Selling Your Own Home: 10 More Tips

Selling your own home can be a time-consuming and frustrating process. Sometimes, though, in the right market, it makes sense to save thousands of dollars in commission and do it yourself. If you've decided to give it a try, use the tips here to do it right, and to avoid common FSBO (for sale by owner) mistakes.

1. Understand value. It isn't what you think your house is worth, and it doesn't even matter how much you put into it. It is only what it's worth to potential buyers. Find out what they have paid for other similar homes before you decide on a price.

2. Be objective. This is a difficult one. You may want to get your most honest and outspoken friend to walk through the house with you. He'll see problems you didn't know were problems.

3. Have a plan. What will the kids or wife say to those who call? Where will you be closing? Will you have documents prepared by an attorney? A plan will help it all go smoother.

4. Make a list. What needs to be fixed, cleaned, changed, or removed? Do the most obvious things first.

5. Be a prepared salesman. List every question a buyer might have, and be ready with an answer. Have comparison sheets showing other home sales, so buyers can see the value. Have a map showing where nearby stores and libraries, etc. are.

6. Sell benefits. Don't say "near stores." Say "You can walk to the store in five minutes." Don't say "garage." Say "No chipping ice off the windshield in the morning."

7. Have all important information in ads. Square feet, number of bedrooms and bathrooms, address, telephone number, and price. Leaving out the price means some buyers just won't call, and you'll waste time with others who shouldn't be calling.

8. Listen to buyers. The biggest mistake sellers make talking to buyers is to get defensive about their home. Listen to criticisms, and resolve them or ask how important the issue is to the buyer. In other words, learn a little about selling.

9. Be careful with the sales agreement. Be sure that it is understood by both sides. What happens, and when? What if the buyer doesn't get their financing? What's included in the sale? When will the buyer take possesion? Who pays the closing fee?

10. Make closing easy. Have the documents all ready to sign. Be prepared with answers to likely questions. This is likely the largest financial transaction in your buyer's life. Make him comfortable.

There is a lot more to selling your own home than can be covered in ten tips, of course. Use these however, and you'll be doing better than the average FSBO seller.

Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com

More than 40 states signed onto a proposed $25-billion deal with major mortgage servicers over faulty foreclosure practices. New York, Nevada and Delaware joined California in holding out for better terms.

More than 40 states signed onto a proposed $25-billion settlement with major mortgage servicers over faulty foreclosure procedures, but California, New York and other key states were still not among them.

California has until Monday to share in a multi-state deal with banks to obtain mortgage relief and reforms. Atty. Gen. Kamala Harris, who walked away from talks last year, says the door remains open.

With a Monday deadline at hand, California officials have resumed direct talks with the Obama administration about joining a multibillion-dollar, multi-state mortgage settlement with the nation's largest banks, a source said Sunday.

The talk show host pays $12 million for the 4,088-square-foot house with four bedrooms and four bathrooms. The ocean-view home sits on 1.26 bluff-top acres with beach access.

In one of the more talked-about transactions in town, actors Brad Pitt and Angelina Jolie have sold their Malibu beach house to daytime host and comedian Ellen De Generes for $12 million.

The four-bedroom, five-bathroom house built in 1920 for industrialist James Wigmore lists for $2,875,000.

A decorative cast stone entrance opens to this restored Spanish Colonial Revival-style house in Pasadena's South Orange Grove area. Built in 1920 for industrialist James Wigmore, the house retains such original details as coffered wood ceilings and arched doorways.

They don't believe they can sell their property for what it's worth, so they're spending money on making their homes more comfortable.

Do you fit any of these descriptions?

A biennial research report by the National Assn. of Realtors indicates that a handful of real estate agents and brokers and their clients either don't know the law or don't care to follow it.

When it comes to lawsuits, real estate agents and brokers tangle mostly among themselves.

The president aims to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

 

The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.

The Standard & Poor's/Case-Shiller index of 20 large U.S. cities fell 1.3% in November from October as foreclosures continue to drag down the housing market.

Three straight months of home-price declines in the biggest U.S. cities showed that foreclosures remain a significant drag on a housing market that is entering its fifth year of deterioration.

L.A. Clipper Chris Paul may be quick down the court, but he moves pretty fast when it comes to buying multimillion-dollar real estate too.