Common
FSBO Questions
How
do I figure out my price?
How
do I protect my valuables when people go through my house?
How
do I make sure that buyers don't take advantage of me?
How
do I verify buyer information?
How
do I make sure my buyers are approved for a loan?
Do
I need a lawyer?
How
much money should I get for a deposit?
What
should I do with the deposit when I get it?
Should
I allow a potential buyer to have my home inspected?
Should
I offer a home warranty?
Should
I preorder title insurance?
Do
I have to disclose every defect in the house?
What
if my buyer backs out of the deal at the last minute?
What
if I want to keep some attached appliances?
Should
I be concerned about lead-based paint?
How
do I figure out my price?
The
best way to come up with a price for your house is by comparing
other sales and listings in your area. It is also a good idea to get
a professional appraisal. If you live in Story County, you can also
access the Story County Assessor's Website to see the assessed value
they have given your home.
How
do I protect my valuables when people go through my house?
Back to questions
You
have to prepare your house for the invasion of prospective buyers.
Rent a safe deposit box or self-storage facility. Remove all of your
valuables from your house so the temptation for visitors to take
them is gone. If you own guns, store them elsewhere or keep them in
a locked case.
How
do I make sure that buyers don't take advantage of me? Back
to questions
When
filling out legal paperwork, it is important to find a qualified
real estate attorney that can answer questions and review contracts.
How
do I verify buyer information? Back
to questions
Ask
your buyers to provide written proof to verify their claims. You can
also obtain the names and numbers of employers and check some facts
on your own.
How
do I make sure my buyers are approved for a loan? Back
to questions
Even
if your buyers are pre-approved for a mortgage, try to speak to a
loan officer who can double-check their finances. Loan officers can
run credit checks on the buyers and within minutes know if they are
qualified to purchase your home.
Do
I need a lawyer? Back to
questions
It
is recommended that anyone selling a home by owner obtain the
services of an attorney, preferably one that is a specialist and
deals specifically in real estate transactions. If nothing else,
employ an attorney to draw up or look over the legal paperwork.
How
much money should I get for a deposit? Back
to questions
Deposits,
typically referred to as earnest money, can be as large or as small
as the seller prefers. For many MLS listings in Ames, $1,000 is a
common amount. However, Ralph Roberts, author of Sell it Yourself,
recommends that sellers demand a minimum of 3% but always try to get
up to 10% of the agreed upon price. The larger the deposit, the more
serious and capable your buyers are. If a buyer has more money tied
up in the deposit, he is obviously more likely to work to keep the
deal from falling through.
What
should I do with the deposit when I get it? Back
to questions
Since
most buyers will be somewhat skeptical about writing a large check
to you, it is recommended that you employ a title company or real
estate attorney to hold the check in escrow for you. Have your buyer
write out the deposit directly to the professional you chose to hold
it.
Should
I allow a potential buyer to have my home inspected? Back
to questions
Yes.
It is even recommended that you have a home inspection before you
place your property up for sale. That way you can find out any
potential problems that might cause a deal to fall through. Find a
licensed home inspector who is bonded and insured. Once the
inspection is done, use it to help market your house and the great
condition that it is in.
Should
I offer a home warranty? Back
to questions
Yes.
Home Warranties are great tools that provide peace of mind both for
the buyer and seller. If a major appliance breaks after a deal has
been reached, but before the closing date, both parties often feel
that the other should have the unwanted responsibility of fixing the
problem. If a home warranty was purchased, it will pay for the
repair or replacement. Home warranties can usually be purchased for
under $500.
Should
I preorder title insurance? Back
to questions
Yes.
Companies can make claims against your title without your knowledge.
Things can be recorded improperly. Many things can go wrong. By
ordering your title work as son as you put your house on the market,
you can find out whether or not you have a clear title. If you
don't, you can determine what must be done in order to obtain the
clear title.
Do
I have to disclose every defect in the house? Back
to questions
You
are required by law to disclose everything you know about the house.
If the buyer finds defects with the house after the sale, you could
be forced to pay for the repairs.
What
if my buyer backs out of the deal at the last minute? Back
to questions
If
you hired an attorney, meet with him immediately to determine what
your options are. These may entail keeping the deposit, suing for
performance, or other damages. The most important thing to do is
resolve the situation quickly so you can put your house back on the
market if necessary.
What
if I want to keep some attached appliances? Back
to questions
Anything
that is bolted or wired directly o the house is considered part of
the property. If you want to keep it after the sale, you must make
it clear to the buyers as they come through the house.
Should
I be concerned about lead-based paint? Back
to questions
If
your home was built prior to 1978, you are required by law to
provide your buyer with a lead-based paint disclosure. Failure to
disclose properly could result in stiff fines or jail time.
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