When considering the sale of your home privately, it is important to understand the process. Many sellers are put off by the prospect of selling their home privately because they feel as though it might be too complicated and they lack the skills and resources to handle it effectively.
This is simply not the case; however. Selling your home without a broker does not have to be complicated. Understanding the requirements of the process will help you to achieve a favorable outcome; however, your ability to market and present your home to prospective buyers is truly the key to a successful sale. In order to realize that successful outcome, the following steps are typically observed:
1. A value must be obtained for the home in order to set a sales price that is reasonable.
2. The home must be placed on the market for sale and marketed and advertised.
3. A real estate purchase and sale agreement, real estate disclosure forms and lead hazard for must be prepared for presentation to the buyer. Depending on your local area, other documents and forms may be required as well.
4. After an offer has been made and accepted on the home, a deposit or down payment is typically paid to the seller by the buyer.
5. The buyer then begins the process of obtaining financing in order to fund the purchase price. In some circumstances, the buyer may be required to obtain a title search and/or survey. This may be required by the lender. The buyer and/or the lender may also require the purchase of a title insurance policy for the property.
6. A deed is prepared by the seller and it is then signed, witnessed and notarized in order for the property to be transferred to the buyer.
7. The closing takes place. During this meeting the buyer and/or the lender provides the remainder of the purchase price to the seller. The seller then pays off any liens and mortgages on the property and the deed is provided to the buyer. The buyer then files the deed with the appropriate recording office in the parish or county in which the property is located in order for the property to be transferred to the buyer's name.
When planning the sale of your home it is generally a good idea to speak with an attorney who specializes in real estate transactions as soon as you decide to sell. Selling your home involves making sure you abide by a number of regulations and laws and you will want to make sure you do not unintentionally violate any of these laws.
By Bill Hansen
This is simply not the case; however. Selling your home without a broker does not have to be complicated. Understanding the requirements of the process will help you to achieve a favorable outcome; however, your ability to market and present your home to prospective buyers is truly the key to a successful sale. In order to realize that successful outcome, the following steps are typically observed:
1. A value must be obtained for the home in order to set a sales price that is reasonable.
2. The home must be placed on the market for sale and marketed and advertised.
3. A real estate purchase and sale agreement, real estate disclosure forms and lead hazard for must be prepared for presentation to the buyer. Depending on your local area, other documents and forms may be required as well.
4. After an offer has been made and accepted on the home, a deposit or down payment is typically paid to the seller by the buyer.
5. The buyer then begins the process of obtaining financing in order to fund the purchase price. In some circumstances, the buyer may be required to obtain a title search and/or survey. This may be required by the lender. The buyer and/or the lender may also require the purchase of a title insurance policy for the property.
6. A deed is prepared by the seller and it is then signed, witnessed and notarized in order for the property to be transferred to the buyer.
7. The closing takes place. During this meeting the buyer and/or the lender provides the remainder of the purchase price to the seller. The seller then pays off any liens and mortgages on the property and the deed is provided to the buyer. The buyer then files the deed with the appropriate recording office in the parish or county in which the property is located in order for the property to be transferred to the buyer's name.
When planning the sale of your home it is generally a good idea to speak with an attorney who specializes in real estate transactions as soon as you decide to sell. Selling your home involves making sure you abide by a number of regulations and laws and you will want to make sure you do not unintentionally violate any of these laws.
By Bill Hansen
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