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How to Sell Property After Your Listing Expires
Wednesday, February 4, 2015
If your home’s listing has just expired without selling, you may be wondering what went wrong and what to do next. You are probably tempted to try to sell your home yourself, but you may have some qualms. After all, if it was simple to sell property
, no one would ever hire a real estate agent.
The good news is that owners sell their own homes all the time, and you can too. Here are some tips to help you overcome these hurdles and successfully sell your own expired listing.
Figuring Out What Went Wrong: Pricing, Condition and Marketing
When a house doesn’t sell, it’s usually because the price was above market value, the condition turned potential buyers off, or the house was not properly marketed.Pricing
Your house is unlikely to sell for more than similar houses in your neighborhood. Find out what similar houses on your block sold for recently and price your home accordingly.Condition
Buyers want a beautiful home, and many people have a hard time imagining how nice your property could be with a little work. Doing the work now can make all the difference.Marketing
Good agents earn their commissions by working to let buyers know about your house. If you want to sell, you will have to do at least as good a job of marketing your property as your former agent did.Getting Down To Business: The Process
Put Your Home on the Market
Put professional-looking signs on your property and at nearby intersections. Place ads in your local paper and on as many online home sales sites as possible. Make color flyers and post them on local bulletin boards. Mention any special features your home has. Purchase a real estate contract from a form service or hire a real estate attorney to provide one.Follow Through
Answer calls, and get back to missed calls quickly. Encourage same-day or next-day showing appointments. Respond promptly to offers and always insist on a signed offer and a financing pre-approval letter before you accept one.Be Ready on Closing Day
Take care of any paperwork or other tasks ahead of time. Attend the closing, and make sure that the entire purchase price, including payoffs for existing liens and mortgages and your share of property taxes, has exchanged hands before walking away from the table.Mind Your Legal Ps and Qs
Finally, be aware that listings contain language that allows your broker to collect a commission for a limited period of time after the listing expires. Also, bear in mind that if you sell to a buyer that your agent brought through your home, you may have to pay the commission. In that situation, a real estate attorney can provide legal guidance and advice.
Remember that if you are determined to sell property
for yourself, you can succeed. You may have to lower your price, improve your home’s condition, and sacrifice a few evenings and weekends to get there, but it will all be worth it when your hour house is sold.