By Shayla Mars

Thanks to social media sites like Pinterest, people are showing their enthusiasm for DIY, or do-it-yourself projects to save money -- and selling your home shouldn't be any different.

It may take a little more effort selling your house on your own, but think of the thousands of dollars you will save by not paying a brokers fee. Brokers typically take home 1% to 10% or more of the sale price. Besides, you are just as capable of moving your house quickly, thanks to the advancements in technology.

Gather the proper paperwork

First, do your research. You are stepping into some big shoes by acting as your own broker so make sure you fill them. Before thinking about how to market your home, make sure you have the entire necessary paperwork ready to go including the title, insurance documents, legal contracts, and whatever other documents you remember signing when you bought your home.

You can easily get consultation from a real estate attorney on how to quickly transfer these documents into another party’s name. You should also think about your options as sellers. Would you like to do a lease-to-own or some type of “owner-financing” in order to encourage new buyers?

Prove your value

Once you’ve gathered all the necessary paperwork for closing, it’s time to work on presentation and pricing. A common mistake that sellers make is pricing their home too high, and in times of desperation, pricing themselves too low to make a return on investment. An easy way to avoid that mistake is to view public records of the sales within your neighborhood over the last year.

Another way is to use online services such as AOL, Yahoo, and LendingTree.com to get a rough estimate of the value of your house. Getting the pricing right is critical in selling your home quickly.

DIY: Fix what needs fixing

Before you open your doors, make sure the doors can open. Fix all the “negatives” about your home that you can. Even if you have an older home, making small changes such as replacing the grout in the bathroom or a small hole in the kitchen, can do wonders.

Although stage furniture is sometime used, it can be a little pricey. Stick to your own décor, tidy up the abode, and take pictures that best capture the light in the house. If light is hard to come by, you can brighten up photos using Photoshop. Be careful that you don’t completely alter photos though. No one likes the “bait-and-switch” method.

Market, Market, Market

The biggest challenge may be how to get people in the door. A good old fashion “For Sale” sign in the yard or window is a good place to start. Be on the look out for open houses in your neighborhood -- you may be able to swing some of that traffic your way.

In addition, you can check to see how other homes in the area are priced. Word of mouth is always a good idea, but flyers wouldn’t be the safest option. You can also list your home on websites such as ForSaleByOwner.com or put your ad in a local paper. Placing your ad online would be the fastest route.

Closing the deal

Be firm, be fair, and be knowledgeable. Be prepared to present a counter offer because chances are you won’t get the full ask amount up front. If high-tension situations like this make you nervous, then it’s best to use someone as your proxy who has a better temperament.

If you have a flat bottom-line then be sure to stick to it and weigh it against re-entering the market. Have all your papers ready and be flexible with your close date. You can be fully prepared on your side, but that doesn’t mean your buyer will. Some sellers opt into having a title company to manage last minute details like inspections and appraisals. Sure there is a cost, but it will get you on with life faster and you’ll still have more money in your pocket.

Related Articles
  1. Home & Auto

    6 Things You Think Add Value To Your Home - But Really Don't

    Not everyone wants to spend their weekends shaping backyard topiaries. Even though you may enjoy the improvements you make to your house, it doesn't mean that they'll increase its value.
  2. Home & Auto

    6 Tips For Selling Your Home Fast

    Find out what you can do to stand out from the competition and make your home an easy sell.
  3. Home & Auto

    6 Things To Do Before You Call A Real Estate Agent

    There's a lot of work to be done before you pick up the phone to list your property.
  4. Home & Auto

    The Ins And Outs Of Seller-Financed Real Estate Deals

    There's more than one way to buy or sell a house. Seller financing presents yet another unique option.
  5. Taxes

    Avoid Capital Gains Tax On Your Home Sale

    If you have property to sell and want to avoid capital gains tax, a Section 1031 exchange may be the answer.
  6. Personal Finance

    Can't Sell Your Home? Rent It

    Find out how to profit from your property when the housing market dips.
  7. Credit & Loans

    5 Signs a Reverse Mortgage Is a Bad Idea

    Here are the key situations when you should probably pass on this type of home loan.
  8. Credit & Loans

    5 Signs a Reverse Mortgage Is a Good Idea

    If these five criteria describe your situation, a reverse mortgage might be a good idea for you.
  9. Credit & Loans

    Guidelines for FHA Reverse Mortgages

    FHA guidelines protect borrowers from major mistakes, prevent lenders from taking advantage of borrowers and encourage lenders to offer reverse mortgages.
  10. Home & Auto

    The Pros and Cons of Owner Financing

    Details on the upside and risks of this type of deal for both the owner and the buyer.
RELATED TERMS
  1. Equity

    The value of an asset less the value of all liabilities on that ...
  2. Chattel Mortgage Non-Filing Insurance

    An insurance policy covering losses that result from a policyholder ...
  3. Fair Housing Act

    This law (Title VIII of the Civil Rights Act of 1968) forbids ...
  4. Total Annual Loan Cost (TALC)

    The projected total cost that a reverse mortgage holder should ...
  5. Realtor Property Resource (RPR)

    A National Association of Realtors member benefit providing realtors ...
  6. Forbearance

    A temporary postponement of mortgage payments.
RELATED FAQS
  1. What is the difference between "closed end credit" and a "line of credit?"

    Depending on the need, an individual or business may take out a form of credit that is either open- or closed-ended. While ... Read Full Answer >>
  2. In what instances does a business use closed end credit?

    The most common types of closed-end credit used by both businesses and individuals are mortgages and auto loans. Businesses ... Read Full Answer >>
  3. What are the long-term effects of delinquent accounts?

    Delinquency occurs when borrowers fail to make payments on their loans. All loan borrowers should do their best to avoid ... Read Full Answer >>
  4. How was the American Dream impacted by the housing market collapse in 2008?

    The American Dream was seriously damaged by the housing market collapse in 2008. In many ways, the American Dream is a self-fulfilling ... Read Full Answer >>
  5. How much risk is associated with subprime mortgages?

    A large amount of risk is associated with subprime mortgages. Since the mortgages are specifically for people who do not ... Read Full Answer >>
  6. What are the financial consequences of filing for bankruptcy?

    The financial consequences of filing for bankruptcy are substantial and can be long-lasting. They include impacts on your ... Read Full Answer >>

You May Also Like

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!