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ESTABLISH YOUR SALE PRICE.
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CLEAN-UP, fix up, touch-up and
repaint. UNCLUTTER closets, attic, basement and garage. Make room
for the new owner. Show how much space you have.
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ADVERTISE your home on
YourCityFSBO.com. Run a small ad in your local newspaper with your
Virtual Tour number and the URL for YourCityFSBO.com.
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PREPARE
Seller’s Disclosure Statement. Talk with your
mortgage lender or a
real estate attorney about this disclosure statement. Be complete
and honest.
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GATHER all property records
together—deeds, surveys, assessments, insurance, prior Seller’s Disclosure
Statement, “termite” letter, etc.
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CONSIDER buying a
Home Warranty. This is an excellent selling tool.
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Have your
home inspected and/or treated for termites and other pests.
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ANSWER the phone or use call
forwarding. Make a list of all callers and their telephone number,
address and e-mail address. You may want to contact them later.
If they are serious, they will give you this information.
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MAKE SURE buyers (lookers) are
pre-approved for the value of your home. Talk with your
mortgage lender about pre-approval.
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SHOW your home at a convenient time
for both you and the Buyer. If you are a woman who will be alone when
the house is shown, let a trusted neighbor or friend know who will be at your
house and when. Place jewelry and other valuables out of sight.
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HAVE a blank contract ready. Be
ready to discuss contingencies. Make sure all contingencies are included
in the contract. Talk with your
mortgage lender or a
real estate attorney about the contract and contingencies.
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ACCEPT the contract from the Buyer
(there may be an offer, counter-offer, counter to the counter-offer, etc.) and
earnest money. Deposit earnest money (usually in trust account).
Talk with your
mortgage lender or your
real estate attorney about the earnest money.
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BUYER’S LENDER will have title search
performed and lender’s attorney will draw the settlement papers.
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SET a date for closing. Close and
collect the money owed you on the sale.
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CELEBRATE.
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TRANSFER utilities out of your name,
and move to your new home.
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Your property is over priced.
This is the major cause for lack of Buyer’s interest. Get a valid
appraisal.
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The Buyer’s inability to obtain financing is another major cause of contract
failure. Make sure the buyer is pre-approved for the value of your
home—require proof of pre-approval before showing your home. Talk with
your
mortgage lender about an appraisal and getting the Buyer pre-approved.
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No one knows your house is for sale.
Advertise you home on YourCityFSBO.com. 70% of all homes are
bought and sold locally. Do not over look advertising your Virtual Tour in your
local newspaper.
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Lender/buyer wants property repaired
and/or cleaned before closing. You should have already taken care of
this.
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Real
estate attorney and/or title company does not complete the title search
in the proper time frame. This rarely (actually never) happens.
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Seller does not correctly and/or
completely fill out
Seller’s Disclosure Statement or defects are found at closing.
Prevent with a
Home Inspection and correction of discovered defects. Each $1.00 in
repairs returns $3.00 at sale. Talk with your
mortgage lender about the advisability of a home inspection.
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Seller removes property thought to be
included in the sale. List ALL contingencies. Talk with your
mortgage lender or your
real estate attorney about contingencies.
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Septic system, water well and/or radon
tests fail. Lead paint disclosure form not completed for houses built
before 1977. These should have been checked and repaired at the start of
the process when you first decided to sell your home. Talk with a
real estate attorney or your
mortgage lender about these tests and disclosures.