5 Insider Real Estate Secrets to Save Money When Listing Your Home
1) FSBO: Yes, you can market and sell your home like a pro with modern FSBO websites such as SoldByHomeowner.com. This will save you the customary 5-7% commission costs.
2) Ask for a non-exclusive listing agreement. This will allow you to sell your home in conjunction with an agent and if you are able to do this on your own you will not have to pay commissions.
3) ‘As Is’. Your property should be conveyed and marketed ‘As Is’ with all defects disclosed up front on the required real property disclosure. How will this save you money? Typically, once a sales contract is accepted with an agreed upon price the buyer(s) will hire a home inspector. Oftentimes, the inspection will indicate there are deficiencies and the buyers will ask for a price reduction or credit for these items. If you are clear the property is selling ‘As Is’ and provided the real property disclosures, you should NOT have to provide said price reduction or credit
4) Use a discount brokerage which will list your property in the MLS for a flat fee. This will cost anywhere from $250-$650 upfront. You may also have to pay a cooperative buyers commission of 2-3% which is often negotiable.
5) Leverage your listing and maximize sale price. Create a full-blown marketing campaign and specific day or two of showings. This approach usually drums up the most interest and may lead to multiple offers | bids. Inform all potential buyers that offers will be reviewed on a specific day and time and the winning bid will be notified soon after. In essence you, control the contract process by stating the terms and sticking with them.
Thomas J Witt has +25 years in the real estate industry as a real estate broker, managing agent, developer, appraiser and now as an entrepreneur.
*Information provided within are based on past successful experiences and the author recommends consulting a reputable licensed real estate attorney with any questions