Know These Eight Topics When Selling

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1.  Working with Buyer Brokers  (NEW!)

2.  Value

3.  Pricing

4.  Security

5.  Timing

6.  Expected Costs

7.  Advertising

8.  Financing

An option you should now seriously consider is agreeing to work with a broker who brings you a qualified buyer, and make that fact known. A recent settlement with the National Association of REALTORS® has produced a major sea change in the way commissions are paid. Realtors® working with buyers must now have a written agreement with them. The norm used to have all commissions come out of the seller's pocket. Now, brokers working with a buyer can have the buyer pay their commission. 

Have a For Sale By Owner Sign that lets a buyer's broker know you will consider working with them. Go to FSBO signs. 

Not only can working with a buyer's broker make your FSBO sale commission-free. That buyer's broker takes a lot of the do's and don'ts off your plate.* 

Some other advantages of working with a buyer's broker, either inside or outside an MLS:

• The buyer's broker will be preparing and submitting the written contract offer. The broker will know what forms to use.
• The buyer's broker will be performing the work needed to get you and the buyer from acceptable offer to closing. The broker does not get a dime until everyone happily leaves the closing table. 
• Most buyers are not familiar with the process of buying and selling homes. Understandably, they might be wary of dealing directly with your FSBO. A buyer working with a broker will be more likely to buy from you.
• Things can and do go wrong between contract and closing. A buyer's broker might be able to keep the transaction on the rails, whereas you and an unrepresented buyer might not have the experience to save the deal.
• Not all personalities click. If you are working with a buyer's broker, the transaction between you and your buyer is more likely to stay businesslike.

Don't just wait for a random buyer's broker to happen upon your FSBO. Go one step further and get your home listed in a multiple listing service (MLS). Getting your home in the MLS can be done for a relatively small fee. Some brokers offer this option on a menu basis. Sand Dollar Realty Group, who I am affiliated with, offers such flat fee services.

Get your  home in front of the eyeballs of hundreds of brokers and their buyers, 

You can place yard signs, advertise in the local paper (expensive by the way), and place your home for free online. But none of that comes close to the exposure of being in the MLS. And guess where most of the online companies get their information.

FYI- A buyer's broker wanting to show your home will probably ask you to sign some type of one-time showing agreement that states the name of the buyer. This is typical as some sellers and buyers might shut out the buyer's broker otherwise.  

One of your most important decisions is figuring out your Citrus County home's value. The Citrus County Property Appraiser's site can provide your assessed value and nearby sales. Online sites such as Realtor.com are a good option. Look at recent sales compared to your location, size, age, etc. An actual appraisal is an option but will cost you. And there are online price generators. When searching price generators, information you plug in will likely be shared with brokers and other advertisers paying for your lead.

The best no-cost option is an experienced broker with a track record in your area of Citrus County. Get a free opinion of value by an experienced Citrus County broker. You might be thinking: "Wait a minute...the reason I'm looking at FSBO is to avoid brokers. Why would I do that?" 

Let CitrusFSBO.com connect you with an experienced Citrus County broker who knows you are already selling, or considering selling, by owner. This broker will provide you with a free, no-pressure-to-list, opinion of value. In exchange, that broker would like you to consider their services if you change your mind. And even if you are FSBO, a broker working your area might have a qualified buyer. And new rules allow buyers to pay their broker's commission. (See 6.below: Work with a Buyer's Broker.). 

Get a free opinion of value by an experienced Citrus County broker. 

Not the same as value. Price your home too low and lose money. But asking too much, thinking you will gradually go lower, is a huge marketing mistake.

Again, a broker with experience in your area of Citrus County will know typical listing price to sales price ratios for homes in your price range. 

Get a free pricing strategy by an experienced Citrus County broker. 

This should be your top priority. For example, your sale sign should read "By Appointment Only," and of course, how to contact you. Brokers take diligent precautions when meeting clients. Still; some have been robbed, assaulted, even murdered. 

What if somebody knocks on your door, says they saw your sign when driving by, and wants to see inside right away. How will you react?

And do not forget about your household valuables.

Here are some basic safety measures you can take:

• Your yard's sale sign should include "By Appointment Only," and of course, how to contact you.
• A no brainer--keep your doors locked and garage door closed.
• If someone shows up unexpectedly and claims to be a broker, maintain your by-appointment-only policy.
• When scheduling appointments with buyers or brokers, at the least, obtain their phone numbers and email address. Contact them to confirm the appointment and to verify their contact information. An online search can easily confirm broker contact info.
• When meeting a buyer without a broker; have a neighbor, friend, or family member hang out with you.
• Consider one or more inside security cameras and be sure anyone touring your home is made aware of them.
• If you are participating in a multiple listing service (MLS), your listing information can spell out how brokers are to set up an appointment and if you have no-showing days and times. But the easier it is to show your home, the more likely you will have showings and an eventual contract.
• In addition to your personal safety, protect your valuables: cash, credit cards, important correspondence and papers, medications, collectibles... anything someone can take advantage of or walk away with. Buyers will likely open every closet for size, and though they shouldn't, might even open drawers. Identify a very secure location in the home or off-site.
• Some items are not valuables but require your attention. I once had a seller leave his handgun readily visible in the kitchen. Luckily, the buyer's broker spotted it before the buyer's kids did.       

How and when will you transition to your next residence? Your decisions are easier if your next stop does not depend on your sale. But if you need the proceeds before moving on, the process gets more complicated.

• Perhaps short-term financing can bridge the gap but this can complicate your next mortgage if you need one.
• Put a contract on your next home, subject to selling your current one? Most sellers, particularly in the current market, will not want to bother. Or it might affect the sales price.
• Will you need short-term storage? 

Yes, selling by owner can save commission. But determine your other expenses:

• Doc stamps (Florida's cut)
• Title insurance
• Title searches
• Title settlement
• Association fees
• Mortgage payoffs

In most Florida counties it is typical, though not mandatory, for sellers to provide and pay for the buyer's title insurance. By sticking with this practice you can maintain your rapport with the title company you already identified, as discussed in Assemble A Team. Besides, if you insist the buyer pay for it, the buyer might just factor that into the offer price. Then your net is the same but you have lost your advantage of managing the title insurance process.

There are dozens of online sites where you can advertise for free or for a fee. Newspaper advertising is an option but has limited audience and gets expensive over time.

Just placing a sale sign in the front yard is like rod-and-reel fishing in a small pond. If you want to fish with a net, place your FSBO in the MLS.

Sand Dollar Realty Group, who I am associated with, offers such flat fee services. 

Okay, you have a full price offer, but the buyer wants you to accept crypto-currency, exchange your property for a nice rural area that floods every other year, or explore some creative financing. Know what you will and will not consider. "Cash is king" but you have more potential buyers if you allow conventional, FHA, or VA financing. 

This is another phase where it is a great idea to identify a few professionals who will work with you. Establish a pre-sale relationship with a lender. 

*  Ask if the broker is working as a transaction broker or as a single agent for the buyer. A single agent for the buyer owes more confidentiality to their client (your buyer) than to you. A transaction broker works to assist both buyer and seller without detriment to either party to effect the transaction. Ask the broker to explain their role and the related disclosure requirements. Regardless of brokerage relationship, all Florida real estate licensees must deal honestly and fairly.