For sale by owner
So you want to sell your house. You don’t know what to do.
You are searching the internet. Ask friends and relatives tips on how to do this. You have a series of questions.
What price should I ask for the house?
How and where do I advertise it?
How much should I spend on advertising?
How long should I leave it on the market before I lower the price or do I have to list it with a realtor?
How do I negotiate with the buyer?
Who writes the contract?
Can buyers buy my house?
This is just a short list of questions you may have. After doing some research, you decided to try selling it yourself. The house has become “For Sale by Owner”. FSBO for short.
Have you considered asking a mortgage loan officer for help?
Mortgage loan officers are not real estate brokers and they likely won’t be able to answer all of your questions about selling your home, but they can certainly be a good ally. They work in the mortgage finance business. They know a whole range of service providers associated with the real estate business. Their sphere of influence and knowledge includes brokers, buyers, sellers, real estate contracts, settlement companies, real estate attorneys, appraisers, home inspectors along with other service providers that you may need during the property sale by owner process.
If you are selling your home, chances are you will need a mortgage for your new place. Contact a mortgage loan officer to get pre-approval. When we meet for your pre-approval, you can discuss ways in which you may need help selling your home.
The most important service they can provide you is to pre-approve any potential buyers for your home. This will ensure that the buyer can purchase your home. This step will save you a lot of time, money, and potential heartache in the future.
Some mortgage loan officers can also provide you with free marketing flyers. These flyers will be colourful, descriptive and professional. You provide them with great photos of your home. These will include photos along with your contact information, monthly payment examples and amounts required for down payment and closing costs. If you need value on your home, they can refer you to home appraisal websites. They can also refer you to a real estate appraiser who can give you the exact market value of your home for a fee. Most people can show you how to get a real estate sale agreement and how to fill it out. They can also refer you to a real estate attorney to do the contract if that would make you feel more comfortable. You may want to inspect your home to provide the potential buyer with a clean home inspection. They can refer you to a home inspector for this service.
Remember, when you are a “For Sale by Owner” seller, use all the resources at your disposal. This includes your mortgage loan officer. It can be a great asset to have in your corner when selling your home on your own.