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| Selling Your Own Home - We have a program for you! |
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Selling your home "For Sale By Owner?"
Let St. Louis Realty help You!
Our For Sale By Owner program allows you to continue marketing your property and if you find a buyer before we do, you pay us NOTHING!! If we find a buyer first, you pay us a discounted rate of only 5%...YOU CAN'T LOSE!
Twice as Much Effort Equals A Quick Home Sale For You!!
With our For Sale by Owner program, St. Louis Realty will provide the work of a traditional agency but with one difference...we allow you to continue marketing your home. This program has helped hundreds of homeowners just like yourself and is a win-win situation.
If you would like to hear more about this program please call:
St. Louis office: 314-ST-LOUIS (314-785-6847)
St. Charles office: 636-397-SOLD (636-397-7653)
If you do plan on selling your home on your own, here are some helpful tips to get you started....
Know your property. If you are not already, become familiar with facts about your property such as property taxes, zoning, lot size, square footage, etc. Look at the terms of your existing loan.
Research the current market and property laws in your area. How much are properties similar to yours selling for? What are the terms of the sales? What property disclosure laws do you need to take into consideration?
Set the price. Once you know the specifics about your home and have checked out what similar properties in your area are selling for, set a realistic price.
Determine financing alternatives. Contact lenders in your area to determine what the options are for your prospective buyer. You want to be informed or your lack of knowledge may turn them away.
Perform a "walk-through" of your property. Look at it from the perspective of both the prospective buyer and the inspector. Take notes on all items that need to be repaired or replaced. Make all repairs noted in your inspection. Things to consider include:
Outside:
From the street, is the house appealing? This is called "curb appeal".
Does it need a new coat of paint either because the old paint is cracked or faded or because of an uncommon choice in color?
If your house has a yard, is the lawn and landscaping attractive and well-kept?
If it is a condo, you can't do much about the building, but are the front door, balcony, and windows attractive and in good condition?
Are the roof and the gutters in good condition?
Are all toys put away such as bikes, scooters, etc.?
Inside:
Are the interior paints and finishes in good condition or do they need to be freshened up? This is one area with the best ratio of least expensive to most desired. For a minimal investment, you could possibly make or break a sale by having your home look well-kept and inviting.
Are the appliances in good working order and of recent vintage?
Are the plumbing and electrical systems in good condition? Are they fully functional?
Are the carpets and other floor coverings clean and in good condition? Floor coverings are worth paying for so that your home makes a good impression.
Are the sealants (sink, shower, tub, windows) in good condition?
Are all light fixtures working properly, and is there good lighting in each room so that prospective buyers won't think you're hiding something?
Know your neighborhood. Most prospective buyers will want to know about the local schools, shopping, parks, transportation, etc. Be prepared so you can knowledgeably answer their questions.
Establish a marketing budget. How much are you willing to spend to sell your house?
Real estate commission if you use an agency to sell.
Advertising costs, signs, other fees if you plan to sell by owner.
Attorney, closing agent, and other professional fees.
Excise tax for the sale.
Prorated costs for your share of annual expenses, such as property taxes, home owner association fees, and fuel tank rentals.
Any other fees typically paid by the seller in your area (surveys, inspections, etc.).
Real estate agents deal with transactions every day and can give you a very close estimate of seller closing costs.
Investigate the real estate sections of local newspapers and other publications. What will get you the most "bang for your buck?" Are there free real estate publications in your area that accept ads from individual sellers? In the local paper(s), is it better (in your area) to run a text-only classified or do they have photo boxes where you can run both text and photos of your property?
Don't forget the Internet. As you have probably noticed from the website you have found this article on, most agents have their own website, which includes their clients' listings as well as the entire MLS search. If you work with an agent, your property will most likely be placed on their web site and on the full MLS search as part of the services they will offer you. If the real estate agent's website you are currently viewing does not service your area, log onto www.agentwebpros.com to find an agent who will be able to list your property on their website.
In addition, some newspapers offer Internet advertising tied into their traditional print ads. Learn the rates and deadlines for each publication, then decide which one (or more) is best for you and your market.
Establish a marketing plan. Now that you know what advertising will cost, create a plan on how to best reach prospective buyers, both local and out-of-town. Since many people do relocate from a distance, be sure to include Internet advertising in your plan. If your town is large enough, the local newspaper might have a national edition that you want to place your ad in.
Write the text and/or design your ad. At the very least, you will need a few well-written sentences that will run as a classified ad or a photo box ad. In addition, you might decide to run a larger, custom-designed ad in the paper and/or use as flyers to hand out to prospective buyers. Don't skimp on this. A professional, well-crafted ad can attract buyers while a poorly designed and executed one can turn buyers away from your property.
Clear your schedule. Make arrangements so that you have free time to schedule appointments at the prospective buyer's convenience, as well as for any open houses that you hold. If you are working with an agent, he or she will take care of showings and open houses on your behalf. It is best to allow your agent to show your home on their own so that the prospective buyer does not feel uncomfortable or pressured.
Purchase and install a "for sale" sign. This should be well-designed, attractive and weatherproof. The sign must be placed where it can clearly be seen from the street. If you are working with an agent, he or she will most likely provide the sign to you.
Prepare a fact sheet. Design a single sheet description of your property listing the features and benefits that will draw in prospective buyers. This should be attractive and professional looking. Have enough copies on hand to give out at open house showings. Again, if you are working with an agent, he or she will most likely do this on your behalf.
Purchase open house signs. Make sure that they include a place to write the address of your property and the date/time of the open house. In addition to one for the front yard, you'll want to place several in conspicuous locations around the neighborhood, such as main streets leading to your house. For these, directional arrows can point prospective buyers to your house even if they don't know the area. Make sure that you take these signs down as soon as the open house is over. You don't want people showing up on your doorstep at all hours of the day and night.
Set up a schedule of open houses. While most are held on the weekend, this is not convenient for all buyers. Make sure that you coordinate your print advertising to include information about your next open house.
Keep a list of prospective buyers. As people come through during open houses or as they call from reading your ads or seeing the sign out front, keep a list with their names and phone numbers. Concentrate your attention on those who seem serious about your property, as opposed to those who are just checking out the neighborhood or whiling away a Sunday afternoon. Make sure that you make follow-up telephone calls to all those who seem seriously interested in your property.
Once you have an offer, it's time to negotiate. Leave your emotions behind when you enter negotiations. You never want to get angry or give away the fact that you're overly eager.
Get your forms in order. A number of forms are required for the legal sale of your property. In addition to the contract of purchase and any counteroffers, there are approximately 20 other forms that the seller is required to provide to the buyer. It is necessary to review the contract carefully to determine when these forms/documents are due and what the buyer's rights are once they receive the document. The form and content of many of these documents are prescribed by state or federal law and must be adhered to in their entirety. The proper forms may be obtained from your local Board of Realtors or from your real estate agent who is representing you.
Negotiate final terms of the sale. Buyers and sellers need to come to an agreement (in writing) regarding the following:
Price
Inspection contingencies
Financing terms
Date of closing
Date of possession
It would be prudent for you to have an attorney review any and all contracts before the deal is finalized
Final walk-through. When both the buyer(s) and a witness can be present, schedule a final walk-through before you complete settlement in order to determine that the property being conveyed meets the expectations of all parties involved. Resolve any disputes before the transfer of title.
Find and make arrangements for the home you will be moving to. Unless you have already built or bought a new residence, you'll need to be the buyer for a new property while simultaneously being the seller for your current one. If possible, schedule both transactions to close at the same time, or else close your purchase shortly before closing your sale. You need to be moved out before the new owners take possession.
copyright Agent Image 2001
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