Frequently Asked Questions On Selling by Owner

What is the Seller’s Disclosure Statement?

              The Seller’s Disclosure Statement is a disclosure of the condition of the property in compliance with the Seller Disclosure Act. Though it is not a warranty, the Seller must complete the form carefully and in good faith, disclosing any known problems.  Failing to disclose problems such as a leaky basement or roof, a cracked foundation, septic or sewer problems, mold, insect infestation or water damage, to name a few, could result in litigation.

             Make copies of the Seller’s Disclosure Statement available to each potential purchaser. Both parties must sign the document before an offer is submitted. Click below for the Seller's Disclosure Statement.

Seller's Disclosure Statement

Request for Title Insurance Services

What is the Lead-Based Paint Disclosure?

             This statement is required under the Residential Lead-Based Hazard Reduction Act of 1992 and applies to homes built prior to 1/1/1978. It warns purchasers of the danger of lead-based paint.  It also requires disclosure by the Seller as to their knowledge of the presence of lead-based paint in the home. Click below to download the Lead Based Paint Disclosure Form.

Lead Based Paint Disclosure Form

Protect Your Family From Lead In Your Home (EPA Document)

How do I Begin Marketing my Home?

          Write up an ad for your home to be placed in newspapers and around town. This ad should include location, price, and other important information about your home. For a wide ranging and informative worksheet on how to make an effective ad, click on the Ad Worksheet below.

          When possible buyers call, it is important to note who is calling you and respond to them, if necessary. Click on the Telephone Call Record below to help you effectively record all phone calls received regarding your house.

Telephone Call Record

Ad Worksheet

Sample Information Sheet For A Home    

Mortgage Payoff Authorization

What advice do you have for trying to sell my house “by owner?”

Tips for Selling Your House By Owner

• 1.GET STARTED:   My best advice is to do it!  Real estate agents would like us all to believe that this is a transaction that only they can handle.  NOT TRUE!!  By surrounding yourself with the right people, you can easily sell your house on your own and keep your hard earned money.
• 2.GET AN APPRAISAL:   Hire your own appraiser, at a cost of $250-$300.  With an appraisal, you ­and  your buyer are assured that your asking price is fair.  Don’t rely on a “market analysis” by a real estate agent.  They have no formal training in appraising houses.
• 3.ADVERTISE!!!   The most common problem for “For Sale By Owners” is lack of exposure to potential buyers.  A high visibility property does not assure a sale; advertising is a must.  In choosing between advertising in a magazine like “SOLD BY OWNER” or the local paper, consider the audience.  “SOLD BY OWNER” is specifically sought by people who are trying to purchase or sell a home “by owner.” It is also considerably less expensive than advertising in the paper.
• 4.MAKE YOUR HOUSE SHINE:   Make needed repairs to your house now.  Rid the house of pet, mildew, or smoking odors.  Clean windows, carpet and drapes.  For houses that are dirty or in disrepair, offers are lowered by thousands of dollars – if they are made at all. Tip the scales in your favor by making a strong first impression.  Give the walls a fresh coat of paint. Remove excess furniture and “knickknacks.” Keep things tidy.
• 5.HIRE AN ATTORNEY:   Both parties will have peace of mind when at least one party hires an attorney to handle the “For Sale By Owner” transaction.  Your attorney should draft the purchase agreement, order and review title work, assist in clearing title problems, handle inspection problems, hold the escrow deposit, review the closing documents and attend closing. Attorneys are even more valuable when problems – such as contingency offers, inspection disputes, clouds on title, etc. occur.  A house sale is an important and complicated legal transaction.  An attorney ensures compliance with the law and a smooth transaction.  Before you hire an attorney, try to negotiate a flat fee for the transaction in the neighborhood of $500-$700.

Email questions for future issues to ahoward@annhowardlaw.com