© gulfshoressteven (Flickr) House for sale by owner: 112 Pineview Cir Daphne, AL 36526 – 0001
© gulfshoressteven (Flickr)
Sell your home by owner
For sale by owner sound sensibly, doesn’t it? The owner does not have to pay an agent’s fee and he is in total control of the transaction. Total control of the transaction would mean the owner has to handle the financing, market the home, write the contracts and even figure out how the capital gains tax on the property.
Ten percent of all for sale by owners will be successful and the rest will list with an agent and usually within 60 days of placing the home for sale. The idea was to save money, but after you spend several hundred dollars in advertising cost, you still list and pay a commission to an agent.
Just how much money did you save? Agent commissions are negotiable and just may save you some heartache down the road.
Sell my house online
The new "in way" to sell your home is online. There are many websites now that guarantee you they will sell your house online free of charge. Your home is advertised with pictures and it is up to you to handle the rest. The websites of course have all the things you need to sell your home with including lenders and finance companies, for a fee of course.
Again is this a good idea? It may be a good idea for the lucky one. This is better than a for sale by owner in your neighbourhood, as you are getting free advertising. Still though you must know how to handle a loan, where to bargain and know how to close an escrow.
Precautions on selling your home privately
For those who are trained in real estate transactions, the thought of saving several thousand dollars in fees sounds attractive. There are some precautions to be made aware of for anyone who chooses not to hire an agent.
1. Writing a contract can be a legal nightmare and for those who do not know how to write in contingencies, it could end up costing them more than they saved.
2. Who are you showing your home to? Could Jack the Ripper be at your door? Be careful.
3. Do you know how to write a disclosure form?
4. You have no clout. So banks, escrow and title companies have no reason to help you or cut fees?
Source: forsalebyowner.com