Quite simply, overpricing only helps other homes sell and undervaluing your home is very costly! Once you have determined fair market value, can you substantiate it? Be prepared to; today's buyers are more educated than ever before!

Do you know how to "stage" your home? Now, I'm not simply referring to cleaning it up before showings. I'm talking about its condition, decor and atmosphere. It's very difficult for some people to look at their home objectively. After all, it has been decorated by them, and for them. But would it appeal to most buyers? With the number of homes currently on the market (more than there are buyers for) and the number of new developments with models beautifully decorated by professionals, it is imperative to take a close look at your own.

How are you going to "expose" your property? Advertising costs have soared with the increased price of paper, so be prepared to budget for this item! Are you familiar with the fair housing laws as they apply to advertising? If you are unavailable during the day, are you going to list your business phone number in the ad as well? Buyers contact real estate offices at all times of the day, wanting answers when they call! Expect the same.

Are you prepared to alter your schedule for showings? If, like most people today, your life is hectic, you will find showing your own home inconvenient and very frustrating. After all, you must be prepared to show your home at times convenient to the buyer. Additionally, I have often heard of spouses that don't feel comfortable showing their home without both of them being present. (I'd probably feel the same.) So, now your schedule has to adjust to that factor as well. When are you going to be available? More importantly, do you know that the buyers you are jumping through hoops for are serious in their pursuit of a home and qualified to buy yours?

Are you familiar with the regulations in your area? Illinois laws regarding real estate have changed dramatically in the last few years. What are the changes and how do they impact you? In addition, many local governments have requirements prior to sale - are you aware what these are in your community?

How effective are your negotiating skills? Most sellers believe that negotiating price and personal property is the key to effect a sale. Although both are necessary, there are other terms to be considered as well. What is the financing contingency? When are the buyers looking to close? Does that correspond to your plans? Do the buyers have a home to sell? Is it on the market? Does it show well? Is it priced right, and how will you know? Are you going to follow-up with the buyers that have viewed your home? If so, be tactful, lest you leave the impression of a desperate seller (whether you are or not!).

Are the buyers qualified to purchase your home? How will you know? What questions need to be asked? What should you do if the buyers are uncomfortable sharing their personal financial information with you? If they are willing, do you know what to ask? If the buyers are looking for a government loan, how does that differ from a conventional loan? More importantly, what does that mean to you? Keep in mind, too, that it is not only the buyers that have to qualify for the loan. Your home does, too! What preparations can you make before the appraiser arrives? Are you going to keep in contact with the lender as the loan progresses, making sure all is well?

Are you familiar with the contract forms in use in your area? Preparing a sales contract (and understanding what it is you are agreeing to) is often a tricky matter. For example, is your home serviced by a private well? Does the purchase contract reference it? If not, how do you include the particulars? What if the buyers request a home inspection? Who hires and pays for the home inspector and what happens if the inspection reveals defects in or about your home?

Can you keep the deal together? How? After the contract is signed by all parties, do you take it off the market or are there situations when it is proper to continue to show your property?

Are you familiar with all of the closing costs you will encounter? If you have never sold before, or it has been several years since your last sale, you must become familiar with the closing costs associated with the sale of your home. Title expenses, surveys, tax stamps (state, county, and those imposed by local ordinance), tax proration and various miscellaneous expenses must be calculated. All will have an impact on the amount you walk away with at closing. Very often, you need to net a specific amount for the purchase of your next home.

Are you prepared for insincere offers? Often speculators attempt to take advantage of a "For Sale By Owner", believing that the sellers are inexperienced (and often they are right). Prior to negotiating, these buyers ask questions whose answers reveal the motivation of the sellers. How will you respond to such questions? It is not unusual for their offer to contain terms that are not practiced in your local area (i.e. requesting the seller pay for costs that are generally paid for by the buyer), as well as bringing in the offer with the purchase price minus the commission that you are saving by selling the home yourself.

Do you still feel qualified to take on the job of selling your home yourself? If so, best of luck! If not, I encourage you to contact a trained and experienced real estate agent you can trust to handle the details. I believe you will find it worth every cent!

©2002 Marge Harris. Publication or use of this article on or off-line without written permission from Marge Harris is prohibited. If you would like to use Marge's articles on your Web site or in your publication, just email Marge for details!

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