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Selling Your Own Home?

So you're thinking of selling your own home!  Excellent!  Here are a few among many things to consider. 

First off, do you know your local real estate market?  No, it's not the price in which your neighbors have their home listed.  You can only compare against properties that have sold.  That is realistic data.  It's not the price in which your neighbor said he/she sold their home.  Have you ever wanted people to think something you own is worth more than it's actual value?  It's the same with your neighbor..... likely not a reliable source.  You need hard data.  Do you know where to find such data and the appropriate comparables?  Do you know how to properly compare homes?

Do you know how to market your home?  Do you know what sources of marketing work?  Are you willing to put the time and effort and expense into marketing your home?  Are you willing to answer calls, should you receive any, and schedule appointments for viewings?  Can you realistically separate yourself emotionally from your home and accept criticism?  If your home is not selling and you want to take a vacation, how will you handle showings and the prospect of an offer if you cannot be home?

Do you have experience working with real estate contracts?  Do you know what clauses to put into the contract to protect yourself?  Do you know what terms are acceptable from the buyer?  How long should such terms exist in the contract?  What if there is a mistake?  Who is liable? 

At my brokerage we have a list of over one hundred things that can go wrong in a real estate transaction.  Do you know ten things that can go wrong?  Are you prepared for such incidents?  Do you know how to read a title?  Do you know what is an acceptable RPR?  Do you know where to get one?

I don't know about you, but I'm not a mechanic.  I'm not a lawyer.  I'm not a doctor.  I'm not an electrician.  I'm not a carpenter.  These people exist because they are experts in their field and they get the job done right!  It's the same with real estate.  Do you really want to risk screwing up a deal that involves hundreds of thousands of dollars?

Thanks for reading!

By Patrick Murray