THINKING ABOUT SELLING YOUR HOME?
I'm sure you realize there's more to selling your home than putting a sign in the yard and showing off your home improvements to eager buyers. Just to make sure you have all your bases covered, here are twelve questions to ask yourself before you decide to sell without a real estate agent:
1. What are your specific measurable goals? Be sure to write them down and prioritize them.
2. What is today's interest rate for a home like yours? Estimate the likely house payment for your home so you can qualify prospective buyers before allowing them into your home.
3. 
Name at least ten factors that could affect the sale of your home? Highlight/circle five that you CAN control.
4. What price and terms will give you a competitive edge in the marketplace? Know the addresses, prices and terms of homes currently on the market and the five most recent sales near your home; evaluate market trends for 3-6 months in your area.
5. What will your bottom line be after the payoff and all selling expenses are paid? Remember to add interest in arrears to your mortgage payoff amount.
6. What five factors must you address to prepare your home for showing and selling? If you need help from professional contractors, be sure to make arrangements well in advance of putting your property on the market.
7. How will buyers gain access to your property when you are not home? Buyers want to see your home at THEIR convenience, not yours.
B. How will qualified buyers know your home is for sale? Name at least ten methods of gaining exposure for your home? Highlight/circle those you plan to implement and establish a marketing budget.
9. Who will handle incoming buyer inquiries? Showings? Follow-up? Negotiating? Have security safeguards in place when showing your home to strangers.
10. Name at least ten conditions that must be satisfied between contract and settlement. Finding a buyer is only the beginning, so try to anticipate problems before they arise. Getting your sale to settlement is the real challenge of any home sale.
11. Name five essential steps you will address to prepare your home for sale. Delegate assignments to family members for last-minute preparations prior to showings.
12. How does the Federal Fair Housing Act affect you and your home sale? Know the seven protected classes and which housing is covered under the Act. (Be aware that Fair Housing "testers" sometimes masquerade as prospective home buyers to catch violators.)
BONUS QUESTION:
If your home does not sell in the first thirty days, will you cancel your plans and stay in your current home? If "not selling" is an option, determine your Plan B in advance. If you must sell, lower pricing is your likely solution.
SCORING:
- If you answer fewer than 8 - You need professional help!
- If you answer 9-11 - You're ready to get started, but you need Margaret's help
- If you answer all 12 - You're a real estate pro! Have you ever considered a career in real estate?
Woda's Words of Wisdom is a series based on these 12 questions. Look for it at FocusOnCrofton.com and Localism.com.
Copyright 2007. All rights reserved. Margaret Woda (If you would like permission to use this in your business, just ask!)
Copyright 2006-12. All rights reserved.
DISCLAIMER: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.
__________________________________
Margaret Woda, REALTOR and Associate Broker
Direct: (301)346-2923 or click on EMAIL
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Long & Foster Real Estate, Inc., 2191 Defense Hwy., Crofton, MD 21114 (410) 721-1500
Lisa - i don't go over these questions on an appointment. I provide them to prospective home sellers as a service, to help evaluate whether they're qualified to sell their own home. No one knows the answer to that better than them!
Sally - It's a helpful mailout or handout to anyone having difficulty selling "by owner"
Joan - Most home sellers who go over this list find they're not as well-prepared to sell their own home as they thought.
Thank you all for your comments!
Michael, Thank you. I hope you can use some of this.
Bob, You're right, most people have no clue what REALLY goes into a real estate transaction. Perhaps if they sit down and try to answer these questions they'll begin to get some idea.
Margaret, This is a great list that you have put together. Give yourself a pat on the back!
Patricia. I know that... you know that... most ActiveRainers know that... Hopefully this lists will help sellers to know that, too.
David and Kristin - Thanks for the compliment, and congratulations on making the 20,000 point milestone!
David and Kristin, You're welcome. Well deserved!
Rolando, I came up with this several years ago, and just polished it up a bit for ActiveRain. It has gotten a few listings for me over the years.
Katerina, Yes, thanks for asking. If you'd like an answer chart, let me know and I'll email it to you.
Julie, Thank you, it makes a good "first" handout to FSBO's. One of the owners usually has grave reservations about going FSBO, and this gives him or her ammunition to plead the case for listing.
Brian - I'm going to post the answers as stand-alone blogs for localism. If you just can't stand the suspense, they're at the bottom of a pdf article on the same topic on my website (under the seller's tab).
Rosemary - Without ever saying "There's a lot of work that I do for you, when you sell your home" - this list says it all for you. Thanks for the 5!
Patsy - Thanks for the 5 this is probably one of the top 5 "Woda originals" I ever created. A very effective tool!