Selling Your Home Yourself

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There is nothing difficult about selling your own home without the help of a Realtor provided you have some experience in the real estate business.

First you will need to hire an attorney. When you receive an offer to purchase it is normally the seller who draws up the contract. There are standard contract forms available in some office supply stores and on the internet but they may not cover the various addendums you may be required to provide. These additional clauses cover lead paint, radon, airport noise, hazardous waste dumps etc. If your attorney is one who specializes in real estate he will be able to complete these addendums for you.

Before hiring an attorney, make sure he specializes in real estate. These attorneys generally charge a fixed standard fee for a normal sale. There may be additional charges if some unknown problems arise.

If the attorney is not a real estate specialist, he may bill you by the hour. Most likely his costs would be a little higher than those of a real estate specialist.

Next, you have to have a sign in your yard to let people know your home is for sale. A homemade sign with a phone number is adequate but not very professional. There are probably several commercial printers who could prepare a sign for you. Once this sign appears in your yard, I guarantee you that the first 40 or 50 calls will be from Realtors. They will tell you they can do a better job and probably get a better price which would cover their commission. Many offices have individuals who specialize in going after For Sale By Owners (FSBO's).

Advertising: Without the help of the Multiple Listing Service, you have to find a way to drive traffic to your home. Newspaper advertising is expensive for individuals. Real Estate Brokers have bulk contracts and get it much cheaper. In today's market the Internet is becoming popular but, unless you have a web site, you will need to select a company that will place your home in their database.

In the course of the buyer's mortgage processing, the mortgage company will require a Termite Certification. If you have well water or a septic tank they will also require testing of both systems. In the case of the water system you will need to have the water tested to insure that it meets local safety standards. Septic Tank regulations have changed in recent years because of environmental concerns. If you have an older home you may have to have the entire system upgraded. In the absence of a Realtor, these problems are yours to deal with.

Almost all townships require a fire code certification before they will give your buyer a certificate of occupancy. Make sure you have batteries in your smoke detectors and that they are working properly. As with the septic tanks, fire codes have changed in recent years. Check with local authorities to make sure you are in compliance BEFORE you request an inspection. Inspectors do not like making return calls.

If you have made some exterior additions to your home, make sure you have a copy of the building permit available. If you completed a project that requires a permit and you did not get one - you have a problem.

If the buyer requests a building inspection, let them do it. They have to pay for it but you receive the benefit of having your home certified by a professional engineer. If problems are uncovered - fix them if it is within reason to do so. If the buyer demands too much or is unreasonable, your contract allows you to cancel the contract, provided that clause was included.

If a Realtor calls saying she has a potential buyer, let her show it. However, before you let her clients in your home have the Realtor give you a one-time showing contract which states the name of the interested party. The Realtor will also be negotiating a commission she would receive provided the prospective buyer does go to contract. Never give a one time showing Realtor more than a 3% commission. Make sure this contract is for a single client. If you are confused about what is stated in the contract, have your attorney review it before signing.