The Basic Steps In Selling Your Own Home

Even if it looks simple enough, selling your own home is not an everyday activity for most people. But at certain times of our lives, we might be in situations where we do need to sell our own homes.

As some people would say, it is not rocket science. Others would caution that it is not a walk in the park, either. Both assertions are true.

Although the process is different from person to person, the following are the basic steps one goes through. The only basic requirement needed from you is a healthy dose of common sense.

Your next home

First, you need to get a new mortgage loan intended for your next home. If you don't, you will have to pay cash for it. It is prudent to get pre-qualified for a loan amount for your next home, even before you sold your present home or have it listed.

Your mortgage balance

This will tell you how much your proceeds will be in the sale of your home. Get the balance of your account from your lender, and subtract the amount from your asking price for a rough estimate. Keep in mind that the asking price is different from the actual selling price.

Asking price

Commission a professional appraisal of your home based on its own conditions and actual market trends. You may get other help on pricing your home from other experts you know – trade publications, the Internet, other home owners.

Home staging

Preparing your home for the buyers includes the staging process. You can get help (advice and/or paid services) on this from all over. This is the presentation stage. Even if your house is already good, it needs to LOOK good to buyers.

Home listing

To put it on the market (and get buyers to know it), you need to list your home in places where buyers are looking. Agents could list it on the MLS (Multiple Listing Service). You can list it, too, at other places you think have good buyer exposures.

Open house

An open house is another way to have buyers look at your house. You can announce it online, in the local papers, put signs out, word-of-mouth with your neighbors and friends, etc.

Offers

If you had prepared good (your figures are near-accurate, your property is sound, know present market trends, etc.) you will be confident enough when to accept an offer or to turn it down.

Inspections, etc.

Accepting an offer is an official contract, and inspections come in next. If the buyer asks for some things, common sense and reason should both be your guides in working together.

Settlement

This final process will let you see the rewards for the hard work you put in. By taking the FSBO (for sale by owner) way, you had gained an important knowledge in the basic steps in selling your own home. Moreover, your success in having your property officially transferred to your buyer also made you earn in the process.