For Sale By Owner
Selling Your Home? We Can Help! No Extra Costs!
We are not sales agents. We will walk you through the sale of your home from beginning to end and eliminate your worries! If you’ve decided to sell your home without the help of a realtor, you may be overwhelmed with questions and unsure of how to get started. With over 50 years of experience, Commonwealth Suburban Title Agency, Inc. knows what practical matters need your attention.
Keep in mind the following considerations to help the whole process go more smoothly.
 Time Becomes Money –
It’s a good idea to place your home on the market as far in advance as possible of purchasing a new one. If you find a new home first and then try to sell your present home, you may wind up with two mortgages. If this does happen, ask your real estate agent or banker about a bridge loan to help you make the double payments. Lenders use the same criteria for offering bridge loans as they use for mortgagees.
Keep in mind that when people move, sell and buy, there usually is a domino effect. Closing and moving dates have to be coordinated, and the more firmly everyone commits to a window of dates and sticks to them, the better for all involved. Put all agreements about dates in writing, and protect yourself by negotiating financial penalties for failure to comply.
Go It Alone...or Choose an Agent –
Some homeowners decide to sell their homes themselves in order to save the commission charged by a real estate agent. The commission rate may vary, depending on where you live or what agency you choose and the products the agency provides. Handling your own sale means you will be responsible for placing ads, answering phones and showing your home to strangers. What’s more, buyers who know you are saving on an agent’s commission may offer less for your home, wiping out the financial incentive to do it all yourself.
To determine the value of your home, you probably will want the advice of a real estate agent or appraiser. Ask an agent to prepare a market analysis for you, showing the recent selling prices of three neighborhood properties comparable to your own. The agent can help you adjust for the unique features of your own property.
Qualifying a Buyer
Either you or your agent will want to quickly weed out potential buyers who cannot really afford to purchase your home. A number of factors will help determine whether or not you are wasting your time negotiating a sale.
Seek Legal Representation
When selling your home, particularly if you are selling on your own, it’s a good idea to be represented by an attorney. Look for an attorney with expertise in real estate transactions. When a potential buyer puts an offer in writing and you accept it, the signed acceptance becomes the sales contract. This is where Commonwealth Suburban Title Agency, Inc. can help you. We can guide you through the process of selling your home and answer all your legal questions.
- The sale price
- What is included in the sale price
- The amount of the downpayment
- The date of settlement and possession date
- Contingencies to the sale - inspections (e.g. structural, lead-based paint, radon), required improvements
- Determining which closing costs are to be paid by the buyer and which by the seller
Tax Implications
Selling a home can have an impact on your federal and state tax returns. Check with your tax consultant on the factors that may affect taxes resulting from the sale of your home.
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