Why sell For Sale By Owner? Because it can save the home owner a tremendous amount of money. While real estate commissions are negotiable, they typically will average about 7%, which can equate to tens of thousands of dollars. Selling your home yourself also gives you a selling advantage in the amount of negotiating power you have, allowing you to meet an offer, but still walk away profitable.

Setting Your Asking Price

          The best way to establish real estate value in your neighborhood is to note similar properties in your area being bought and sold. Talk to the sellers and buyers and check real estate listings in newspapers for a gauge of value and selling prices. When setting your selling price you have to consider how much money you want to net after closing the transaction without overpricing your home.

          The most important financial consideration to affect your price is your closing fees. Closing fees include the buyer's mortgage costs because in some states the seller pays fees associated with the buyer's mortgage. These are typically around 1% of the selling price. Other closing fees include attorney fees, title search, and recording fees. These can usually amount to 1% of the sale price.

Contact a Lawyer

          Even though a lawyer is an additional expense, it is recommended you hire a lawyer to protect your interests involving any real estate transaction. They can assist you in many ways and because you are selling for sale by owner. You need to set aside money to work with. A lawyer may become an escrow agent to hold any down payments, evaluate any complicated offers from potential buyers, handle your closing, and evaluate complicated seller financed mortgages or leases with options to buy. When selecting a lawyer, choose one that specializes in real estate and property.

Advertise Your Property

          The most important function a real estate agent performs is the marketing of your home. This is where you will need to focus your efforts. But getting to this point on our web site means you are taking the correct steps. Congratulations! Utilizing MyNextHome.com will give you immediate national exposure and an instant group of potential buyers. Newspapers and flyers are nice for reaching the local masses, but are too expensive to display full color photography, that's where MyNextHome.com comes in. Use your listing number in advertisements and flyers to educate your potential buyers about your home and to show your full color photos.

Make a Good First Impression

          Start with the 'Curb Appeal', this is the first thing the buyer will see when they drive by the home.

• Make sure the lawn is mowed or snow is shoveled
• Keep all hedges trimmed
• Keep the gardens and flower beds weed free
• Keep the yard free of debris and litter
• Touch up exterior as needed

          Photos of the property should show the whole picture, people prefer a front, back and side views of the home and yard. Try to take photos on a sunny day while all foliage is in bloom.

When Showing Your Home

• Think security first. List on MyNextHome.com with a phone number so you can first speak with potential buyers and set-up showing times.
• Make sure everything is in proper working order, even go as far as to check all windows and doors, you don't want squeaking or hard to open surprises.
• Keep all rooms and closets free of clutter … this may cause potential buyers to feel the house is lacking in storage and size.
• Consider using self-storage for extra furniture and belongings
• Clean, Clean, Clean … remove any mildew, vacuum and dust.
• Light fireplace, turn on air-conditioning or heat to a comfortable temperature.
• Open all curtains and blinds … let the light in.
• When applicable, keep pets outdoors
• Create an appealing atmosphere through aroma therapy and quiet classical music
• Minimize the small valuables that are around your home such as watches, jewelry and other items of great worth

Negotiating and Selling

          First, when potential buyers want to talk price, ask them to put it in writing. An offer is a sales contract and is binding. This is another great place to utilize a lawyer's expertise, as offers can be complicated. When looking at an offer watch for any special clauses that can work in the buyer's favor. Make sure the buyer has been pre-approved for financing and do not sign any offer you have not looked at carefully. Remember that negotiating is part of any business deal. Never take anything personally and do not scare off any potential offers by being rash. Consider every serious offer on its merits, establish trust with buyers and always make a counter offer if you are not pleased with the first offer. But be careful. If you sell your home by yourself and accept an offer from an agent you may be responsible for half of their brokerage fee. It is in your best financial interest to sell you property on MyNextHome.com, to the end buyer directly and pay nothing to any real estate agent.

          The buyer's lender will order an appraisal to make sure the home is not being sold for more than the appraised value. Also, your buyer will most likely order a surveyor to make sure all property boundaries are carefully laid out.

          This is where your hard work and foresight pays off. On closing day, your lawyer will collect all monies, transfer the deed, pay outstanding bills, pay all closing fees and give you the rest of the money. Closing day usually happens 30 - 45 days after you and your buyer agree on a selling price and sign a sales contract. In most states the closing will be hosted by your, the sellers, lawyer. After acceptance, you will want to notify your lender that you will be paying off the balance of your mortgage, and one more thing… Congratulations!