The Cost of Selling on Your Own Selling a property on your own, also known as "For Sale By Owner" (FSBO), can be an appealing option for homeowners looking to save money on real estate agent commissions. However, it's important to understand the costs involved in selling on your own, as they can add up and potentially outweigh the savings. Marketing and Advertising: When selling on your own, you'll need to invest in marketing and advertising your property. This can include professional photography, virtual tours, online listings, signage, brochures, and more. These costs can vary depending on the level of exposure you want for your property. Time and Effort: Selling a property requires a significant amount of time and effort. As a FSBO seller, you'll need to handle all aspects of the selling process, including scheduling and conducting showings, negotiating offers, managing paperwork, and coordinating with potential buyers. Consider the value of your time and whether it's worth the savings to handle these tasks yourself. Legal and Documentation: Selling a property involves various legal and documentation requirements. You may need to hire an attorney to review contracts, ensure compliance with local regulations, and handle any legal issues that may arise. These costs can vary depending on your location and specific needs. Lack of Market Knowledge: Real estate agents have extensive knowledge of the local market, pricing trends, and comparable sales. Without this expertise, you may have difficulty setting the right listing price for your property, potentially leading to a longer time on the market or selling for less than its true value. Negotiation Skills: Negotiating with buyers can be a challenging aspect of selling a property. Real estate agents are experienced negotiators who can help you get the best possible price and terms. Without this expertise, you may find it difficult to navigate negotiations effectively. Limited Exposure: One of the main advantages of working with a real estate agent is the exposure they can provide through their network, online platforms, and marketing efforts. As a FSBO seller, you may have limited access to potential buyers, resulting in reduced demand and potentially a longer selling process. It's crucial to carefully consider these costs and potential challenges before deciding to sell on your own. While it's possible to save on agent commissions, selling a property without professional assistance may not always be the most cost-effective or efficient option.  

Tips on the Real Estate Closing Process   Before you sign on the dotted lines, ask yourself these six crucial questions. 1. WHAT AM I BUYING? Make sure you have done your due diligence and inspected the property thoroughly. This could be the biggest investment you ever make (emotionally as well as financially) so know what you are getting yourself into before you seal the deal. 2. WHAT SORT OF LOAN AM I GETTING? Before you close you will get a stack of papers and you will be signing and initialing every last one of them. Make sure you know what you are signing - is the interest rate the same rate you locked in? Do you have a pre-payment penalty? When is your first payment due and where do you send it? All important questions to ask and have answers to before you seal the deal. 3. HOW MUCH MONEY DO I NEED? You may have your loan in place, but you will probably have to come out of pocket to close on your new dream home so where is that money coming from and how is it getting from there to the escrow account in order to close on time? Make sure all parties involved have the proper information to wire funds, pick up checks and get it done so your closing is not held up. 4. IS EVERYTHING TURNED ON? Have you transferred the utilities into your name and avoided unnecessary costs to have them turned on if there is a gap between you and the previous owner's shut-off date? Ensure that you have addresses, account numbers and all contact information for the following: -Mortgage-Utilities (electric, gas, water, trash)-Maintenance-Property taxes-Homeowner's insurance And make sure your escrow officer has all the information they need (such as contact info for your insurance company) in plenty of time before the close. 5. DID THE PREVIOUS OWNER HOLD UP THEIR END OF THE AGREEMENT? You may have negotiated some repairs during escrow - did you receive a credit for them and is it on your closing statement? Did the previous owner complete the repairs they agreed to do? If you have realtor, rely on them to hold the seller accountable.  Make sure you have checked it out before your close as there is very little recourse once the previous owner has your money! 6. AM I AWARE OF (ALL OF) MY CLOSING COSTS? When it comes time to close on your property, it may seem as if everyone and his brother is waiting for a handout. They are. All these fees together make up your CLOSING COSTS. These charges can and do vary widely, but don't be surprised to see these charges: Escrow fees — Who will pay escrow fees (buyer or seller) is usually decided during the negotiation on the sale. Splitting these fees is common. Credit check — Yes, you have to pay for your lender to verify your loan-worthiness (seems like a cost they might absorb, but alas, no). Document prep fee — Again, one might assume that the mortgage and escrow companies could pay their own employees to prepare your documents, but once more you get the honors. Title insurance — A lender won't give you any money without guaranteeing its interest in the property. Title insurance covers you in the unlikely event that there's a blemish on your property's title history. Miscellaneous fees — A courier is employed to transport your paperwork from the title company to the escrow company. Money is wired from your lender to your seller's account. Your lender incurs an underwriting fee and passes it on to you. Count on a few hundred dollars worth of "misc. fees."

  What To Prioritize When Selling Your House Today’s housing market is full of unprecedented opportunities. High buyer demand paired with low housing inventory is creating a sellers’ market, which means it’s a fantastic time to sell your house. However, that doesn’t mean sellers are guaranteed success no matter what. There are still some key things to know so you can avoid costly mistakes and win big when you make a move. 1. PRICE YOUR HOUSE RIGHT When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask when setting a listing price. Believe it or not, that’s not always true. Even in a sellers’ market, listing your house for the right price will maximize the number of buyers that see your house. This creates the best environment for bidding wars, which in turn are more likely to increase the final sale price. A real estate professional is the best person to help you set the best price for your house so you can achieve your financial goals. 2. KEEP YOUR EMOTIONS IN CHECK Today, homeowners are living in their houses for a longer period of time. Since 1985, the average time a homeowner owned their home has increased from 5 to 10 years. This is several years longer than what used to be the historical norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you purchased or the house where your children grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from that sentimental value. For some homeowners, that connection makes it even harder to separate the emotional value of the house from the fair market price. That’s why you need a real estate professional to help you with the negotiations along the way. 3. STAGE YOUR HOUSE PROPERLY We’re generally quite proud of our décor and how we’ve customized our houses to make them our own unique homes. However, not all buyers will feel the same way about your design and personal touches. That’s why it’s so important to make sure you stage your house with the buyer in mind. Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. Stage, clean, and declutter so they can visualize their own dreams as they walk through each room. A real estate professional can help you with tips to get your home ready to stage and sell.  

What To Expect During Inspection   When you are buying a home for the first time, you’re likely to run into many processes that you haven’t been through before. One of the most important parts of the purchasing process is your property inspection. It may seem daunting, but if you know your role and the role of others, it can make the process less stressful. Here is what you should expect for each role in the property inspection process. The Buyer Your job will be to learn about the property during inspection. Before the inspection, you should prepare by looking over the property disclosures or any other documentation that you’ve received up until that point. Make a list of any questions or concerns you have about the property. Ask your agent what the typical inspections are for your market and make sure you set aside a few hours for the inspection. The Buyer’s Agent Your agent should be with you and help to walk you through the inspection. Your agent should know what to look for during inspections and be able to let you know what is important and needs to be addressed before the transaction is complete and what is a quick fix.  The Inspector As the buyer, you will hire the property inspector. You can get a referral from your agent to find a licensed inspector in your state. Their job is to inspect the property and overall condition of the house.