Thinking of going FSBO? Read this first

Kimberly Bean
Kimberly Bean
Published on June 15, 2020

If you’re the DIY type, the idea of selling your Southern Maryland home without a real estate broker might be attractive to you.

Selling a home isn’t exactly rocket science, but there is a lot that goes on during the transaction that a layperson probably knows nothing about. If you insist on doing it yourself, take some time to think about these most-challenging aspects of the process.

How much will you ask for your home?

The most important part of selling your current Southern Maryland home is knowing its current market value. Price your home too low, and it’s like take a torch to your stack of equity dollars.

Price it too high, and your home might languish on the market until you’re forced to lower the price. But by that time, your listing is stale, and real estate agents and buyers will assume that there’s something wrong with your house.

Even though you’re sure you want to sell your home with you the aid of a Southern Maryland real estate agent, that agent is your best bet when it comes to setting a listing price. Real estate agents compile a research report known as a comparative market analysis (CMA) for potential listing clients. It is free, and there is no obligation to use the agent’s services.

There is always the chance that you may change your mind during the process and decide to hire an agent, so you should interview three of them before putting the house on the market.

Use the agents’ suggested list price (they should all be roughly the same), or an average of the three as the price for your home, and save the CMA from your favorite of the three agents.

This way, if you do change your mind (and the chances are good that you will, according to studies), you’ll have his or her contact information.

What sells homes? Marketing!

Now that you have a listing price for your Southern Maryland home, it’s time to figure out your marketing plan. How will you get the word out that your home is for sale?

To put together a marketing plan, you need to know who is your most likely buyer. Because they market Southern Maryland homes for a living, this is something local real estate agents can easily determine. For a layperson, though, it may be challenging.

Everything you do to market the home — from preparing it for the market to advertising — should be laser-focused to that group of homebuyers.

All that paperwork …

According to a study by the National Association of REALTORS, the most challenging part of the for-sale-by-owner process is dealing with the paperwork.

Not only will you need to locate the forms and contracts, but you’ll need to know how to fill them out correctly. Even one small mistake can be disastrous.

The wisest thing you can do, other than to hire a real estate agent, is to secure the services of a real estate attorney. Yes, it can be costly, but you absolutely need help when it comes to the legalities of the sale.

Deciding to go it alone in a Southern Maryland real estate transaction comes with risks. If at any time you feel you’re in over your head, reach out to us – we’re happy to help.

Waldorf MD Homes for Sale and Real Estate Services in Southern Maryland. You now have a search engine to help you with your Southern Maryland home search! And I’m ready to provide you with a custom home valuation if you’re considering selling your home. Let’s connect to discuss how I can help you. Contact Kimberly Bean at 301-440-1309

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