Fsbo Open Houses - What If You Get An Offer?
By Raynor James, Fri Dec 9th
You've decided to sell your home yourself and decide to have anopen house to show off the property. Potential buyers come andyou get an offer. What now?
Qualifying Buyers
Your home is looking sharp and you've got the word out tellingpeople about the open house. Now you need to be prepared to takeaction if a qualified buyer attends, likes your home and wantsto buy it.
Most qualified buyers will have a strong lender letter. If oneof them wants to buy, you can move on to the next step. Theremay
be people who come to your open house who would like to buybut don't yet have a lender letter. Let me suggest a mutuallyhelpful alliance for dealing with that situation.
Call several lenders before you schedule your open house. Tellthem you're planning an open house and you'd like to have alender on hand to help buyers (even if they don't want to buyyour home) figure out what they can afford. Tell them you'd alsolike them to help you evaluate any lender letter you're offeredby a potential buyer. Choose the lender you feel mostcomfortable with and work out a mutually acceptable date foryour open house.
You can introduce all attendees at your open house to thelender. This often proves to be helpful to you, some of thebuyers who attend and can be a source of additional loans forthe lender. Everybody wins.
Be Prepared for Action
You need to know how you want to handle a contract shouldsomeone want to make an offer. Do you have an attorney who willdraw it? Are you going to suggest using a contract form? If so,have one on hand. Do you have a specific settlement companyyou'd like to use? Do your homework and think these thingsthrough in advance. Buyers may have ideas and connections oftheir own. You should consider any reasonable suggestion apotential buyer makes, but be prepared with your own approach ifthe buyer isn't sure how to proceed. The point is to plan yourcourse of action in advance.
In Closing
FSBO sellers often worry whether anyone will attend their openhouses. They are then happily surprised when people arrive. Suchhappiness can turn to embarrassment when an offer is made andthe FSBO seller isn't sure how to handle it. If you thinkpositively and prepare, this need not happen to you.
About the author:Raynor James is with http://www.fsboamerica.org - providing FSBOhomes For Sale By Owner. Visit our "sell my home" page athttp://www.fsboamerica.org/seller.cfm to list and sell your homefor free for one month. Visithttp://www.fsboamerica.org/buyer.cfm to see homes for sale byowner.
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