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For Sale By Owner? Answer These Questions First


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Selling your property "By Owner" may seem like a good option. But before you get yourself into something you are not familiar with, see if you can answer these 11 questions before you put a sign in your yard.

Published in: Real Estate, Business
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For Sale By Owner? Answer These Questions First

  1. 1. For Sale By Owner? You May Think Selling Your home is easy See if you can answer these 11 questions, You May Think Again
  2. 2. Earnest Money #1 What is Earnest Money, what is an appropriate amount, and what is it used for?
  3. 3. Buyer Default #2 If the Buyer defaults, what happens to the Earnest Money? or Did the Buyer default, or just change their mind?
  4. 4. Seller Disclosures • #3 Since you are selling “By Owner” what disclosures do you have to make?
  5. 5. AS IS (as is what?) #4 What does the term “AS IS” mean to you and how does it apply to your transaction?
  6. 6. Buyer Remorse • #5 What if your Buyer suddenly gets a case of “Buyer Remorse’ and changes their mind? What do you do?
  7. 7. Fees #6 Who is going to pay for: Title Insurance Escrow Fees Inspections City and or County Tax
  8. 8. Material Defect • #7 Define a “Material Defect” and how it is going to apply to your transaction?
  9. 9. Buyer Credit • #8 A Buyer makes an offer over the asking price, but wants the amount returned in the form of a credit. What Happens?
  10. 10. Liquidated Damages #9 How do you include “Liquidated Damages’ in the purchase contract? •How would it apply and be enforced?
  11. 11. Multiple Offers • #10 If you receive several offers, how do you issue a counter offer and accept only one?
  12. 12. Escrow #11 Think the Escrow Company will be there to help you through these issues? Escrow serves to carryout the terms you have agreed to, not correct your mistakes
  13. 13. Have Your Lawyer Call Mine (bonus question – extra credit) Guess which State has a reputation as being one of the most Litigious in the Nation? How many court cases are related to Real Estate ?
  14. 14. Don’t Stay Awake and Worry Call Doug & Deena Willis RE/MAX Property Concierge 266 Monterey Rd South Pasadena, CA 91030 Phone 626-432-4615 CA BRE License #’s 01334541 & 01354143
  15. 15. RE/MAX Property Concierge Pasadena, South Pasadena & Altadena Deena & Doug Willis