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Reliance Realty, Inc.

GOING IT ALONE?  HERE'S SOME FREE INFORMATION FOR THE "FOR SALE BY OWNER" HOME SELLER.

If you're considering selling your home yourself, then please review the informative 20 minute video before beginning this daunting task, as this video will show you how to overcome buyer objections, list your home properly, and more importantly, how you can be sure that you're only showing your home to financially approved buyers and not lookers or prospecting burglars. Eliminating non-qualified buyers and being sure you only show your home to financially approved buyers is not an easy task, but following these video tips can help reduce the stress and anxiety of going it alone.

Many buyers who are looking for a deal are often looking at homes priced a lot higher than what a lender may actually approve them for. So home sellers must learn to be tactfully and politely upfront with buyers regarding this subject matter. If a buyer is not willing to provide you with the name and contact information to their loan officer, then they might not be a good prospect as they may be deliberately hiding something from you or, they may not be pre-approved at all.

There's also a false expectation that For Sale by Owner home sellers can receive a higher price by not paying a commission but the reality is, home buyers know that you are saving money by not paying a commission, so they'll expect you to lower your asking price by at least 6%. Be prepared to tactfully negotiate through this aspect, because you wouldn't want to turn-off a qualified buyer.  A qualified buyer should have no objections in telling you who they're getting their mortgage from, as well as the type of mortgage; cash, VA, FHA, conventional, etc.
 

 

If you do enter into a purchase agreement with a buyer, you must be sure to provide your buyer with all of the necessary disclosures and addenda as required by law. For example, if your house was built prior to 1978, Federal law mandates that you provide a buyer with a particular disclosure. If the buyer is using an FHA mortgage product, then an additional pamphlet must be provided to the buyer as well.  Just because you sell your home yourself does not exempt you from providing buyers with documents and disclosures that are required by law; don't place yourself in jeopardy of a lawsuit, and consult with an attorney if necessary.

If you have any additional questions or concerns about selling and listing your home, please conact us anytime!

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703 Thimble Shoals Blvd., Suite C-4, Newport News, Virginia, 23606