Selling Your Own House Without A Realtor
Selling Your Own House Without A Realtor – When selling your “For Sale by Owner” home in Maryland, there are things you should know before selling. It is important to do your research first.
First, research recently sold homes similar to yours. These are called comparators or “comps”. Many Maryland homeowners believe that their property tax assessment is equal to the value of their home, and they use that assessment as a guide to value their home. Of course, that appraisal has nothing to do with what a home might sell for. The evaluation is based on calculations.
Selling Your Own House Without A Realtor
Many homeowners in Maryland rely on auto appraisals provided by Zillow and other resources. These estimates, although sometimes accurate, are usually too high or too low to be inaccurate and misleading.
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What is the best and most reliable way to determine the real value of the house? Compare your home to other similar homes that have sold. Be sure to make adjustments for things like fireplaces, garage spaces, decks, porches, balconies, square footage, sales concessions, basements, and other items that were part of previous sales. All of these items are key to setting the right list price for your home and selling it quickly.
Find out about typical market days for your area. How long does it take to sell homes in your area? Ideally, you want to sell your home faster than that number.
Compare the original listing prices of homes sold for your area. What percentage of the original list price do sellers receive for their home? That percentage will help you figure out how much you can get for your home if your home is appraised correctly. Sell your home fast by choosing the right price list.
Know where buyers are coming from so you can market your home in the right place. Are buyers moving primarily in the same area as your home? Or do they travel from other states or even states? It is important to introduce them in the areas where they currently live. When you research and market to those areas, you will find more buyers.
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Find out which types of financing are right for your home. There are many different loan programs that consumers can use to purchase a home in Maryland. Buyers must meet criteria to purchase a home (such as minimum income and credit score), but the home must meet requirements for each type of loan.
Most homes in Maryland qualify for conventional financing, but does your home qualify for FAA, USDA or VA financing? These 3 types of loans have very strict requirements that a home must meet. Is your home located in an area eligible for USDA funding? Location is important for that type of loan. Will a buyer be forced to use a 203k loan because other types of loans are not approved for your home? When this happens, you need a buyer who is willing to take the extra steps and spend money to get a refinance loan.
Each type of loan has different requirements. It is important to know if your home meets the criteria for these different types of financing. If a buyer makes an offer on your home, but your home doesn’t qualify for that type of financing, guess what? The sale will fall through and the buyer will not buy your home. Understanding the different types of loans and the requirements for each is something you should know before selling your Maryland home.
Determine what your final expenses are. This estimate will help you determine how much profit you can make on your home. Transfer taxes are one aspect of your closing costs that you’ll want to be aware of in advance. Other components may include your down payment (if you have it), sales discounts, HOA and/or condo fees (if you have it), front-end returns, taxes, home insurance, and more.
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Buyers today typically include an inspection in their offer to buy a home in Maryland. The most common types of tests include:
Inspecting your home before going FSBO can help you find anything you need to fix. Maybe you’ve got a leaky pipe or some loose or missing shingles. Anything that needs fixing will be pointed out when your buyers check out. So you can fix things that can be fixed earlier. It’s also a good idea to make sure your mechanical systems are being serviced.
It’s also important to know the different types of financing available when renovating your home. Why because different types of loans have different requirements for maintenance.
Be sure to familiarize yourself with the requirements for conventional, USDA, FHA and VA loans. Knowing the differences will help you know what to expect from repairs and maintenance. If you don’t meet the criteria, your buyers will not be approved for their loan. If they are not approved for a loan, they will not buy your home. You need to put your house back on the market and start over.
Home Selling 101: How To Sell Your Home On Your Own
Some homeowners decide to hire a home inspector before selling their home. This way, they have expert advice and know what repairs need to be done in advance. Many homeowners believe they know there is a problem, but sometimes they are surprised to learn the results of the test. There may be tears somewhere you don’t know. There may be something wrong with them.
Even if you don’t hire a home inspector, plan ahead to fix things that need fixing.
Today’s buyers search for homes online. In fact, they start looking before they are ready to buy. Buyers want to know what’s available at different price points. You will quickly learn which homes are affordable and which homes are too expensive.
Photos can change when selling your own home in Maryland. Due to online search, unique images are important. If buyers don’t like your pictures, they won’t look at your home. They move on to the next one. High quality images are very important. If you can’t take pictures yourself, hire a professional photographer. If you can bring your own, check:
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Be sure to remove items stuck to your refrigerator, extra items on counters and floors, personal items, and general clutter. There’s a reason model homes look the way they do. Make your home a model home for best results.
Like photos, videos are an integral part of a home buyer’s online shopping experience. In addition to a video tour, home buyers who provide stunning high-resolution photos will find more interest. Buyers want to see how it feels to walk in your home. Their online experience will determine whether or not they make an appointment to view your Maryland “For Sale by Owner” home. Make sure all your ads include both your images and videos. Providing a QR code is a great way for buyers to see your photos and videos in your marketing materials.
Maryland is known as a disclosure state. This means you have a legal obligation to disclose any and all hidden defects as well as material facts about your home. Are you in compliance with Maryland’s smoke emission laws that went into effect on January 1, 2018? If you don’t, you should let potential buyers know. Are you aware of leaks, lead paint, mold or other defects in your home? If you do, they should also be disclosed to prospective buyers. Failure to do so can easily lead to legal action. Be sure to submit the correct forms to protect yourself. This is a common mistake Maryland homeowners make when selling “For Sale by Owner.” Reduce your chances of being sued by making those disclosures.
Marketing is what sells your home. Expecting someone to drive by and want to buy your home is unrealistic. Today’s buyers are on the Internet, on multiple websites. Online is where you decide which homes to visit in person. The images and videos presented on the Internet have a great impact. That’s where you should be! When deciding on a FSBO in Maryland, you need to offer what buyers want and market
it in a way that will attract the most potential buyers.
Do I Need A Realtor To Buy A House?
Zillow is a highly sought after home buying website. However, there are other sites that some buyers choose to search instead. Some of those sites/apps include: Trulia, Realtor.com and Homes.com. Be warned that your home will never be listed on Coldwell Banker, Long & Foster, Sotheby’s, ReMax and various brokerage websites.
Plus, real estate agents won’t find your home if it isn’t in multiple listings. Real estate agents
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