Planning a private sale of your house

If you are among the 'do it yourself' group of people considering selling your home privately, without using MLS services, you should prepare well, and consider carefully all the necessary steps.

Present market conditions are favourable, but a well prepared plan of action is of utmost importance. Your home is, very likely, your biggest investment.

I have listed here some points to consider when planning a private sale.

• Pricing your home You probably have an idea of your home's worth. It is important to ensure that your idea is in tune with reality. Take some time to visit open houses, picking properties that look similar to yours. Compare the state of repair, decor, size. Take into consideration only the ones that sell within reasonable time - not more than two weeks. You may not be able to obtain the selling prices due to the privacy act, but you will gain some insight into pricing. Do you have the time for this research? If you don't, and don't want to ask a Realtor to do an evaluation for you, perhaps you could get an appraisal from a professional appraiser.
• Preparing your home Can you look at your house as if you were a prospective buyer, and ensure that every detail looks its best? We are creatures of habit, and stop noticing flaws that have been present over a long time. Remember that the prospective buyer will base his opinion of your property on a short visit, and this first impression will be the basis for his decision whether or not to consider the purchase. If you can look at your home objectively and be a strict judge, you will give your endeavour a good start.
• Limited exposure To ensure the best possible selling price your home needs exposure to the largest possible number of prospective buyers. Homes that receive multiple bidding offers are the ones that sell for the highest price. Without proper exposure you may not be able to achieve that position. Newspaper ads are costly and bring only limited response. Lawn sign attracts unqualified enquiries, which then have to be answered and qualified. Majority of buyers search the internet for properties, but only high ranking websites have a good chance to be found. One of the most popular is the MLS website, but it showcases only properties lited on the MLS system. If you are planning to sell privately to save the commission, can this approach achieve your goal?
• Timeframe Less exposure means, in most cases, longer time to sell. But a house that remains available too long usually sells for less - potential buyers think that if it didn't sell within a certain period of time (usually 2 to 4 weeks) there must be something wrong with the house.
• Saving commission Most of the buyers nowadays search the internet for properties and hire a Realtor to represent them and negotiate for them. Buyers who take all the trouble to search for homes being sold privately do this in order to save the commission - they hope that the owner who does not have to pay a commission will sell for less. Both parties in such transaction are trying to save the commission cost.
• Negotiating It takes a cool-headed and experienced negotiator to negotiate for himself (herself). Even experienced real estate professionals often resort to their colleagues' help when selling their own home. It is actually easier to negotiate own purchase, as there is no emotional attachment with the home yet.
• Proper clauses and wording If you decide to give your best try in selling your home by yourself, and receive an offer that is acceptable, make sure to insert a clause making the offer conditional on your lawyer's approval to avoid possible problems before, or after closing.

A few advantages of using Realtor's services:

• Using services of a professional Realtor usually results in a quicker sale and a higher price. More often than not the cost of commission is recovered with some money to spare.
• You will obtain professional advice guiding you in preparing your home for sale to appeal to the largest number of prospective buyers.
• A professional Realtor will have enough data and experience to price your home accurately to ensure the best result.
• It is the Realtor's office that deals with appointment and enquiries, saving you time and trouble.
• Your Realtor will work hard to get the best esposure for your home.
• When offers arrive, you will decide, with your Realtor's professional advice, on the best way to deal with them, and on accepting (or not) the final, negotiated price and terms.
• If you don't receive any offer that would be acceptable to you, you don't have to sell, and your Realtor doesn't get paid.

If you have questions about my services, please e-mail or call me. I will be glad to answer any questions. You are welcome to visit the page on my website where my clients posted their testimonials .