Are you considering the “For Sale By Owner” route in this seller’s market? There are many reasons people choose not to list their homes in the traditional way. And just as many ways to go about it. We’ve put together this quick guide to help you along the way.
After all, that’s the MJS motto: We’re here to help!
Why Choose For Sale By Owner?
For Sale By Owner, often pronounced “fizz-bow” for short, is popular with homeowners trying to save money. Working without a real estate agent can save them a lot of money in commission expenses. And you can work around your schedule instead of the agent’s availability.
But…
Selling your home without an agent can be challenging. Only brokers may list homes on MLS. But you still need to prepare your home to advertise it in other ways and show it to potential buyers. You must work directly with the buyer or buyer’s agent and negotiate the sales price and closing details.
Typical For Sale By Owner To-Do List
1. Ensure Your Home is in Good Condition
Legally, you are required to fix or disclose issues like asbestos, mould, structural defects and other damages or leaks. And ensure you complete other minor repairs.
2. Make Home Attractive to Potential Buyers
To maximize your selling price and compete with other homes on the market, consider basic enhancements such as clearing out clutter, fresh paint, carpet cleaning, organizing cupboards and closets, and eliminating any odours.
3. Determine the Asking Price
A variety of methods exist to decide how much to ask for your home. Without a real estate agent’s expertise to determine market values, you may need to hire another professional. Alternatively, you can research home listings in your area yourself.
4. Advertise
To advertise publicly, you need to stage your home and take high-quality photos with good lighting to include in your postings. You may even opt to pay a professional to ensure you stand out. Then, craft a detailed description of your home and choose where to publish it.
Without an agent, you do not have access to MLS. But many flat-fee, and even free listing services, exist to choose from like Zillow, Trulia, Property Guys, FairSquare, etc. You can market your home on sites like Kijiji or Facebook Marketplace.
Check out various networks and social media groups frequented by house hunters, off-market and private home buyers too.
5. Show Your Home
Schedule viewings for interested buyers. Be as accommodating as possible while attempting to meet in the best light. Ensure your home is clean and free of clutter and smells nice. Consider keeping pets and children elsewhere when prospective buyers visit.
6. Hire a Lawyer
No matter which method you choose to sell your home, you still need a lawyer to complete the sale. They work with the buyer’s lawyer, prepare required documents, ensure terms are legal, and each party fulfills all legal obligations, determine closing costs and collect payment.
7. Receive and Evaluate Offers
With your lawyer’s help, look at each offer paying attention to not only the price but deposits and down payments, terms and conditions, exclusions and inclusions, and the desired closing date.
8. Accept an Offer and Wait for Closing
Once you decide to accept an offer, you face the additional risk of buyers not securing financing or meeting other conditions, or even withdrawing their offers. You also must pay maintenance expenses while you wait for the closing date.
An Easier, Faster, Cheaper Way
Each of these steps will take time and money. We understand that choosing the For Sale By Owner method is attractive because you save the real estate commission. But you will need to devote a lot more time and effort to the process and paperwork.
Preparing your home to advertise and show to prospective buyers takes more time and money, even with only basic enhancements to compete with others on the market and get the top price you hope for. If you need to make bigger repairs, it will cost even more.
MJS Properties can make your for sale by owner process even easier, faster, and cheaper. Not only will you save the commission, but you’ll save additional money, time and hassles.
New Cost-Cutting, Time-Saving Checklist
Schedule a no-obligation call or appointment. Don’t clean or fix a thing. Not even the dishes in the sink!
Get free advice on the current value of your home in the condition it’s currently in and what’s on the market you need to complete with.
Evaluate our offer to buy the home privately with what you think you’ll sell your house for publicly less the cost of preparing, advertising, and selling your home to do so.
You will still need to hire a lawyer, but their bill will be cheaper and you will eliminate all other tasks and expenses.
You choose the closing date so you remain in control of maintenance expenses and there’s no risk or conditions with our cash offer.
Fixers Not Flippers
Don’t be afraid of the condition of your home. We specialize in bringing damaged homes back to life. But we also help with other challenges like health and age, financial issues, estate sales after a death in the family or settling a divorce.
We help homeowners all across Ontario. Based out of London, we travel to Chatham, Sarnia, St. Thomas, Stratford, Cambridge and Kitchener-Waterloo, Brampton, and even Ottawa!
