You have worked hard to sell your property as For Sale By Owner and have an offer in hand…now what? It is important to understand how the negotiating process works and how to protect yourself and your assets (especially when selling your home For Sale By Owner). Here are tips to navigate your way through to signatures on the dotted line.

1. Reply in writing.
   Take time to review the offer you have in hand and always reply in writing. Whereas mere handshakes worked in days past, having everything spelled out in writing is the only way to avoid misunderstandings and legal headaches further down the road. You have a number of options after receiving the offer. You can accept the offer as is, make a counteroffer or reject the offer outright. If the buyer is not being represented by a Realtor, ensure they are using legal binding contracts. You can find real estate contracts on FSBOmarketplace.com’s Real Estate Forms page. (more…)

There are many obstacles that can kill a deal between the time you accept a contract and getting your money at the closing table. Below are the details that need to be taken care of during this critical period.

1. Home inspection.
   Your contract may allow the buyer to conduct a home inspection to determine the condition of the property and ensure there are no flaws to the property’s major systems. After the inspection, the buyer may ask for repairs to be completed for him to move forward with the sale. Repair requests are negotiable and can cause the deal to fall through if you and the buyer cannot agree. Keep possible repairs in mind when first accepting an offer.

   Any agreed upon repairs will need to be completed prior to closing with an additional inspection from the buyer to determine work has been done in a workman-like manner. Consult with your lawyer to see where your obligations are. Find a Home Inspector. (more…)