Are you planning to sell your home by yourself without engaging a real estate agent? A For Sale By Owner (FSBO) checklist is a list of important tasks that a property owner can use to help them sell their home successfully. As a home seller, there are various concepts that you need to understand perfectly for a smooth home selling process. With an FSBO checklist, property owners get a step by step guide on what they need to do as well as a setting order for various tasks to be completed.
The components of a For Sale By Owner Checklist
1. Setting Realistic FSBO Expectations
When you set realistic FSBO goals, you will have an easy time when preparing your home for sale. You can do this by researching on the market trends in your local market to see how property prices and demand have been over the last 3 years. You will also determine the estimated time that it will take for you to successfully sell your home. Also, you will review the pros and cons of FSBO option and determine whether it will work for you or not.
2. Determining Your FSBO Price
As the property owner, you must learn how to set the proper price for your home. In order to do this, you will need to learn more about the market trends and prices of similar properties in your neighborhoods. Once you have researched well, you will be able to set a reasonable price that is within the acceptable market rates. Assess your home condition and features so as to determine both high and low asking price.
3. Prepare Your House For Showing
This is where you make your house ready for sale. At this point, you need to make sure that everything is done right and perfectly so as to attract any prospective home buyer. Some of the things that you can do to get your home ready for showing include; improving the curb appeal, deep cleaning, repairs and renovations, declutter and replacing any faulty appliances and fixtures.
4. Marketing Your Home
Since you are selling the home by yourself, it’s your sole responsibility to market your home so as to reach as many interested buyers as possible. Your marketing plan should include strategies such as signage and flyers, paid local MLS listings, FSBO sites and Online Ads.
5. Prepare For An Open House
Once you start receiving offers, you can plan for an open house so that prospective home buyers can come and tour your home. Ensure that you have created the right environment for buyers to feel comfortable and be ready to answer any questions that they may have.
6. Follow The Leads
After several interested homebuyers have toured your home, they might to view other similar properties in your area before they can make a decision. Ensure that you keep communicating with them until the leads finally generate a sale.
7. Negotiating For A Fair Price
Once you get an interested buyers, you will need to review their offers and settle with the one who is more committed and promising. You can issue a counter offer and negotiate with the buyer until you get a fair price for your property. At this point, you will assess whether they are pre-qualified before you accept their offer. You will then accept to receive earnest money so as to help everyone act in good faith.
8. Preparing Your Home For Inspection And Final Walkthrough
After both parties have agreed on the set price and an estimated closing date is set, the next thing to do is to prepare your home for inspections. If there are any repairs to be done, you ensure that you have done them as advised by the home inspector. When everything is ready, the buyer or through their agent will organize for a final walkthrough and if everything is fine, they will accept to close the home.
9. Completing The Home Closing
This is the final step of the FSBO home selling process. When everything is fine, you will meet at the escrow agent/title company for final paperwork. A real estate attorney can help you in this final step to ensure everything is done in the right manner. Once you have addressed every final detail, you will close the deal by having a successful FSBO sale.