One of the most difficult items for a for sale by owner is setting your homes asking price.  You don’t want to set it to high which could mean months of waiting to sell, but you also don’t want to set it to low because you can’t go up once the price is ‘out there’ for buyers to see. So you want a more exact way to set your asking price. Enter the appraisal.

An appraisal will be very important because it will give you a very clear idea of where you should consider setting the asking price for your home. The appraisal will allow you to see a ballpark figure on where the appraiser feels your property fits between comps in your area that have recently sold. This is of benefit to you because it will tell you exactly what other buyers have paid for homes that are very similar to yours. Anyone can set an asking price for $500,000 but will a buyer actually pay that much?  This number will serve as a starting point as you finalize what you want to set as your asking price. This will also help you when you’re comparing your home against other homes that are currently for sale and it will be easier to see where your home fits in relation to location, size, amenities etc. with these other homes.

To get a real estate appraisal it will be very important to hire an appraiser who is used to working in your area. This way they will have a good idea as to what other homes have sold for, as well as what the market can handle in terms of an asking price. Although this will only be a part of their evaluation, it is quite important.  Another invaluable component will be when the appraiser walks through your home they will bring an objective eye to valuing your home. So use this time to ask questions so that you can gain a better understanding of where your home fits in relation to other homes that have already sold. 

As with any person you hire, make sure they are reliable and have a good reputation. The appraisal will be very important in what your home ultimately sells for so be careful and hire someone you feel confident in. A poor appraisal could cost you thousands of dollars, either because you sold for to little or because of extra months your home spends on the market because your home is priced to high.

So go slow while your deciding on an asking price and use all the resources you have available to you.  A couple hundred dollars for an appraisal can be worth thousands once your home sells, so be diligent in choosing the best appraiser for you.

Subscribe to CentralWI By Owner

Even though you are selling your home without a real estate agent, the assistance of a real estate professional is still possibly needed at various steps while you are selling your home.  Using an attorney specializing in real estate could not only help with the legalities of the selling process but they could also provide a little piece of mind as the legal documentati0n is being completed. 

I know their are times when the only reason for hiring someone is the piece of mind they provide.  Examples would be hiring a plumber or an electrician to fix something in my home.  Yes, I could possibly do the work, but the risks involved far outweigh what I would gain by doing it myself.

Back to an attorney, they are able to assist you in many ways while you complete the sale of your home.  When you hire an attorney that specializes in real estate, the attorney is responsible for seeing that your best interests are met in the housing transaction.  A real estate attorney can act as the escrow agent by holding down payments, documentation, and earnest money deposits.  Not only that, the attorney can help you decipher and evaluate complicated offers you might receive from a buyer.  In the event that the lender’s attorney does not handle the closing, your attorney will host and handle the closing as well.  If the lender does handle the closing, then your attorney still would be able to represent you during the closing process.

Your primary concern should be to find a real estate attorney that will provide you with the assistance you need in the housing transaction.  You can use a local or internet directory to find the names of some attorneys in your area.  Asking friends or family who have recently sold homes for references is another way that you can find an attorney to assist you.  Hiring an attorney that comes as a reference is often better than cold calling attorneys.  Just like when you’re hiring a contractor it’s important to know the work history of someone you’re going to hire to work on your behalf.

As your looking for a real estate attorney to hire, you should choose one that handles a lot of real estate transactions.  Try choosing an attorney who specializes in real estate transactions and not someone who does this on the side.  Your interests may not be best served if the attorney does not spend a significant part of his or her time completing real estate transactions.

Along with experience in real estate transactions, price will be the other factor you use when you hire an attorney.  The attorney you hire will have two major responsibilities: reading and advising you on documents as well as representing you at the closing.  Receive a price quote from prospective real estate attorneys on those two tasks.  Shop around among several attorneys to get a feel for their experience level along with the price they charge.

The most important part is that you have a real estate professional that is available to assist you throughout the transaction.  Even if you have successfully sold by owner before, it may still be better to have legal assistance than to attempt to complete the process on your own.

Subscribe to CentralWI By Owner