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The steps in the 'for sale by owner' process -- Part 2

Our previous post, Part 1 in a two-part series, took a look at some of the first steps involved in a "for sale by owner" real estate transaction in Florida. These steps included making the decision to sell at the right time, fixing up the home and marketing the home the right way. Here, in Part 2, we will look at the remaining steps in this type of real estate sale.

If the home is marketed right, hopefully the next part of the process is receiving an offer on the property. But, an offer might be just an offer. The two parties might still be far apart on what needs to be agreed to before a deal is struck. For a seller, probably the most important thing to remember is not to feel rushed. An offer that is too low -- but that comes after your house has already been on the market for a while -- may seem better than no offer at all. But, don't devalue your own thought process. If you set the value of your home at the appropriate level, the right offer will probably come along sooner or later.

When the right deal does come along, negotiating the terms of sale can be a bit tricky. That is why it can be a prudent move for the seller to get more information about their leverage in the situation. A "for sale by owner" approach may seem like a go-it-alone strategy, but when it comes to negotiating legal terms even the most self-sufficient of sellers may reach out for help.

Lastly, the final step is closing the deal. Anyone who is familiar with previous posts here knows that the real estate closing is a big deal -- all of the appropriate documents are signed, financing is secured and ownership of the property officially changes hands. If you have reached this point, you've done it -- you have successfully navigated your way through the "for sale by owner" process!

Source: forsalebyowner.com, "Welcome to the Seller's Guide," Accessed March 31, 2015

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