10 Steps To Selling Your Home on ForSaleByOwnerNB.com

There are a variety of reasons you may want to consider selling your property without the help of an agent. For most people the most compelling reason to sell a home on ForSaleByOwnerNB.com is money. Especially when you consider the following points:

• It saves property owners a tremendous amount of money. While real estate commissions are negotiable, they typically range from between 5% and 7%. Using 6% as the average, if an owner sells his house for $250,000 on ForSaleByOwnerNB.com, he saves himself $15,000! And most people would probably agree that $15,000 would be much better spent on a child's education or their own retirement.

• It preserves the property owner's equity. A broker's commission is paid out of the seller's equity. So, if a home is sold for $100,000 (and the owner has $20,000 of equity) and the broker is paid $6,000, the commission is nominally 6%, but in reality, the commission represents 30% of the homeowner's equity!

• It cuts the time necessary to sell a home. If a seller uses ForSaleByOwnerNB.com she can pass her savings along to the buyer by lowering her asking price and thereby making her home more attractive to potential buyers (and still walk away with the same amount of money as she would have if she had used a broker). A home that is 6% cheaper than similar homes in the same area will sell faster.

With all of the monetary reasons to sell your home on ForSaleByOwnerNB.com it is no wonder that we are one of the fastest growing websites on the Internet! Plus when you sell your own home there is less uncertainty because you have the opportunity to meet all prospective buyers and you work out your own schedule for showing the property.

1. Prepare your property: Buyers are attracted to properties that appear spacious, sound and clean. Remove all clutter from closets, countertops, garages and basements. Eliminate dark wall coverings whenever possible and illuminate poorly lighted areas. Thoroughly clean and organize your property from top to bottom, including kitchen cabinets and bedroom closets. Make any immediate repairs like squeaking steps, loose doorknobs, or leaky faucets.

   Add value to your property whenever possible, but remember that $1000 of improvements will not add $1000 to your selling price. Improvements will increase your sale price, but your money will be better spent on minor aesthetic improvements like painting the exterior and not by undertaking major renovations like an addition. If you do feel so compelled, nothing adds value like improvements to kitchens and bathrooms.

2. Estimate value: You probably have a feel for the value of your home. You know what you paid and you know what improvements you've made. To get a more precise estimate for the potential value of your home you will have to do a little research.

   By far the best way to get a feel for real estate value in your neighborhood is to watch 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.

3. Set Your Price: When setting your selling price you have to consider how much money you want to net after closing the transaction without overpricing your home. Overpriced homes are less likely to sell and the longer a home stays on the market, the less likely it is to sell.

   Your most important financial consideration to affect your price is your closing fees. Closing fees include the buyer's mortgage costs, because in some areas of North America 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. However, by selling you property on ForSaleByOwnerNB.com you eliminate the highest cost incurred by a seller--the real estate brokerage fee. Brokers' fees can be between 6% and 8% of the purchase price.

   But beware; if you sell your property on ForSaleByOwnerNB.com and accept a buyer from an agent you may be responsible for all or a portion of their brokerage fee. It is in your best financial interest to sell you property on ForSaleByOwner.com and pay nothing to any real estate agent.

4. Contact a Lawyer: Even though a lawyer is an additional expense, it is recommended you hire a lawyer to protect your interests throughout any real estate transaction. A lawyer can act as 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 an option to buy. When selecting a lawyer, choose one that specializes in real estate transactions.

5. Advertise Your Property: When you as a seller eliminate the real estate agent, you make yourself responsible for a variety of actions that agents typically perform. Most important of these is advertising your home to potential buyers. But that is where ForSaleByOwnerNB.com comes in. Once you list your property on ForSaleByOwnerNB.com let us worry about advertising your property. Due to our many strategic partnerships we are able to drive a great number of potential buyers to your listing, which means your home sells faster.

   ForSaleByOwnerNB.com gives you access to an unlimited global audience that includes both buyers and real estate agents; and ForSaleByOwnerNB.com allows sellers to post pictures and video tours of their home, thereby showing the whole world your property through a computer.

6. Show Your Home: Once you have gotten a potential buyer interested in your property through a well-positioned Internet advertisement, you will have to show them the property in person. This is one of the most important moments in a potential sale. Remember that first impressions last a lifetime.

   Open blinds and curtains and turn on all lights to make your home as spacious and light as possible. Remove as much clutter as possible and put plants and flowers in place of personal pictures. Bake cookies or bread to make your home smell as inviting as possible. Eliminate all distractions; if you have children, take them to a relative's home and turn off all electrical distractions.

7. Negotiate Offers: Once a prospective buyer decides on your property, do not think that the hard part is over. 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.

   If, after reviewing the offer you it decide it is insufficient, you can either make a counter offer or reject the offer outright. 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.

8. Inspections: Any standard real estate sales contract is going to give the buyer the right to inspect the property--so be prepared. Under a general inspection you can be obligated to make any major repairs to appliances, heating systems, plumbing and or electrical systems.

   Be prepared for an inspection of the property's roof, which you may be responsible for repairing. And be prepared for a termite inspection. In some areas of North America, sellers must provide proof that a home is termite-free ahead of any transaction. If you are concerned about inspection problems, you can get an inspection done ahead of time by visiting our partner our Home Inspection Center, which can have any type of inspector at your home quickly no matter of your location. In the event that there are any problems, you can fix them usually at a lower cost than if they are pointed out by the buyer's inspector.

9. Finishing Details: Once you have accepted an offer, several things need to happen before you and the buyer close the deal. The first is an appraisal. The buyer's lender will order an appraisal to make sure the home is not being sold for more than the appraised value. You can avoid any problems by doing this ahead of time. Your buyer will most likely order a surveyor to make sure all property boundaries are carefully laid out.

   There are also some things you will, as your own agent, want to do before closing. You will want to notify your lender that you will be paying off the balance of your mortgage. You should also gather all warranty information for you appliances to pass on to the buyer. And after a closing date has been scheduled you should visit our free Utility Connections page to get all the utilities at your new home connected for free prior to your arrival.

10. Close: This is by far the easiest part of selling your property By Owner, the closing. 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 provinces the closing will be hosted by your, the sellers, lawyer.

    And that is all there is to it. Congratulations, you have successfully taken control and sold your home using ForSaleByOwnerNB.com