9 Key Negotiation Steps you should be aware when Selling a Home by Yourself / For Sale By Owner

9 Key Negotiation Steps you should be aware when Selling a Home by Yourself / For Sale By Owner
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    - Hello everyone. Ady Simion, Coldwell Banker. Today I wanna talk to you about being a For Sale By Owner, FSBO, we call them. So, you have a house and you wanna sell it on your own. You put it on the market, and you do open houses by yourself because you wanna save the commission and you don't wanna deal with a real estate agent like myself. So, okay, a lot of people do that. Statistically, only 10% of for sale by owners end up selling by themselves, 90% of them, after struggling trying to doing, they're ending up selling with the real estate agent. But if you decide to do it on your own and you wanna give it a chance and try to save that 5%, 6% that the agents normally charge, you can do that. Now, the thing is, I want you to be aware before you start the process, What do you need to do? and Who do you need to negotiate with? Are you a good negotiator, because you'll need the skill. First of all, you'll need to negotiate with the buyer. When the buyer comes in and puts an offer, you need to be able to negotiate with them. Secondly, you have to negotiate with the buyer's agent. If the buyer comes with an agent, they represent the buyer only, they only have have their interest in mind, and you'll have to be able to negotiate with that buyer's agent. Again, sometimes buyers are getting an attorney. Now you have to deal with their attorney. If they know you're not represented by a real estate agent, they might hire an attorney. In some areas of the country, it's automatically. They have to have an attorney to sell this or to buy a home. The home inspector companies; the inspector represents the buyer. It's paid by the buyer. So, he will find problems with the property, you will have to negotiate with them, you'll have to challenge some of the things that they say the house is lacking or whatever defects they find, whatever. The termite companies; if there's termite challenges, again, you have to negotiate those, you have to be able to talk to them and be educated about it. The buyer's lender; if the buyer has a loan, again, you have to stay in touch with the mortgage originator that's doing that loan. Make sure you negotiate with them and keep the process going. There are all kinds of challenges that comes through the process. So you need to be informed. Know the process ti be able to help with it. The appraiser; what if the value comes lower? Now you have to challenge it. You need to be educated to make sure you give the appraiser qualified camps to bring the value back up if it came lower. And even if it didn't come lower, at the beginning you have to make sure you'd held the appraisal why you think that property is worth what you are asking for, and what you actually put in an escrow for. The title company: You have to be able to talk to them. Make sure the title is given clear. Also the town, the city. Some cities, Pasadena for example, has a city occupancy inspection. Azusa has one, LA County has one. The incorporated areas of LA County. So, you have the be able to order those reports. If there's permits, you have to make sure you're able to give it to the buyer, to disclose everything, make sure that's done properly. The buyer's buyer; What if the buyer is an escrow selling his property in order to buy yours? You need to make sure you keep track of that and able to, if there's any problems, to try to solve them. So, there's so much into it that you need to deal with. Just make sure you are educated before you do decide to put your property on the market For Sale By Owner. There is a reason why only 10% are selling themselves and the other 90% are sold by realtors. Because there is a very complicated process, there is so much paperwork that need to be done, and that's why. Also, agents are not only able to sell it for, in average, about 9% more than you can sell it yourself. So, if they sell it for 9% more, that 6% that you are trying to save, Is it really worth it? Because you are getting 9%. So you are getting more than what you would have gotten by yourself. That's all I had to say about For Sale By Owners. Have any questions, I'm here to answer. If you like what you hear, again, please subscribe to my channel. Follow me on Instagram, like my page on Facebook. Let's stay in touch. Thank you very much. Bye.
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