Before you consider selling your house yourself, ask if you are going to have the time needed.  Even if you just cover the basics, are you prepared to sell without
being represented in the transaction.

The Basics:

Establish your market value:

An extensive and complete research of local market conditions, including:

1. The sold prices of all houses in your area for the last few months.
2. The pending and asking prices of homes currently on the market.
3. The prices of houses that were on the market but did not sell.

Tip: Begin your research on the Internet for active listings. Follow up by visiting the county tax records office to determine the selling prices of houses that have closed.

Put together a marketing plan:

1. How much expenditure are you going to allocate to advertising? Check with the local newspapers to determine how much the advertising will cost. You'll want to run daily or at least Friday, Saturday and Sunday ads in the newspapers.
2. Considering the fact that most buyers use a real estate agent,   marketing to real estate agents will be essential.  You will need to send an e-mail or letter and sales flyer to all real estate agents within a 30 mile radius that work with buyers and don't forget to specify the commission you are paying if they show the home to a buyer that completes the sale.
3. How will you handle inquiries, calls and schedule appointments? You'll want someone to be available to handle inquiry calls and schedule appointments.  Make sure to arrange showings as soon as possible, delays usually lose prospective buyers.
4. Sales flyers are expected by most buyers.  A flyer with all of the important features of the property to take with them after seeing the house or grab from a flyer box when they drive-by.
5. Where will the For Sale Sign be installed? Are there other avenues leading in to your home where signage would be appropriate?  Check with local municipalities to make sure there are no laws or rules against this first.
6. How can you use the Internet to attract buyers? You could build a web site or submit your home to free and pay sites for potential buyers, many of whom, begin their home searching on the Internet.

Confirm that any buyer has pre-qualified for a loan.

1. If the sale is to be cash, confirm that they have the necessary funds or resources.
2. If the purchase is contingent on the buyer qualifying for a loan ask for a pre-approval letter from the lender.

Completing the negotiations, preparing the contracts and following through on the closing

1. Are you qualified and prepared to negotiate a real estate contract?
2. Do you know your legal responsibilities as a seller of real estate in your town, county and state?
3. Who will prepare the sales contract? You may need to hire an attorney.

Tip: In addition to the contract, you will need to execute the following statutory forms, Transfer Disclosure Statement, Lead Based Paint Disclosure (pre1978 construction), Natural Hazards Disclosure Statement and a Earthquake Disclosure Form (pre 1960 construction).

Some interesting statistics from The National Association of Realtors
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04/01/07

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