FSBO Austin TX.com

7 simple steps to selling Austin real estate FSBO!

Selling FSBO is a simple 7 step process that can save you thousands. You won't have to give up control of the process, and you can ensure that the house sells as quickly as possible.

Step 1: Make your property the best it can be.

This is a simple step, but it can be easily overlooked. The best advice is to put yourself in a buyer's shoes and decide how you can improve the property. 

Keep your property clean and neat while you are trying to sell your house. Cut the lawn regularly, trim the bushes.

It's simple stuff but many people don't do it.

Step 2: Pricing the house is very important

Competitively pricing your home is one of the most critical aspects for a successful sale. Over-pricing will reduce the buyer’s interest, and it  makes competing homes look like better values. Educate yourself on how long similar homes in your area have been on the market before they sell. Be reasonable about the local market selling timeframe so as to have realistic expectations.

Price the home at its true market value, not what you just think it’s worth. Start by researching other like properties for sale in your neighborhood and then find out about those that have sold in the last 6 months. Make sure you compare homes in your neighborhood, and always compare “apples to apples”. Keep similar styles, square footage, age, number of bedroom/baths, and other amenities close to the same. Adjust the price accordingly for extra features and amenities, or lack thereof.

Without the obligation of an agent commission, you have instant leveraging power. By advertising a more attractive asking price than your agent-listed competitors you dramatically increase your chances for a quick sale. Finally, set your price just under a whole number, such as $219,900 rather than $220,000.

Talking to recent home sellers and buyers will provide good information on prices of recent sales, and you can find a comprehensive list of tools to help appraise your home here:

Step 3: Decide on whether to get an attorney

An attorney can be an invaluable resource, particularly in a complicated transaction. For example, if a buyer has many conditions to the sale but is paying a good price, then this may be worth it.  This can provide you with peace-of-mind knowing you have someone looking out for your interest, spending much less than an agent's 6% commission.

The Texas Real Estate Commission also provides a standard form for contracts of sale with explanations.

Step 4: Market your property effectively

Exposure, exposure, exposure. That’s how you sell your home fast, and that’s where we excel.

Home Photos: Is a picture worth a 1000 words?

Well, then here is your chance to showcase your home to its fullest. Your listing includes 5 color pictures. We recommend at least 2 exterior and 3 interior shots. People are looking to buy your house, not your possessions, so be sure that the home’s yard and driveway are uncluttered. The same applies for interior shots. Your pictures are priceless!

Professional Signage: We Custom Make it!

Since many buyers find their homes by driving through neighborhoods of interest, lawn signs are imperative to your success. Say goodbye to the generic flimsy hardware signs. Our custom made Yard Sign displays your phone # and Website ID #.  Directional signs drive traffic to your home from the nearest busy street.

Open Houses: Get’em in!

An open house is a good way to attract buyers to your home and provide an excellent opportunity for feedback. There are two good ways to get the word out on your upcoming open house:

1) If you run your own ad in the newspaper, it is a good idea to include a link to www.fsboaustintx.com and list the ID #, further leveraging the power of FSBOastintx.com.

2) Put a free listing in the Open House section of our website.

3) Send open house notices or postcards to you neighborhood.  Many buyers have family, coworkers, or friends in the neighborhoods they'd like to move into.  Someone in your own neighborhood may already have your buyer.

Step 5: Negotiating a price

If you feel intimidated by the thought of negotiation, you may want to consider reading a book on negotiation or hire an attorney. Getting to Yes is a short, easy read and considered one of the classics on the topic.

Always be willing to make a counter-offer. If the buyer's initial offer is insufficient, make a counter-offer.  Negotiating is part of the home selling process, and there can be several offers and counter-offers between a buyer and seller.

Remember that price is not the only part of an offer. Other conditions of the offer can change the value of an offer, such as closing date or who will pay some or all of the closing costs.  The easier you make purchasing for your buyer, the sooner your property will sell.

Analyze whether the potential buyer is pre-approved for a mortgage, as this can affect the buyer's ability to obtain financing, and follow-through on the transaction. A pre-approved buyer is one who is serious about purchasing and well prepared to purchase.  Accepting contracts from unapproved or unqualified prospects can tie-up your home needlessly for weeks or months.  Don't wait until after you've accepted a contract to find this out -- do it up front and get it in writing.

Step 6: Buyer's Appraisal

When you sign the contract, the buyer will have the right to have the property inspected, so be prepared. The inspection will include the roof, foundation, structure, appliances, plumbing, septic, electrical, A/C and heating systems, and anything else the buyer chooses to have inspected.

A home inspection points out the positive aspects of a home, as well as the maintenance that will be necessary to keep it in good shape. After an inspection, both parties have a much clearer understanding of the value and needs of the property.

For further information about home inspections, consider the Frequently Asked Questions of American Society of Home Inspectors.

Step 7: Closing and Title Company

When you accept an offer, the sale is not completed until the closing and funding. You'll want to choose a title company to establish escrow and provide title insurance. The title company that provided title insurance for the previous sale of the property will sometimes offer a discount.

The day of closing, the buyer will do a final "walk through" of the property to ensure all agreed repairs are completed and that the home is in the same condition as when the buyer made their offer. If problems arise that this point, the closing can still take place with funds held in escrow to remedy the problem.