My blogging colleague Mimi Foster in Colorado Springs has an amazing list of actions that For Sale by Owner sellers have to consider when trying to complete a transaction to sell their homes.
These same items -- and many more -- apply if you're selling your home in my territory in St. Louis' Illinois suburbs as well.
So if you're considering selling or your own or questioning the value of using a Realtor in Edwardsville, Glen Carbon, Maryville, Collinsville, Troy or the other cities, towns and villages in the Metro East, please read on...
FSBO: Paperwork nightmare
As a long-time real estate professional, I certainly understand people’s desire to try to sell their home as an Unrepresented Seller, also known as a FSBO.
Having spoken with scores of them, I not only have a keen understanding of what motivates them, I also see clearly that there are things that FSBOs don’t consider when they embark on what appears to be an easy journey to try to save the cost of a commission.
So over the course of the past dozen years or so, I have put together a 25 page booklet that shares some of this information that a FSBO may not have considered. I not only give them tips on preparing their home to its best advantage, but I also point out some dangers and headaches that they may encounter along the way. I offer them the ability to call me to ask questions that they might have as they go thru this process (within reason, of course), understanding that very few will make it to the closing table without the assistance of a Realtor.
The following is a list of a few items of PAPERWORK that the FSBO will have to deal with in his/her journey as an Unrepresented Seller:
- Figure out a reasonable price
- Take pictures and design and print brochures
- Write ads (that will rank on Google)
- Figure out where to publish ads
- List of completed repairs you’ve done on your home
- Verify HOA fees and all CC & Rs
- Order twelve months of utility bills
- Provide HOW? Which company?
- Follow up on showings
- Supply reasonable comparables
- Negotiate offer and options with Buyer
- Make sure Buyer is financially qualified
- Write binding Contract
- Write Seller’s Property Disclosure
- Write Lead-Based Paint Disclosure
- Prepare Counterproposal
- Find a Title Company
- Deliver Contract to Title Company
- Document and Deposit Earnest Money
- Order Title
- Get Title to Buyer
- Order mortgage payoff
- Negotiate Notice of Unsatisfactory Conditions
- Get repair estimates
- Meet inspection resolution deadline
- Send receipts to Buyer/Agent
- Develop closing cost estimates
- Order an appraisal
- Track appraisal
- Check appraisal for any conditions for closing
- Continue to check with lender on loan progress
- Resolve any Title disputes
- Schedule closing
- Make sure Closer has all necessary documents
- Review HUDs
- When do you have to be out?
- What if it doesn’t close?
- Do you continue to show house?
- Can you take another offer?
- Legal Liability for paperwork errors
This is just the tip of the iceberg. Could this be part of the reason that less than 3% of closings are FSBO ?
Please feel free to add to this list in the Comment section below.
FSBO: Paperwork nightmare was written by Mimi Foster
* * * * * * * * * * * * * * * * * * * * * * * * * * * *
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
Selling homes throughout Colorado Springs, Old Colorado City,Manitou Springs and surrounding areas with aSpecialty in Victorian and Vintage Homes in
Downtown Colorado Springs
Enjoy life in the (618) area code in Southwestern Illinois, St. Louis' Illinois suburbs. SEARCH FOR HOMES HERE.
LIKE MY BLOG? PLEASE SUBSCRIBE HERE.
I help good people buy and sell good homes in St. Louis' Illinois suburbs, with special emphasis on the Metro East communities of Edwardsville, Glen Carbon, Maryville, Collinsville, Troy and surrounding areas in Madison County, Illinois.
Are you a teacher, firefighter, law enforcement officer, medical professional or active duty or retired military? Then ask me about Homes for Heroes, offering substantial savings on home purchases. Learn more at Homes For Heroes.
For more information or to search for homes, visit my sites at NancyMilton.com, 618Life.com, or GoshenRealtyGroup.com or send an email to me at Nancy@GoshenRealtyGroup.com. Text or call Nancy Milton Holtzscher, your Edwardsville Realtor, at 618-791-8007 any time.
REMAX Preferred Partners is located at One 157 Center, Edwardsville, IL 62025, 618-791-8007 (direct) 618-655-1188 (office). We're easy to find on IL-157 in Edwardsville between Pasta House Co. and Shenanigans. Each office is independently owned and operated.