Determine Price
Sequim For Sale By Owner (FSBO), Port Angeles For Sale By Owner (FSBO)


The single most important step in the process of successfully selling your home is coming up with a true FMV (fair market value)
.  Price your house wrong on the market, and it may get stale, and either take much longer to sell at a lower price, or not sell at all this year. 

A Realtor can get a beautiful CMA (Comparative Market Analysis) from the MLS (Multiple Listing Service).  If you're not a member of the MLS, you won't have access to all that data, so a FSBO (For-Sale-By-Owner) will have to resort to what are probably less accurate and more labor intensive methods to do a CMA.

I have a strong conviction about arriving at the listing price, whether a FSBO or listed with a Realtor.  I believe it must be an accurate FMV.  An experienced Realtor using the MLS can arrive at an accurate FMV, but it takes hard work to make the necessary adjustments up and down for the comparables to arrive at the best FMV for your home.  Because it is so hard for a FSBO to do this accurately without a lot of training and a current data base, I recommend that hiring a licensed appraiser and paying him for what is the equivalent of a bank appraisal.  It is extremely effective to show a prospective Buyer how you arrived at the asking price.  They can't really argue with it.  It is well documented, has color pictures of the comps, includes all the amenities and the values, and has an authoritative bottom line number. 

This same appraisal is typically good for six months and probably can be used by your buyer with their own bank.  While some appraisals take weeks to get done, your appraisal is already done and the Buyer can take it to the bank.  What a great way to reduce unnecessary delays, especially with VA loans.  The appraisal will cost $400, more or less, but just tell the Buyers that while you have done them a favor by getting it done in advance, you expect to be reimbursed at closing as it is normally their cost anyway. 

It may be obvious, but another great thing you accomplish by getting the appraisal done in advance is to reduce the offer/counteroffer/counteroffer exchange.  Explain that the appraisal eliminates the uncertainty for them about what the FMV of the house is, eliminates the need for the games that Buyers and Sellers often play without an appraisal, both trying to take advantage of the other.  This is very effective!

Of course, getting an appraisal is just one part of many in successfully selling.

This article courtesy of FreeRealEstateLaw.com

Get assistance from one of our Sequim & Port Angeles Brokers.