Preparation Basics

Seller's Handbook. Preparation Basics

Sellers Guide: Preparation for the successful House or land private sale

Before offering your home for sale to your neighborhood and the wide world of the Internet, take time to reflect. Are you ready to sell your home? Is your house ready?

If you have decided to give For Sale By Owner a go, remember that it is you who should be in control throughout the whole process by emotionally preparing yourself before beginning any DIY no-agent home sale. Selling your own home is bound to be a major life event. If you are fortunate to not be pressured by life circumstances and are not absolutely forced to sell quickly, then don’t rush this preparation step. And if at all possible, arrange matters so that you will not be in this position of being forced to sell, since pressure gets lower prices. You have worked too hard to build equity in your home, don’t blow it by letting an agent, or any particular buyer, the banks, or a temporarily depressed market control the sale for you.

Decide first of all if it is the right time to sell. No agent is likely to say to you; “now is not the right time.” They want your business and the size of their commission cut discourages honesty. But with For Sale By Owner, you are free of third party pressure to choose if, when and how to offer your property to the market. Do you, in fact, really need to move house at all? Buying and selling houses is very expensive, particularly the stamp duty when you go to buy the next home. Get a few builder quotes for the features you absolutely need, such as an extension for that extra bedroom for your soon to arrive new child. Comparing costs, maybe it is cheaper to hire a builder, rather than selling your current overly cozy cottage?

You will need discipline to view your home as other's see it.

Emotionally, is it the right time to sell? If you are recently recovering from some major life disruption, a death, job loss or divorce, then you may want to avoid the added stress of house selling. Selling in a distraught state might make you accept a low offer, just to be free of a time and place that has difficult memories for you.

If you take time to reflect and seek outside help, you’ll find that like the majority of people in emotional and financial trouble, you can find some way to arrange your life and work so that you do not have to sell absolutely right now, before you or your home is ready. After all, through hard work and planning you were able once to buy your home. Indeed, you convinced a hard nosed lender you were fully competent to own a home, making a nice profit for them. Now you need to work and plan hard to buy yourself time to get a fair price for any equity you have built up.

If however you still feel that indeed you are financially forced to sell and sell right now, go immediately talk to lenders about options such as bridging finance so you can get at least a few months breathing space, so that you and not the banks are in control of the selling schedule. The sooner you talk to lenders about difficulties the better the outcomes.

Being fully committed to to selling privately with yourself in control means you will;control foreclosures in real estate sales
Prepare yourself and your home thoroughly, so you are ready for today’s informed buyer.

Put yourself in the role of potential buyer, and always stay emotionally uninvolved. A key part of this is listing at a reasonable price, provided by an independent professional valuation. This is important so as your property does not languish too long on the market. This is a common phenomenon in real estate known as being “burnt”, going “stale” or being “overexposed” to the market. Buyers think there must be something wrong with a property that has been on the market for a long time. Statistically the longer a property is offered for sale the less chance it has of getting a good price.

Get familiar with the basic “how to” of selling your home. On the Owner.com.au site we have tried to provide you with extensive, carefully researched and up-front information on what is involved in private selling your home. Information on Owner.com.au is informed by our collective experience of over a decade of helpiTwo main classes of home sellers, those in control of the sale and those who are forced to sell.ng people sell property themselves.

For getting another perspective on what is involved in the For Sale By Owner process, there are now also many available books on the subject. Most large bookstores in Australia should stock some general house selling titles, but internet book stores such as Booktopia.com.au and Amazon.com have a much larger For Sale By Owner range, particularly for American books where FSBO (For Sale By Owner) is big business, involving one fifth their total real estate market. The one Australian DIY home sale book is “Real Estate Without Agents” by Terry Ryder, which we recommend. Also try “Don’t Sign Anything!” by Neil Jenman, whilst not specifically on the DIY private sale, the book is really worth a read as background on why most agents are not the seller’s friend.

Allocate time. You will need your weekends free to spruce up your home and show buyers through. You will need your evenings free to reply to phone calls, emails, and answering machine messages. Being easy to contact and replying promptly to messages is very important!

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