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BUYER
Question:
How do I make an offer on a house I found that is for sale by owner? I want this house and I have already been pre-qualified by a lender. I don't have an agent.
Jonathan, Midlothian, VA
Answer:
To make an offer on a fsbo house, you will need to get a contract form from either the internet or from an office supply store. Using this contract form fill in the blanks with the terms you want to offer.
There are two ways you could complete the contract.. If you have a good rapport with the seller you could contact him and tell him you want to submit a contract and would like to sit down with him and work out the terms. The second way and most used is to fill in all the terms you are willing to offer and then submit the contract to the seller giving them a certain amount of time to either accept you offer, counter your offer, or reject your offer. Take a look at the sample contracts on this site and the how 2 write a contract.
Remember to have your attorney look over the contract either before you submit it to the seller or put in a review clause so that it can be reviewed before it becomes a fully executed instrument and is then binding.
Question:
Do I need a lead paint disclosure? My babysitter said I did but I'm not sure.
Jennifer, Charlottesville, VA
Answer:
If your house was built before 1978 then you definitely need a lead paint disclosure. Prior to '78 lead paint was used in many houses. To best protect your interest go to the HUD web site for more information.
SELLER
Question:
I want to sell my house myself, what should I do first?
Edward, Norfolk, VA
Answer:
The very first thing is to make sure you are selling for the right reasons. Write down why you are selling this house. If it is because of debt explore if their are any other options available to you before moving forward. Landlords are much quicker to evict a tennant than Mortgage Compalnies are to evict and owner. If you are satisfied that the sale is something in your best interests then to proceed follow the plan below.
To begin the house for sale process you must decide how much your house is worth on today's market. To accomplish this it is a good idea to do a comparative market analysis. You will find other houses that have recently sold in your neighborhood and compare them to your house choosing houses that are very similar as your compaison models. It is a good idea to have at least 3-4 compariaon houses. Now average the prices to obtain the fair market value of your house. Complete instructions are in the seciton Setting your price. Now that you have established your price you should fill out the seller's net sheet so that you can see how much money you will have left after the sale. This will provide you with your net profit and an idea what monies you will have to spend on the sale.
Now that you know your price and you are ready to move forward, then I would advise that you step back and take an honest look at you house and its condition. Become objective. Pretend it is someone elses house and you have been asked to sell it. Identify any repairs that are needed and make them. Next clean, declutter and add the cosmitic touches to give it buyer appeal. It is also a good idea to consider "staging." Read the Marketing Plan and prepare your ads and flyers.
When the house is ready to be shown it is the time to put up your for sale sign and start showing your house.
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