For Sale By Owner Tips
- Ask all potential Buyers if they are pre-approved for a loan.
- If the Buyers are approved for a loan, have them give you a copy of the pre-approval letter from the Bank or Mortgage Broker. (Remember to get the lending institutions’ contact information)
- If the Buyers are NOT pre-approved with a Bank or Mortgage Broker, be prepared to give them the contact information of a few different Banks in addition to a local Mortgage Broker. (The McCarthy Group can get you these contact names)
- When showing your home it is best to have two or more potential buyers viewing at the same time.
- Keep a sign-in log and require a phone number for follow up and follow up! Ask for feedback, particularly what the potential buyer didn’t like. This will let you know if their objection is negotiable.
- Remember, 96% of all FSBO transactions end up having a Realtor involved by the end of the process. Protecting a Buyer’s agent with a commission (generally around 3%) is a smart move.
- Beware of investors/ bargain hunters and Buyers with poor credit. You can save time and money by following these simple pre-qualifying questions:
- Are you pre-approved for a mortgate? If yes, with what company and for what amount?
- How much money are you planning on putting down?
- Do you have to sell your existing home before you buy?
- Will all of the decision makers be looking at the property?
- Why are you looking to move into the neighborhood? Job transfer, downsizing, change of schools for your kids, etc?
- How soon are you wanting to buy?
If you have any questions, the McCarthy Group is here to help. Please don’t hesitate to give us a call!