Expert: Jessica Bryan - 4/16/2010

Question
Hi!

I am considering selling my home FSBO.  I have never sold a home before, so I am just wondering what documents and paperwork I should be prepared to provide or have so that I can try to make this as smooth of a transaction as possible.  I know I need to contact a real estate lawyer, but I didn't know if they would handle all the necessary documentation (such as the initial contract) or if this is something I need to do separately.

Any advise or tips you could give would be great!

Thanks in advance!

Answer
Hi Erica;
I don't ever advise people who have never sold a home before to do it by themselves since there is a great deal to know and lots that can go wrong.  some people are lucky and have a seamless transaction, but more often people have problems.  As a matter of fact, many owners end up paying far more than they should simply because they didn't have a professional looking out for their best interests and advising them.  However, if you are focused on doing this by yourself, there are certainly real estate attorneys who will be available to help with all of the documentation and paperwork.  There are also real estate companies who will do so for a reduced fee.  You will still need an attorney for the closing and recording of the documents though unless you live on the West Coast and use Escrow officers.

One reminder about FSBO's.  Be particularly careful about your advertising and showing the home to strangers.  Have someone with you at all times when you allow strangers inside to look at your home.  Make sure that all valuables are put away, and be extra cautious about having an alarm on when  you leave your home.  This is an opportunity for some dishonest people to come through your home and maybe 'visit' later when you are gone.  (This is another reason why I like to encourage people to list their home with a professional since there are security measures in place that assist the home seller.  For most areas there is a way of tracking who comes through the home.  In addition for most professionals, we screen our clients, and only show the home to those who are qualified.)  As a FSBO when someone calls you should ask for them to bring a pre-qualification letter from a lender with them before you show them your home.  That will help eliminate the looky-loo's.

Best wishes,
Jessica Bryan