How to sell your home by owner in Las Vegas Nevada

SELL YOUR HOME BY ONWER IN LAS VEGAS NEVADA

SELLING YOUR HOME BY OWNER

I would like to preface this page by saying that I encourage most people who want to sell their homes to list them with a licensed real estate agent. A realtor knows the best purchase price for your home, can give it more exposure then you can on your own, and most importantly, handles all of the paperwork for you. They can protect you from scams, con artists, and "buyers" who are really just wasting your time.

That said, there are times when you have no choice but to sell your home on your own. If you owe close to what your home is worth, that is one of those times. Realtor's commissions come out of the net proceeds after your current mortgage is paid off, so if there is little or nothing left, then you can't afford to pay the realtor's commission. Folks who bought their homes in the last two years and used 100% financing, and now, for unexpected reasons, have to sell, might find themselves in this situation, especially in the Las Vegas area.

For those people, here are a few basic steps to selling your home by owner in Nevada:

FIND OUT WHAT YOUR MORTGAGE PAYOFF IS. Don't confuse your loan principal balance with your mortgage payoff. The payoff includes the pricipal balance, interest for the current month, any unpaid late fees, prepayment penalties, a payoff demand fee (yes, they charge you for telling you your payoff amount), and any escrow shortage amounts. Call your lender and request the payoff. If you have a fax number, that's the best way for them to get it to you. You can get an efax number for free and the faxes come right to your computer. Some lenders require the request from you be in writing, either mailed or faxed. When you open escrow, the title company will order the payoff for you, but if you don't know what you owe, or what your prepayment penalty is, then it's best to get it yourself first, so there are no surprises. Don't forget if you have a second mortgage or equity line, to get the payoff for that too.
FIND OUT HOW MUCH YOUR HOME IS WORTH AND SET THE PURCHASE PRICE. It may seem silly to say this, but you can't set your purchase price for more then what your home is worth right now. No one in this market is going to pay more for your home then what it will appraise for. If you set your price for $300,000 and it only appraises for $280,000, and your buyer is financing, they will have to come up with the $20,000 difference in cash because the lender will only lend money based on what the home appraises for. That won't work in this market, no matter how nice your home is because there are so many homes for sale to choose from. If you don't know what your home is worth, I can help. Email the address to lorijepson@cox.net and I can get an estimate for you. If you want an actual appraisal on your home, you can call Appraisal Tech at 702-566-1669 or Wise Choice Appraisals at 702-242-0910. They are both very good local appraisal companies and charge $350 for a regular appraisal, more if it's a custom home.
GET YOUR HOME READY TO SHOW. There is oodles of information on the internet and on Home Design shows on this topic. Check back at this site for a page devoted to just this!
ADVERTISE AND MARKET YOUR HOME. Craig's List is a great way to advertise your home for sale for free. Also, don't forget to buy a "For Sale By Owner" sign for your yard. You can find these at Lowe's or Home Depot. Make up flyers with details about your home and attach them to the sign. Also, if you see that another home on your street is having an open house, have one for your home at the same time and take advantage of the extra home buyer traffic. Don't forget to put Open House signs in your yard.
ACCEPT AN OFFER. More then likely, the offers will come from people who do not have an agent. Unless you have room in your sales price for a small commission to the buyer's agent, agents are not going to bring their clients to your home. You may even get calls from agents asking if you are willing to pay a commission to them if they bring you a buyer. If you have room in your price for this, you may be able to negotiate it a little and then the agent will take care of the paperwork and you've still saved a little money. But remember that the agent represents the buyers, not you and don't expect the agent to give you free home seller advice. So assuming your buyer has no agent, if they are interested, they will tell you they want to make an offer. You can buy a property purchase contract at an office supply store or at Nevada Legal Forms. Since there are no agents, you will be doing the negotiating directly with your buyer and will most likely write the contract together. Be sure and stipulate what stays with the house and what goes. The rule of thumb is that if it is attached to the house, it stays. If you have a chandelier that you can't part with and plan on taking with you, you should specify that. Your above ground jacuzzi may have been a real selling point to your buyer, but if you are taking it, you should state that in writing. This goes for any appliances too. You should agree on an earnest money amount, and an estimated closing date. Most of the time closing dates are about 30 days from acceptance of the offer, but they can be sooner or later if everyone agrees. You should also specify what happens if they buyer cannot obtain financing. This is where I can help. I can pre-qualify your buyers for you and let you know if they can afford to purchase your home.
OPEN ESCROW. Once your contract is filled out and you have earnest money from your buyer, you will need to open escrow with a title company. Bring them the contract and the earnest money and they will have an informational form for you to fill out which asks for your current lender information, your social security numbers, and other pertinent information that helps them assure a clear title to your buyer. The title company you use is usually stipulated in the contract. If you don't have one, Ticor Title of Nevada is a good choice. Call Tami Coop at the West Sahara office at 702-932-0888 and she would be glad to help you.

These are the basic steps to selling your home by owner in Nevada. I have seen many FSBO transactions go very smoothly. If any complication arise, you may have to consult a Real Estate attorney or a licensed Real Estate Agent.

Hopefully, you will have a successful closing and your buyer will have as many happy years in your home as you did!