Preparing for a DIY Home, Property Sale

DIY Sales
Preparing for a DIY Sale
Preparing Your Home
Advertising Your Home
Open for Inspection
Closing the Sale

Preparing For a DIY Sale
Selling your own house is not easy. The savings to be made by avoiding real estate agent commissions are the main incentive for many sellers wanting to attempt the sale by owner route. It should be worth considering that over 80% of people who attempt a DIY sale never make it to settlement and often lose money.

However, most of these sellers lack a well thought out plan, and give up when they realise just how complicated a real estate transaction can be. This guide will help you to develop a strategy to address the main issues that arise when selling your own house.

Things to keep in mind

Your house won't be suitable for everyone. Don't be discouraged if you're not inundated with offers overnight.

The key to attracting interested buyers is through an effective marketing campaign. You need to advertise your house in a way that will secure the attention of house hunters. You have to do your research, know who your market is, and make your house appealing to them. If you've marketed your house properly, you can be sure that the right buyer will come along eventually.

Private property sales involve a big commitment on your part. You will have to spend a lot of your own time and energy to secure a successful result, more than you would employing the services of a real estate agent.

You will have to make yourself available at the buyer's convenience. You will have to pay for the cost of advertising, and you will have to negotiate the sale yourself.

Local real estate agents will approach you and offer to list your property. Often these agents may claim that they have an interested buyer, and will try to arrange a time to come and look at your property. Sometimes the agent may have an interested buyer, other times they will simply be trying to get a foot in your door. Be polite but firm when you tell the agent you're not interested.

Selling your own house is stressful. It is only natural to feel anxiety when negotiating contracts, dealing with high-pressure bargain hunters, or during periods where no one seems to be interested. Try to focus on the bigger picture rather than the small annoyances.

Not everyone is reliable. People will say they will sign a contract, and then disappear. People will make appointments and never turn up. If you have faith in your plan, and in your own abilities, you will not be bothered by the petty actions of others.

It may feel lonely doing everything yourself. Don't let this discourage you. If you have done your research, and sought advice from the right people, you will feel more confident about the decisions that you make.

Building your team
If you hire people whose advice you trust you will avoid some of the pitfalls of selling your own house, and your job will be easier in the long run. You will still have to make all the important decisions, market the house, find a buyer and negotiate the contract, but there are some things that you won't be able to do yourself. The two key people you will need to help you are a lawyer and a mortgage broker. A lawyer is the only person who can advise on legal issues so if you are doing this alone have the conveyancing done by a lawyer.

Hiring a lawyer
Understanding the ins and outs of real estate contracts can be difficult if you don't understand real estate law. The last thing you want is to draw up a contract that forfeits any of your rights, or gives the buyer a way to wriggle out of the deal. A lawyer can advise you on the legality of the clauses and contingencies you write into your contract. In all legal matters, you should only rely on information given to you buy qualified professionals and no one else.

Hiring a mortgage broker
Once you have a buyer interested, the first thing you need to find out is if they qualify for a mortgage, and have the funds to buy your house. This will allow you to focus your energy on the buyers who can actually afford your property. A mortgage broker is essential in pre-qualifying those interested in your property.

Your mortgage broker will understand the details involved in the type of loan your buyer is taking out. Sometimes loans can involve restrictions for both the seller and the buyer. Your banker can help you be aware of your responsibilities and keep the transaction moving.

T E S T I M O N I A L S

"Thank you for making the sale of father's estate properties so easy at such a difficult time."

"What can we say - an absolutely fantastic result. You handled all situations professionally, with good humour and a totally positive attitude."

For more information call Seller Solutions 1300 78 66 10 or contact us online.