Selling A House Yourself. What Will It Really Cost?
It will most certainly cost you your money, time and energy. Not to mention your patience will be tested throughout the process as well. Selling a house yourself in Detroit can be an uphill battle in today’s market even if you have experience selling houses. The process of successfully executing a For Sale By Owner requires meticulous planning and great communication skills. You’ll need to find out what the property is worth in the current market and not base your asking price on your opinion. This will take a little bit of research and might take a while if you’re inexperienced in valuing property. After you figure out the accurate value you will need to come up with an effective marketing plan to get the word out. Sticking a sign in the yard and putting a few ads online are simply not enough to sell your house. Having a good amount of quality photos of the property inside and out will be necessary. Selling a house yourself requires that you are readily available to show the property and this means that you will need to answer your phone or at least respond promptly to all inquiries!
What Else Is Involved?
When and if the time comes where you find a buyer for your house you will need to qualify the buyer to make sure that they are actually able to close. A lot of these FSBO deals fall apart because of the buyers inability to fund the deal. It would be a good idea to verify exactly how your prospective buyer will be funding their purchase. Bare in mind that this is a real estate transaction where actual ownership will be transferred from one party to another. This process of conveying ownership will require having the right paperwork in place and not using some cookie cutter purchase agreement that you downloaded from the internet! If you use a faulty contract you can easily get burned. The best way to get a legitimate contract is to get one directly from a Michigan real estate attorney. You will pay for this out of pocket but it can protect you from any future law suits if something goes wrong. In the world of real estate transactions things definitely do go wrong! The final steps of selling a property yourself consists of setting up and completing the closing process. Here in Michigan this is usually done at a title company or could also be done at real estate attorney’s office. Either way it will cost you some closing fees and you’ll be responsible for coordinating this closing process to a certain degree.