When you finally decided to sell your property, sometimes seeking assistance from a broker or listing agent can be quite expensive since you have to pay for the commission and other fees. If you think you are cut out to sell your property all by yourself, then you need a for sale by owner checklist to help you through the process. This handy tool will serve as a guide on what you should take note of from the moment you list your property, find a prospective buyer till the arrangement and finalization of the sale. To learn more about this, let us discuss this further below. Also, we’ve got a list of for sale by owner checklist samples that you can download for free on this page.
10+ For Sale By Owner Checklist Samples
1. Components of a FSBO Checklist
2. FSBO Marketing Checklist
3. Sample For Sale By Owner Checklist
4. FSBO Resources & Checklist
5. Basic FSBO Checklist
6. FSBO Prospecting Checklist
7. Formal For Sale By Owner Checklist
8. For Sale By Owner Closing Checklist
9. For Sale By Owner Sellers Checklist
10. Printable For Sale By Owner Checklist
11. For Sale By Owner Pre Owned Car Buying Checklist
What is a For Sale By Owner Checklist?
A for sale by owner or FSBO is a method of listing down a property without any help from a listing agent. Sometimes homeowners opt to do this because they do not need to go through the hassle of paying an agent’s commission which can cost thousands of dollars. By using this kind of method, the seller or homeowner assumes all of the responsibilities and legal risks of completing the sale. With a lot of things to keep in mind and prepare you to need to make sure you’ve got everything covered. By using a for sale by owner checklist, this tool will aid you in the whole transaction process. It can be quite challenging selling property all by yourself so it is better to equip yourself while you are at it.
How To Prepare a For Sale by Owner Checklist?
Engaging in an FSBO transaction, homeowners need to understand local laws, set a price, prepare the house, and design marketing material. But there can be quite a number of benefits when a homeowner decides to do things his/her own, aside from being able to sell without paying any commissions. They are in control of the sale, sell the property on their own terms, and negotiations are done directly through the seller and buyer. So issues or questions could be addressed properly.
With a lot of things to go through, an FSBO checklist may simplify the process for this kind of real estate transaction. So, to start preparing your own checklist here are several things that you must highly consider.
One very important matter you must consider is determining the property value. To do so, research neighborhood property values for homes with similar features. Learning more about real estate market trends and the prices of similar homes in the area is key. This can help to decrease the selling and closing time and even get you more money in the sale.
2. Setting the Price
Setting the price for your property can be a tough decision, you do not want to sell it too low or too high. This is why research and even asking around your neighborhood are important so you are able to determine how to go about the pricing.
3. Advertising and Marketing
You need to let people know that you have a property for sale, aside from word of mouth, your best option is to advertise and market your property through different kinds of platforms like social media, online listing websites, flyers, brochures, and even putting up the sale sign in front of the property with the contact information.
4. Getting Your Home Ready
As inquiries come pouring in, and some are interested to view the property, it is important that the house and its exteriors have been repaired, cleaned and all the necessary upgrades are done.
Once you have offers coming in, negotiate the price and terms of the sale. You should already have an acceptable price in mind. Make sure to check the buyer’s documents if they are qualified to purchase the property. Accept the earnest money to be deposited, this allows everyone to move forward with the purchase in good faith.
6. Preparing the Legal Documents
There are several legal documents that need to be prepared and finalized. Here are the following you need to take note of:
- Original sales contract
- A professional appraisal of the original purchase
- Property survey
- Homeowners Association documents
- Property title
- Appliance manuals and warranties
- Preliminary Title Report
- Property tax bills
- Loan documents
- Proposed marketing plan
- Mandatory disclosures
- Pre-inspection report
- Purchase offer and counteroffer forms
- Final purchase and sale agreement
- Occupancy agreement
- Home inspection report
- Home appraisal report
- Most recent tax statement
- Seller’s estimated settlement statement (also called the closing statement)
7. Prepare the Property Deed and the Sign all Necessary Paperwork
Make sure that the property deed is notarized, signed, witnessed, and details all complete. As you are about to sign the paperwork both parties need to have an identification (ID) because legal documents that are notarized are necessary to complete all sales documentation, a form of identification is required.
How many percent commission does a real estate agent get?
In most cases, a real estate agent gets around 5 to 6 percent of the property sale price. This is why some homeowners prefer doing it their own way to avoid these charges.
Why do some buyers avoid transacting with an agent?
Some buyers prefer negotiating directly with homeowners since this will shorten the communication process. Plus negotiations on the price can be done more effectively rather than using a middleman.
What is a Buyer’s Agent?
These are professionals who help and guide buyers in purchasing properties. They’ll show you properties that fit your criteria, help you craft a competitive offer, negotiate on your behalf, and generally provide you with knowledge and support throughout the entire process.
If you have firmly decided to take matters into your own hands and sell your property all by yourself then it is crucial to equip yourself is the knowledge and process of how the whole real estate transaction works. With a for sale by owner checklist, this handy tool can guide you through the entire process. To make it easier for you to prepare one, download our free templates now!
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