How To Buy And Sell Real Estate
If you own a house you would like to sell, or are looking to take advantage of low housing prices to acquire a home, knowing how to buy and sell real estate is necessary for a successful transaction. Depending on whether you hire a realtor to help buy or sell a home, or do-it-yourself, there are a few basic guidelines to follow that can help boost your chances of success.
Needed to sell a home:
- Yard signs
- Information flyer
- Realtor (for those going this route)
- Online advertisement
- Access to multiple listing services
- Closing attorney
Needed buy a home:
- Realtor (for those choosing this method)
- Multiple listing services for available homes
- Newspapers and other home listings for sale
- Contract (If you are buying directly from the seller)
Selling real estate in this current economy with market prices continually dropping can be challenging, but it also can be done. With a little bit of preparation and some basic how-to knowledge you can sell real estate and move on to a newer house.
- Get a market evaluation of your house so you know what it is worth. The realtor you hire should be able to do this for you. If you are selling your house by yourself, call several real estate companies and ask them for a market evaluation. These are offered for free by realtors. In the end you may hire one of the realtors who helps you if a private real estate sale proves to be impossible.
- Hire a real estate agent to help you sell your home. If you choose to go this route, look for someone who is experienced in selling homes like yours and specializes in your area. The realtor will take care of almost everything necessary in getting your house sold.
- Advertise your home to sell it yourself. You need a yard sign and a way to get the word out. Investigate newspapers with classified ads for real estate, "For Sale By Owner" magazines and websites; in addition, contact discount realtors, who for a small fee, will list your home in the multiple listing service.
- Hire a real estate attorney whether you are going to sell your home by yourself or with a realtor. If selling through a realtor, you need a closing attorney to prepare all the documents necessary to complete the sale. If you are conducting the sale, you'll need an attorney not only for closing, but to review your contract agreement and make sure everything is legal.
- Conduct open houses whether selling through a realtor or on your own. This allows prospective buyers to look at your house first hand.
Buying a home:
- Hire a realtor to find homes that fit your specifications when looking to buy real estate. She will make appointments for showings and conduct all negotiations, including drawing up the offer and contract.
- If you prefer to search for a home on your own, collect local print ads in newspapers and real estate magazines for houses for sale. Look online at listings on the "For Sale By Owner" sites where you can conduct all negotiations directly with a seller. If you choose to buy real estate that listed with realtors, you will need to work with the agent to see the house.
- Use a real estate attorney. The attorney will help you write an offer for the house and review the contract before you purchase. At the final juncture, your attorney will prepare closing documents and conduct the final closing.
Buying a house by yourself opens you to more risk, but can save you thousands of dollars because the seller doesn't have to pay a commission to a realtor. It is your choice how to go, making the decision between a using a realtor to buy and sell real estate or by doing it yourself.