"Exceeding your expectations"
US 36 and Court Street
Tuscola, IL 61853
Listed below are some useful tips, if you decide to attempt selling your home on your own.
* When setting your asking price, base it on the selling prices of homes similar to yours in condition, style and location. Rely on information gathered from your local Assessors Office records, not what you have heard by “word of mouth” from neighbors, friends, and family.
* Consider having a Licensed Appraiser evaluate your homes current market value.
* Decide what improvements are necessary to make in order to get your asking price. If improvements are necessesary, make them before marketing your property for sale.
* Prepare the interior and exterior of your home for viewing by prospective buyers (for tips on this, see our Preparing Your House for Sale page).
* Choose an Attorney and have them prepare a set of real estate sales contracts and disclosure statements for you (certain disclosures are required by state law). Have these documents on hand, ready for a buyer who wants to make an offer.
* Educate yourself about Home Warranty programs.
* Consider having a professional inspection done. Fix anything that needs immediate repair, and let prospective buyers know about the improvements you have made.
* Arrange to have your attorney, or another third party, hold deposits from prospective buyers.
* Decide ahead of time when you want to make your home available for showings.
* Purchase a “For Sale By Owner” sign for your yard. Make sure it’s large enough that people can read your phone number as they drive by.
* You must advertise on the internet. Statistics show 87% of homebuyers use the internet in their home search. Check around, some sites may do this for free, but you need to make sure people in your area can find your ad easily. Make sure your ad includes several pictures.
* Write ads for your local newspaper. Be careful to conform to laws such as Fair Housing and Regulation Z.
* Create flyers with information about your home. Distribute them at local grocery stores, gas stations, and any other place that has a public bulletin board.
* Plan and host an Open House.
* Schedule all showings to allow yourself time to prepare your home to be seen. It is best not to have your children or pets around creating distractions during showings. Try to arrange for them to be out of the house at these times.
* Provide a set of legally required disclosure forms to all interested buyers.
* Learn how to evaluate a prospective buyer’s ability to afford your home.
* Make sure you negotiate with all serious buyers.
* Arrange to be there when the buyer’s Home Inspector and Appraiser come to examine your home.
*Send a copy of the signed contract to your attorney and have him/her begin preparing closing documents.
* Instruct your attorney to order title work and find out if the lender needs an ALTA.
* Get proof of the loan commitment from your buyer well in advance of closing.
* Inform your attorney how the buyer(s) wish to take title to the property. Tenancy by the Entirety, Tenants in Common, Joint Tenants, Tenants by Severality, etc.
* Call your mortgage company and secure a payoff statement dated for the day of closing.
* Calculate an estimate of the net proceeds from the sale (after the mortgage and other bills are paid).
* Schedule utility companies to make a final reading.
* Get a copy of your settlement statement from the attorney before closing. Review it for errors and verify your proceeds are close to what you estimated. Question anything on the closing statement you do not understand.
* Bring a photo I.D. to the closing.