Michigan Real Estate Blog

Making an offer on a home without the representation of an agent still requires visiting a local real estate lawyer to draft an offer. Bid on a home without a real estate agent with tips from a licensed agent in this free video on real estate.

Many people are entering into for sale by owner real estate agreements than ever before. With property sales at an all-time low and millions of homes for sale, the real estate market is oversaturated; making it difficult to sell properties for profit.

Listing property as for sale by owner real estate allows homeowners to reduce the sale price to attract buyers. FSBO offers benefits to both seller and buyer and saves both parties thousands of dollars in realtor commissions. However, property owners who choose this option should become educated about the process. Otherwise, they could place their property at risk.

The Internet offers a wealth of for sale by owner tips, information and resources. Sellers can download real estate contracts, order FSBO education kits, locate real estate lawyers, and join real estate networking groups to share tips or connect with potential buyers.  Numerous websites exist where sellers can list FSBO real estate for a nominal fee.

It is important to determine property value before placing a ‘for sale by owner’ sign in front of your home. Property values are determined based on location, condition, amenities, and sale price of comparable homes in the area. It is best to hire a professional real estate appraiser to obtain an accurate assessment.

A home inspection is required to locate potential problems and provide time to make necessary repairs. Home inspections are required before closing can occur, so it is best to hire a home inspector before listing the FSBO realty.

Take time to become familiar with real estate contracts. Learn how to negotiate terms of the sale and understand legalese of closing and settlement documents. It is best to retain the services of a real estate lawyer to review for sale by owner real estate contracts and ensure they are legally binding and properly executed.

At present, real estate is a buyer′s market. It is important to prepare the home and make it better than other homes for sale in the area. This might involve deep cleaning, repairing or replacing broken items, or painting the interior and exterior of the house. Remember the exterior is the first thing buyers see, so take time to make the outside shine.

One for sale by owner tip that might expedite the sale of your home is to host a yard sale. Not only can you sell items no longer needed, you can inform visitors the home is for sale.

Create informative flyers to hand out to visitors. Include pictures and details of the house, along with the sale price and contact information. Talk to everyone who arrives at the yard sale and ask them to let others know about the property sale.

Consider offering a finder′s fee to generate excitement about telling others about your home. Be prepared to show the house to interested parties. One couple used this strategy and sold their home on the spot during their yard sale. If it can happen to them, it can happen to you.

Selling real estate without a realtor can be overwhelming. Keep in mind it is not necessary to do everything alone. Hire professionals to perform various tasks. If you do not understand contracts, hire a real estate attorney. If you don’t have time to paint, hire a painting company. If you dislike cleaning, hire a cleaning crew.

For sale by owner real estate places everything in your hands. If you invest time in becoming educated about the FSBO process before listing your property, you can save yourself a lot of stress and money. Education is the key to selling your home, so don’t skimp on the process. Otherwise, you could learn a painful and costly lesson.

Selling your home without an agent is no small endeavor. Sell your home independently withtips from a licensed agent in this free video on real estate. Expert: Richard Blake Bio: Richard Blake is a licensed real estate agent that has closed more than 20 times the number of transactions per year than that of the average realtor for the last three years. Filmmaker: Christopher Rokosz