real estate

7 steps lead to for sale by owner success

5. Research your local market

There's a wealth of information on the Internet about sale prices in your neighborhood to get you started, but you can learn a lot more by doing some literal legwork around your community. "Walk around your neighborhood, and go visit the open houses of similarly styled homes or properties," says Healy. "See if you'll really be able to sell against your competition." The earlier you start the process, the more time you have to see how your home measures up before you put it up for sale by owner. Then, you can either do some minor improvements or price accordingly.

6. Start home improvements

Once you've had an inspection done and visited similar houses for sale, you can start on home improvements that will increase your chances of selling at a higher price. "A lot of times the first thing potential buyers see is the outside of your house," says Nichole. "It can be a huge factor in whether they actually want to see the inside or keep on going." Do a thorough yard cleanup and prune and trim bushes and hedges. Other relatively inexpensive improvements include painting, decluttering, removing furniture and replacing soiled carpets.

7. Pull together your team

You may not have a real estate agent, but you'll still need a supporting cast. A real estate attorney is perhaps most important, especially in the closing process. Many states require sellers to disclose certain types of information about a property.

"It's a real estate attorney's responsibility to tell you all the things you have to disclose, which then helps you with the inspection," says Healy.

Another professional to consider is a mortgage professional -- not just for your use on subsequent purchases, but for any potential buyers who come without being financially prepared.

"If buyers come to your home and say, 'I love your home' and you ask them 'Are you pre-qualified?' and they don't know what you're talking about, you then have a mortgage person you can guide them to," Nichole says.

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