How will I market my home without professional help?

     Can you write and pay for newspaper classified advertising, which are often expensive and ineffective, to get prospects to phone you and inspect your home? Who will answer the phone during the daytime, evenings and weekends? When will showing appointments be made--during the daytime or just evenings and weekends? Keeping a buyer waiting can mean losing that prospect. Can you take time off work on a weekday to show the home to an anxious out-of-town buyer who can't wait until the weekend to inspect your home? Who will be at home every Saturday and Sunday to answer the phone and show your home to prospects (most home sales take place on these days so it is critical the residence be easily available for inspection on weekends). Will you conduct open houses every weekend? How will you maintain control to be certain prospects don't walk off with your valuables? Will you buy a "For Sale By Owner" sign for the front lawn?, design and provide profile information sheets, provide a dedicated 24 Hour Hot-Line offering a Property Description Recording as well as Fax On Demand Information? How will prospects be treated who ring the doorbell and want to see the home immediately? Even if your sign says "By Appointment Only," expect prospects to ring the doorbell and want to inspect your home on the spot. Will you turn these buyers away, probably offending them and losing them as prospects? How will you screen phone callers who respond to your expensive newspaper ads? How can you determine if the caller or visitor is a serious buyer, a bargain hunter, or perhaps a future burglar (especially if your home is in an up-scale neighborhood).

     How will I prepare a legally binding enforceable sales contract when a serious buyer wants to buy my home?

     Finding an interested buyer is just the first baby-step to getting your home sold. The next BIG step is to write up a legally binding sales contract. Do you have the printed forms, including defect disclosure and lead-based paint disclosure forms, required by federal and state laws? Will you prepare these forms while the buyer waits? Is your real estate attorney available on short notice, especially evenings an on Saturdays, Sundays and holidays? If the buyer wants to offer less than your full asking price, how will you handle face-to-face negotiations? Are you willing to sell for less than your asking price? Do you get easily upset when someone disagrees with you? Do you have the patience to negotiate with difficult people? How will you handle buyers who expect you to discount the price by the amount of the sales commission, which they know you are "saving?" How will you handle a buyer who wants to make a purchase offer contingent upon (a) obtaining a mortgage and (b) having a satisfactory professional inspection of the home? How will you handle a buyer who wants to make the purchase contingent on the sale of the buyer's current residence? How much of a good faith earnest money deposit will you insist upon? Who will hold that deposit while the sale is pending (most buyers are reluctant to let the seller hold the deposit until the contingencies are removed)? How will you handle inspections the buyer wants, such as a professional inspection, city building code inspection, pest control or termite inspection, and other customary inspections (which you should have made before putting the house on the market for sale)? However, be aware many buyers want their own inspections and are not willing to accept the inspection reports made for the seller. Who will pay for the title insurance the lender and buyer require? What is the local custom for paying escrow and attorney fees, and other negotiable costs in your town? Can the buyer take over your homeowner's insurance policy or will a new insurance policy be required by the mortgage lender?

     If the buyer is not pre-approved for a mortgage, can I help him get a mortgage? Should I take the home off the market while waiting for the buyer's mortgage approval?

     "If you can't finance it, you can't sell it" is an old real estate saying. Unless you are willing to carry back a first mortgage for your buyer, the buyer is going to have to get a mortgage someplace. All-cash home buyers are virtually non-existent. Expect your buyer to have to qualify for a mortgage. Consider it a blessing if your buyer is already pre-approved for a mortgage (like the real estate writers in the Houston Chronicle constantly suggest!) Is my current mortgage assumable for a qualified buyer? If so, what is the procedure for getting the lender's approval of a mortgage assumption? Does the existing mortgage contain a prepayment penalty? If so, do I have to pay it or does the buyer pay it? Which local mortgage lenders offer the best and easiest mortgage terms? Who are the tough by-the-book lenders who have to sell their mortgages in the secondary mortgage market to strict Fannie Mae and Freddie Mac? Which lenders are easy flexible portfolio lenders who keep their mortgages? What are the current FHA, VA, PMI (private mortgage insurance) and conventional mortgage terms? How about state and local mortgage home finance programs? Is a fixed interest rate or adjustable mortgage rate better for the buyer? Should I use a land contract (contract for deed) where the seller retains legal title? What are its risks and benefits for buyers and sellers?

     As you can see, they’re a lot of things to consider when deciding to sell your home on your own. Bay Area Houston Realty Associates offers 3 simple marketing plans which meet specific needs of different Home Sellers including your budget, your home's marketability, and your future home purchasing assistance requirements.

For more details on these plans, double click on the link below.

Home Selling Marketing Plans

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Bridgecrest Properties Inc., Broker

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