Before you consider selling your home on your own, ask yourself if you're going to have the time and expertise needed- even if you just cover the basics.

The Basics

• Complete extensive research of local market conditions, including:
  • the listing and selling price of all homes in your area for the last six months,
  • the listing price of homes currently on the market, and
  • the listing prices of homes that were on the market but did not sell.
    Tips: Begin your research on the Internet. Follow-up by visiting the county tax records office or website to determine the selling prices of homes.

• Put together a marketing plan.
  • How will you market your home to Realtors? Most buyers use a Realtor, so marketing to Realtors is essential. At a minimum, you'll want to send a letter and sales flyer to all Realtors within a 30 mile radius.
  • How much money can you afford to devote to advertising? Call the local newspapers to determine how much it will cost for advertisements. You'll want to run daily and Sunday ads in the newspapers.
  • Who will create your sales flyers? Buyers expect fact sheets to take with them when they drive-by or tour a home for sale.
  • Where will you place signage? In addition to your front yard, are there areas leading in to your neighborhood where signage would be appropriate?
  • How will potential buyers find information about your home on the Internet? You'll want potential buyers who begin their home shopping on the Internet to find your home. Be sure to build a website to help sell your home.
  • Who will take inquiry calls and schedule appointments? You'll want someone to be available to answer inquiry calls and schedule appointments. Be sure to schedule showings as quickly as possible - even the same day.
    Tips: Ask newspapers for a discounted advertising rate for multiple placements. Be sure to check with local officials to determine if there are any restrictions on where you can place signs.

• Confirm that the potential buyer has been pre-approved for a mortgage loan.
  • Obtain a copy of the pre-approval from the buyer's lender.
  • If the buyer is buying with cash, confirm that they have the necessary resources.
  • If the purchase is contingent on the buyer selling their own home, confirm that the buyer's home is on the market. (You may also want to determine how long the buyer's home has been on the market.)

• Negotiations, Contracts and Closings
  • Are you prepared to negotiate the contract?
  • Do you know what the legal responsibilities of the seller are in your area?
  • Who will write the contract? Will you need to hire an attorney? If so, what will be the attorney's fees?
    Tips: In addition to the sales contract, you'll need to complete a MD Property Disclosure/Disclaimer and a Lead Based Paint Disclosure (if applicable).