Deciding how to sell your home can be confusing – there are several options, and most of them involve a lot of time, effort, and money. If you’ve decided to try to do everything yourself, you might not know exactly what you’re in for – sell by owner can sound like an attractive option, but you may run into some unexpected snags if you’re not fully prepared. What could possibly go so wrong, you ask? Let’s look at a couple of the most common issues that arise with this kind of transaction.
Screening buyers – potential buyers may come in for a showing and be excited about the prospect of making an offer. Problems can arise, however, if you get tied up waiting for their financing approval. They may not end up being qualified, or the process could take muchsf than you anticipated. You’re responsible for screening your own buyers, so it’s a good idea to only accept those with pre-approval.
Negotiating terms – many different scenarios must be accounted for; sell by owner means you must have a firm grasp of how to create a binding contract without loopholes. Prospective buyers may want optional terms added, like inclusion of some furniture or repairs being done before closing, and you must know how to deal with these in the paperwork.