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Step 3. Get a real estate lawyer
Even though it's an additional expense, it may be wise to hire a lawyer who will protect your interests throughout the entire transaction. An experienced real estate lawyer can help you evaluate complicated offers (those with a variety of conditions), act as an escrow agent to hold the down payment, evaluate complex mortgages and/or leases with options to buy, review contracts and handle your home's closing process. They can also tell you what things, by law, you must disclose to buyers prior to a sale and can also help you avoid inadvertently descriminating against any potential buyers.
In some areas, title companies will handle all aspects of the transaction and have in-house legal departments that can assist you with legal issues that may arise. To locate a title company in your area, Click Here.
Unless you're significantly experienced in the home selling process, having a real estate lawyer at your side provides peace-of-mind. You know you've got someone looking out for your interests, not just the buyers. To locate a lawyer in your area, Click Here
Step 4. Marketing your home
Exposure, exposure, exposure. That's how you can sell your home fast.
Lakeshore4SaleByOwner.com provides extensive home exposure because thousands of LOCAL unique visitors come to the web site each month (that's Internet-speak for new people). In fact, Lakeshore4SaleByOwner.com spends of thousands of dollars a month to assure that it is prominently placed on Internet search engines so buyers can easily find our site. Unlike other internet sites we don’t stop there, Lakeshore4SaleByOwner.com also advertises the site in local Neswpapers and on Local Radio stations again drawing potential buyers to the web site.
Writing your sell ad
While Lakeshore4SaleByOwner.com allows you a 300 word description of your house (try to afford that in a newspaper ad), your advertising copy should be thorough yet short, simple and to-the-point. Long, flowery prose will not make your house sound more appealing. It will simply make it harder for the home buyer to read. Make sure to provide the critical facts buyers are looking for such as the house's number of bathrooms, a re-modeled kitchen, etc.
Most home buyers quickly scan ads, so it is important that your house stands out. For example, you may want to add a theme-line such as "Priced below market" or "Great schools." Stay away from industry jargon and use language that makes home buyers comfortable. Survey our web site and see how others have written their ads. You will quickly see which are "buyer friendly." Copy their approach for your ad.
Home Photos: Yes, a picture is worth a thousand words
If you are taking a photo of your home, be sure that the home's yard/driveway is uncluttered. Remove bikes, garbage cans and parked cars. The same applies for interior shots. People are looking to buy your house, not your possessions. Think of furniture as props and the room a stage. Move things around if you have to. Also, take lots of photos. Film is cheap...your home deserves quality. The more you shoot, the better the odds are that you'll get a few really good shots. Lakeshore4salebyowner.com will be glad to assist you in taking digital photos of your home that you can use in your ad. Contact us for assistance.
Lawn signs
Lawn signs are important marketing tools. They attract attention to your home. Professionally-produced signs (like the ones Signs by Tomorrow offers) telegraph to home buyers a "quality" image of your house. Directional signs also help drive buyers to your property, especially if you do not live on a busy street. Lakeshore4salebyowner.com also provides recorded message abilities to your sign. Signs purchased through our service directory include (at no cost) a 800 telephone number that provides callers with 24/7 recorded message about your home. The 800 service will also allow callers to leave you a message and arrange a showing. To find out more about our unique sign program, Click Here.
Open houses
Open houses are sometimes a good way to attract buyers to your home. Typically, real estate agents conduct open houses for two reasons; 1. Clients expect them 2. They are a good way to attract buyers, not just for the open house but for all houses for sale in the realtor's area (yes, your competition). The fact is that very few houses sell due to a open house itself. If you decide to do an open house consider advertising the date and time in your local newspaper.
Home Brochures/Information sheets
It is a good idea to create an information sheet (with a photo) about your home to give potential buyers. Lakeshore4SaleByOwner.com provides you the capability of producing information sheets directly from your listing page. Just click on the print flyers button!
You are your home's best salesman
As every salesman knows, to be effective you have to really know your product. And who knows your home better than you? Certainly not a real estate agent, who, in all likelihood, has spent only a few moments in your house before showing it to prospective buyers.
Sell your neighborhood as well as your house. Show enthusiasm, but don't get caught-up talking too much about how "your daughter spent the best years of her life in this very room."
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Step 5. Negotiating an offer on your home
When a home buyer makes an offer (this is often presented to you directly from the buyer or through their lawyer), you should consult with your attorney. Buyers and sellers have an Attorney Review Period, which is usually three days, to cancel or amend the offer. The offer becomes a contract at the end of the Attorney Review Period, and is binding. Many of your home's offers can be complicated and contain special clauses that favor the buyer.
Purchase price isn't everything. Carefully consider the purchase contract's other terms and conditions. Too many contingencies can leave loopholes and cause a deal to collapse. Especially avoid contingencies that favor the house's buyer, such as linking the escrow closing date to the buyer's sale of their current home. If the buyer insists on such terms, include a so-called kick-out clause in the contract that will allow you to consider other offers if the buyer isn't able to sell within a certain period of time.
Assess your buyer's financial qualifications
Is the buyer pre-approved? How much of a loan is the buyer seeking? Unless you are in an active market, lenders tend to shy away from underwriting a deal in which the purchase price is higher than the nearest comparable sale and the buyer is putting less than 10% down. If this is the case, your buyer may not be able to obtain financing. Lakeshore4SaleByOwner.com can assist you and your prospects (buyer) with pre-approvals. To find out more about pre-approvals or Mortgage financing,Click Here
Know the selling market
How you judge an offer also can depend on market conditions. If the market is slow, you may feel vulnerable, especially if circumstances are pressing you to sell. Make sure any offer you accept does not keep you in escrow longer than 30 days. In a hot market where multiple offers are likely, be wary of countering more than one offer at a time (you could end up in legal trouble if two buyers both accept your counter offer). Also be wary of offers that promise more money but contain poor contract terms (long escrow, multiple contingencies, etc.).
If you feel the home's offer is insufficient, make a counter offer. Rarely is a first offer the buyer's absolute highest price they are willing to pay. Negotiating is part of the home selling process.
Again, your lawyer should review the details of all offers.
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