For Sale by Owner Transactions

Looking to buy or sell a home without going to the cost of paying a real estate agent? Although many studies have shown that you're likely to get your money's worth when paying an agent, many people still choose to work without one. Whatever your reason for buying or selling real estate without a professional agent may be, there are some important things to keep in mind when making a for sale by owner transaction for the first time.

Too many for sale by owner sellers seem to have woken up one morning and decided, Hey, I think I'll try to sell my house today! and stick a sign up in their yard. In order to stay properly organized and not cheat yourself or pass up on a wonderful offer from a potential buyer, know the correct answer (don't try to guess) to the following frequently asked buyer questions:

When was the home built?

What are the exact square footage of the home and the size of the lot?

How long have you owned the home and why are you selling it now?

What can I expect to pay for my annual property taxes?

How much do you spend on average for all your utilities?

How far away are the local schools, churches, and shopping centers?

Is it legal to rent out any portion of the property to non-related parties?

When was the most recent appraisal done and how much did it appraise for?

Are you aware of what the current market value is for your property?

Expect that any potential buyer will want to know the answer to these questions before making an offer. Real estate agents are paid to be aware of the answer to these questions; so many people who set out to list their home without an agent do not realize that these are common questions a buyer will ask so they should be prepared with the answers.

In addition to knowing the basic facts regarding the home you are selling, before you list your home you should have a clear idea of what you expect from your buyer! Potential buyers may be turned off by a seller's lack of organization if the seller does not have a clear idea of what he or she needs from the sale of their home.