Before you consider selling your house yourself, ask yourself if you are going to have the time needed to sell your house - even if you just cover the basics.

The Basics

• Complete your own extensive research of local market conditions, including:
  • the listing and selling price of all houses in your area (the surrounding 1 mile radius - not just your street or subdivision) for the last six months,
  • the listing price of houses currently on the market, and
  • the listing prices of houses that were on the market but did not sell.
    Tips: Begin your research on the Internet. Follow-up by visiting the county tax records office to determine the actual selling prices of houses.

   

• Put together a marketing plan.
  • How will you market your house to Realtors?  Most buyers use a Realtor, so marketing to Realtors is essential.  At a minimum, you'll want to send a letter and sales flyer to all Realtors within a 30 mile radius of your property.  Greater Atlanta has over 25,000 Realtors.
  • How much money can you afford to devote to advertising?  Call the local newspapers to determine how much it will cost for advertisements.  You'll want to run daily and Sunday ads in the newspapers.  Similarly, check the pricing for homebuyer magazines such as The Real Estate Book, Harmon Homes, etc.
  • Who will create your sales flyers?  Buyers expect fact sheets to take with them when they drive-by or tour a house for sale.  Buyers want to see plenty of color pictures.
  • Where will you place signage?  In addition to your front yard, are there areas leading into your neighborhood where signage would be appropriate?
  • How will potential buyers find information about your house on the Internet?  You'll want potential buyers who begin their house shopping on the Internet to find your house.  Be sure to build a website to help sell your house.
  • Who will take inquiry calls and schedule appointments?  You'll want someone available to answer inquiry calls and schedule appointments.  Be sure to schedule showings as quickly as possible - even the same day.
    Tips: Ask newspapers for a discounted advertising rate for multiple placements.  Many local areas have specific regulations about when and where you can put signs.  These jurisdictions seize your signs and charge steep fines if you violate these regulations.  Be sure to check with local officials to determine if there are any restrictions on where you place signs.
    * Pre-qualify buyers before showing your house.   Otherwise, you'll be wasting your time and energy with people who want to "see" your house, but have NO ABILITY to buy it.

• Put together a showing plan.
  • How will you handle your visitors?  Give your buyers plenty of room so that they can see the house for themselves.  Hovering over them often makes buyers uncomfortable and you may scare off a potential sale.
  • Will you show the property only on certain days and hours?  Being too restrictive, such as "By Appointment Only" or only on the weekends can drastically limit the buyers who visit.
  • Recognize that keeping the house clean and neat is vital.  Buyers will hold your house to a higher cleanliness standard than their own.  All the household members will need to keep the house neat.
  • Mind your security - you do not know who the person is at your door or why they are really there - especially with identity theft.  Make sure all bills, prescriptions, jewelry, and important documents are securely stored.
  • Pets, odors, etc. - Many people are afraid of animals and will reject your home if they smell or see dogs, cats, etc.  If you are able, find a friend who can take care of the animals while your house is on the market.  
  • Some buyers have allergies and loathe smoking odors.  While your house is on the market, consider only smoking outdoors, away from the house.  You can smoke whenever and wherever you want to in your next home.
    
• Confirm that the potential buyer has pre-qualified for a mortgage loan.
  • If the buyer is buying with cash, confirm that they have the necessary resources.  Where is the money coming from and where is the bank statement that shows they have it?
  • If the buyer's purchase is contingent on the buyer selling their own house, confirm that the buyer's house is already on the market. (You may also want to determine how long the buyer's house has been on the market.)
    * Remember: If their sale falls through, so does yours.

     

• Negotiations, Contracts and Closings
• Are you prepared to negotiate the contract?
• Do you know what the legal responsibilities of the seller are in your area?
• Who will write the contract?  Will you need to hire an attorney?  If so, what will the attorney charge?
  Tips: In addition to the sales contract, you'll need to complete a Seller's Disclosure, Mold Disclosure, Homeowners Association Disclosure and a Lead Based Paint Disclosure.
• You will need an escrow agent/closing attorney to hold the buyer's earnest money deposit until closing.  Under no circumstances should you hold it.