave. - How does a buyer agent or buyer broker work?
Buyer agent/buyer brokers work exclusively for the buyer. You can use them to your advantage by offering to pay them a 3% selling commission (or less). Since it's in their interest to make sure the sale goes through, usually the buyer's agent will see to the details of getting the buyer's loan approved, coordinating home inspections, termite inspections and closing details. - How do I maximize my property's exposure to find the right buyer or tenant?
A coordinated media advertising plan is best! Get your home listed in the REALTORS® Multiple Listing Service and offer buyer/tenant agents a selling/leasing commission if they bring an acceptable contract. Get your home on the Internet! We feature your property on www.realtor.com and our own site as well as others. These sites will give you the top exposure you need. Finally, place an ad in the local papers like the Washington Post. - What is the right price I should ask for my property?
Usually sellers have an idea of what neighbors have sold for. You can also use our web page, under services to check prices on recent sales in your area. If you still need help, ask us for a comparative market analysis on your neighborhood. Remember, most successful sellers price their homes competitively - not too high and not too low. Be careful about overpricing your property! - How do I know if the buyers are qualified?
Before you sign any contract for sale, insist the buyers give you a letter of pre-qualification or even better - a pre-purchase approval letter from a reputable mortgage lender. Even with these letters, things can still come up during the loan processing that may delay your settlement or even disqualify your buyer. You can check with the buyers or the buyers lender weekly to be sure things are on track. In our 27 year experience, 98% of the time with a pre-qualification or pre-purchase approval letter your buyer will get the loan. - Who holds the buyers deposit?
You or a 3rd party like an attorney or escrow agent. Should you hold the deposit, don't spend it. Keep it in a separate account, as it's still the buyers money until you close. - What if my buyer wants a home inspection?
Most buyers will want a home inspection and make their purchase agreement contracts contingent on a satisfactory inspection. It can also protect you from the buyer coming back later in the sale or at settlement saying they were unaware about certain things in the property. After a 3 to 4 hour Home Inspection, the buyers will know almost everything about the condition of the property. The buyer usually pays for the home inspection to thoroughly check out your home from top to bottom. After receiving the inspection report - the buyer will either release the home inspection contingency or ask that certain things uncovered in the inspection be fixed by you, or they may just want to void the contract at that time. You can agree to do whatever items they request, or do some and compromise with your buyer on others or sell strictly "as is". - Who orders the Termite/Pest Inspection?
It is the sellers responsibility to provide a clear termite/pest inspection report for settlement. If you have a contract with a pest company - call them, otherwise get a recommendation. Be sure to specify to the pest/termite inspector what type of financing your buyer is using. VA and FHA have special forms. - When do I have to give possession of my home to the buyer?
Unless otherwise agreed to, you will give possession at settlement. If you agree with the buyer to early occupancy for them or a rent back from you - be sure to get your agreement in writing. - When is the buyer's final walk through?
Usually just before settlement and transfer of possession. - Do I have to provide Home Owner Documents to the purchaser and how much do they cost?
If you live in a community that has a Home Owner Association or a Condo Association - you will need to provide current documents to the buyer. You can order them from your community management company and they usually cost around $100, paid up front. - Should I fix up my property before I sell or should I let the buyer fix it up like
they want it?
Most experts say you should invest in sprucing up your property for the quickest sale at the best price. Simple painting and cleaning are big paybacks. Get our booklet of "fix up tips" and "how to stage your home for the best results". - Who will do the settlement?
Usually the buyer will select the settlement attorney or agent. Whoever does the settlement should be notified early in the transaction so they have time to search the title and prepare the necessary documents. The settlement attorney or agent should get a copy of the contract as soon as it is ratified and contingencies removed. - What forms and disclosures do I need to sell my home?
Today, there are a lot of forms you need to sell your home and comply with local, state and federal laws. We will provide you with a packet of contract forms, legal disclosures and other forms you will need. - Who helps the buyer get a loan to buy my property?
If the buyer is working with a buyer agent or broker - the agent or broker will help them get the loan. If the buyer is on their own - then we recommend competent, competitive mortgage officers that will that will get a loan for your buyer. - Should I cooperate or work with real estate agents or brokers?
It's up to you. Most for sale by owners do offer a selling commission to any broker or buyer agent that brings an acceptable contract. If you refuse to cooperate with agents and/or brokers, you eliminate a large pool of buyers, but again - it's totally your choice. - Why is it important to list my property in the REALTORS® Multiple Listing Service
and on the Internet?
Simply put - Exposure - more than 90% of buyers will explore the REALTORS® Multiple Listing Service and the Internet while looking for a home. With us you get the REALTORS® Multiple Listing Service and Internet sites with photos of your property for as low as $249 plus whatever you want to pay a buyer agent/broker for bringing you an acceptable contract. A lot of sellers pay 6% to just get listed in the REALTORS® Multiple Listing Service. - How do I get started with your program?
Just contact us and select which services you want - pay by check, money order or credit card and we will have the Service Kit you selected delivered to you within 4 days. We will feature your home in the REALTORS® Multiple Listing Service and on the Internet as soon as you fax or mail us back your input form.
