S A V E - S A V E - S A V E - S A V E - S A V E - S A V E

Yes, you can save thousands of dollars by selling your home yourself! The question is, should you?
Before you make up your mind, think about this:

1. You can save 6-7% of the sale price! BIG BUCKS! $$$$!
2. You will have to make yourself available to show your home at any time, or you may lose that buyer.
3. Make sure you price it right. Your neighbor may have inflated his selling price so check with the tax man first to see what your neighbor's house really did sell for.
4. Consider your family's safety. Do you want someone to see your house when only your wife is there? How will you handle showings when you are at work? Are your children home alone? Will they answer the door if someone knocks? Think about this in advance.
5. Be sure there's an appointment, and then be prepared for no shows, or just the curious. Get an answering machine!
6. Can you deal with someone who is critical of your home and furnishings?
7. Unless you price it right and display it well, be prepared for a long time on the market. Your market will be mostly limited to those seeking bargains because they want a part of any commission savings.
8. You need to plan your advertising and marketing thoughtfully. Prepare a brochure outlining the features of your home and then display your home accordingly. Don't skimp here.
9. If you hold open houses, be prepared for the curious.
10. Have everybody sign in when they go through your home. They are strangers and could be burglars or worse. And change the sign in sheet regularly, but keep the old ones. Be safe.
11. This is likely the biggest financial transaction of your life. Get a lawyer or a professional REALTOR® to handle the legal documents (they are many and varied).
12. How do you feel about negotiation? You're talking 10's of thousands of dollare here. Do you have the skills to close a deal for a fair and reasonable price? Don't let your ego get in the way.
13. Make sure your potential buyer is pre-approved for a loan. Otherwise your home will be tied up until the loan is approved or rejected. Get the name of the mortgage company so you can follow up on the loan status-important.
14. How much earnest money, or rather how little, are you willing to accept? The buyer doesn't have to pay any, but you'd be pretty naive to tie up your property for months with nothing to commit the buyer if he defaults. You have to decide what that commitment is worth.
15. Where are you going to hold the earnest money. A buyer is going to want it to be held in escrow. A title company charges for this.
16. Be prepared for your buyer to hire a professional inspector (make sure he is professional and not the buyer's brother-in-law). You will probably have to negotiate some repairs. Do you know what type of repairs you should make? Maintenance items are usually not required. You better include a time limit for the inspection to be completed.
17. Be aware of property disclosure requirements. Are you aware the government can impose a $10,000 fine if existence of lead paint is not disclosed?
18. Who is going to record the closing documents? You definitely should get a title company or an attorney to handle the closing. THIS IS A MAJOR DEAL.
19. Has your property been surveyed recently? The buyer's mortgage company will require one. How do you handle your neighbor's driveway or fence encroachment? Get a lawyer.
20. Be aware of how taxes, homeowners association fees, sewer assessments, etc. are prorated. Again you should have a title company or attorney to handle this.
21. Do you know what the local convention is regarding title insurance? The buyer may want you to pay for his title insurance costing hundreds of dollars.
22. If the buyer wants a contingency to sell his house, or to be approved for a loan, how will you handle this? Make sure there is a reasonable time limit on all contingencies. You will have to follow up to see that they are satisfied both as to time and conditions.
23. A buyer may have engaged a professional REALTOR® to represent him. He may ask for an appraisal contingency or approval of subdivision indentures. You need time limits on these and you need to get a copy of your subdivision indentures. You can get it at the courthouse.
24. How do you feel about negotiating with a professional REALTOR®? Be prepared. It's very possible your buyer will have contracted with one. Are you prepared to pay a commission? If you don't the buyer may have to and will, of course, factor that into the offer.
25. If you have an FHA loan, do you know whether there is any remaining prepaid mortgage insurance premium? If the buyer assumes your loan, do you get that refunded?
26. If you have a VA loan and the buyer wants to assume your loan, be sure to get a release from the VA or you still remain liable.
27. If the buyer wants to obtain a VA loan, be advised there are certain obligations the seller must pay that are negotiable in other types of loans.
28. Be sure to include a closing and a possession date in any contract. Are you prepared to pay rent if you stay beyond closing or charge rent if the buyer wants early possession before closing? Warning, it's not a good idea to grant possession before closing.
29. How is possession to be exchanged? When do you turn over the keys and garage opener? Think about that.

Risk, Knowledge, Effort, Skills, Time, Unforeseen Cost; if you are prepared for these,

Good Luck and Happy Hunting!