Why Sell For Sale By Owner
Are you a homeowner this is considering selling as a “for sale by owner” (or FSBO)? Perhaps you want to save the money by not paying commission. Have you sold a home before and believe you can do it again? Do you feel the market is strong enough for any house to sell, regardless of the condition, etc.? It could be that you just doesn’t like real estate agents. Anything is possible!
Documents Needed For All Home Sellers
Regardless of whether you use an agent or sell on your own, there are certain forms that a seller is required to provide to a buyer. (For more information about the requirement, click here to read the article on the North Carolina Real Estate Commission website.)
The Residential Property and Owner’s Association Disclosure Statement
First is the The Residential Property and Owner’s Association Disclosure Statement. It outlines any potential material facts that you may know about the house and includes information such as the age of the roof, year that the home was built, age of the HVAC, etc. You also have the option to choose “yes”, “no” or “no representation” for questions. The questions ask whether you have actual knowledge of certain issues or topics related to the property and dwelling. If you have questions about how to complete this form, you should consult with a real estate attorney.
The Mineral and Oil and Gas Rights Mandatory Disclosure Statement
Second is The Mineral and Oil and Gas Rights Mandatory Disclosure Statement. This form outlines whether or not you or a previous seller have severed rights from the title to such things as minerals, oils and gas beneath the surface of the dirt. Most people don’t realize that buying a home means they gain rights to everything under the surface dirt to the core of the earth… their little slice of the pie. However, if this property was once farm land that has rich oil deep underground, there could be a chance that the oil rights were sold to a corporation before the builder took possession of the property. Real estate attorneys are so critical to the process because they research information such as this.
Lead-Based Paint Or Lead-Based Paint Hazard Addendum
If the home was built prior to 1978, you should also provide the Lead-Based Paint Or Lead-Based Paint Hazard Addendum. This allows you to disclose whether or not you are aware of lead-based paint within the home.
Advertising As A For Sale By Owner
As a For Sale By Owner will definitely, you want to consider all of the advertising avenues available before going active. You may begin with common websites such as Zillow, Trulia, Reatlor.com, etc. These are public sites that are often used by buyers. You will need to advertise on each website and maintain each one individually, as they do not feed each other information. (Just keep in mind that the most agents are only using the MLS for their property searches. In the eyes of buyers and agents, you are not fully considered “on the market” unless you are in the MLS.)
Consider advertising on your local facebook groups, Next Door, Facebook Marketplace, Craigslist, etc. Again, you will need to push the information to each site and maintain each one individually.
Advertising open houses on each of these different platforms will be critical to success.
Don’t forget that a good old-fashioned sign in the yard also helps!
It’s The Little Details That Make A Difference
Lastly, you should not ignore the little details such as professional staging, professional photographs, professionally painting the home, having the carpets professionally cleaned or replaced… all of this makes a huge difference! Doing all of this may cost you some money up front, yet it could yield you much more money in the end. Most buyers want a house that is ready to go and you want to net the most possible. Don’t skip these steps to save a few dollars… it could end up costing a lot more after all is said and done!
Sound like a lot of work?
If this sounds like a lot to manage as a for sale by owner, then you always have the option of hiring a real estate agent to alleviate you of all of work. Be sure to look for someone with a proven track record, stellar reviews and the drive to make the sale of your home their top priority.
Learn More…
- Click here to get access to The Residential Property and Owner’s Association Disclosure statement.
- Click here to get access to The Mineral and Oil and Gas Rights Mandatory Disclosure Statement.
- Click here to learn more about the Lead-Based Paint Or Lead-Based Paint Hazard Addendum.
- Click here to learn what your home value may be in the current market.
- Click here to learn more about the benefits of having a seller’s agent.
