Congratulations, you have decided to place your home For Sale By Owner. This is a big step in what I hope leads to you quickly selling your home. Here are some tips to help you along the way:
I highly recommend starting your process off by finding out what you believe to be the value of your home. Most Real Estate websites will allow you to search their listings to give you a better idea of what your home is worth as compared to those in your neighborhood. Make sure to look at homes that are within a couple of blocks of your own.
Selling your home by owner can be difficult. However, advertising your home does not need to be. A simple google search can help you find a For Sale sign you can place in your yard and the same service may even have fliers you could post around town. Here are a couple more things to consider: (1) Take photographs of your home; (2) Write a description of your home; (3) Use Websites like Craigslist to advertise; (4) Clean your home and stage it to look pristine; and (5) Use word of your mouth to let people know you are selling.
If your advertising efforts are not working, consider using a flat fee MLS listing. Realtors have access to the MLS database and will be quickly and easily send your property to potential buyers.
Setting a showing schedule will set you apart from others selling their home by owner. By setting a showing schedule in your description of your home you will show realtors you are willing to work with them and set expectations early on of prospective buyers. The last thing you want to do is have to take half days from work when someone wants to see your home.
Selling your home by owner means you do not have a real estate agent to screen potential buyers. This means you can show your house to many individuals who may not even qualify for a mortgage loan. Requesting a mortgage pre-approval will save you time and headaches.
The best way to sell your house by owner is to be prepared and have all of the right forms. Even if they are not completed, they will drastically help your attorney moving forward (discussed below). Get the forms here: http://mlstown.com/chicago/wp-content/uploads/2013/07/Illinois-Disclosures-Packet.pdf
Unfortunately when you sell your home by owner Illinois law still requires the use of an attorney. The good news is your attorney will be your best friend selling your home by owner. A skilled residential real estate attorney will be able to complete a binding contract and assist you in completing the disclosures mentioned above. Further, your attorney will order title and help you alleviate any title issues that would hinder your sale. Finally, your attorney may be able to help lead you to a mortgage lender if you have a buyer with a low credit score.
Selling your home by owner is going to take time, but with the tips above you are way ahead of the game!
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