When selling real estate on craigslist you should make sure to have your finest selling points posted in your craigslist ad. For example: The first interest a buyer took in a home I sold was, the detail of a new garage with all extra electric power being to building code. An example of another selling point would be: new roof is only one year old and property is one block from light-rail train station.
Photos and images are not a requirement for the ad and make only limited photos available in your ad. When photos are requested by a potential buyer, have photos without a house number, and without street signs, and without specific landmarks, Have your property photos ready to send for potential buyers per request. Complete photo images of property for sale should logistically come after there has been thorough screening for cash buyers or bank approved buyers.
These are known as “qualified” buyers. Information such as the street and certain area of the town or city can be information that can be revealed in the craigslist ad as well in email communications.
Be repetitive and be sure that any potential buyers know that you’re only wasting very valuable time if you give information about a property for sale, if the potential buyer does not have the funds available to be a potential buyer.
When selling real estate on craigslist be certain to state very early in your ad, “Only Cash Buyers or Bank Approved Buyers” need inquire. Most people on craigslist do not have the money to buy real estate. This is all starting to change now that people are learning that you really should not use a realtor.
Realtor is a bad word and we will come back to this part of the article.
If a contact is made by a potential buyer on craigslist and they claim to be a cash buyer or bank approved buyer, then they should be able to provide in a simple email the following information:
1) Cash buyers can provide an email with a PDF document of a recent bank statement showing the dollar amount of the funds necessary to purchase your property. If the cash buyer is not comfortable sending the account info via email then the option of meeting at the bank would have been the next logistical step to confirm the email. A real estate attorney would be advised for this bank meeting on behalf of the seller. The attorney can explain to the buyers bank representative that a photo copy of a valid driver license along with a copy of the bankers letter stating there’s sufficient funds in the buyers account to purchase the property.
2) Bank approved buyers have already applied for a mortgage or land loan and have been approved for a certain dollar amount. They are currently active in property searches and ready to buy. They can request a letter from their bank and can send this to the seller via email. After receiving a letter of pre-approval then the next logistical step is for the seller’s attorney to meet with the buyer’s bank representative to confirm the pre-approved funds along with a copy of the buyer’s driver license.
Once the above steps are taken in a timely basis, then an appointment to walk the seller’s property can be made.
Avoid Using A Realtor For So Many Reasons.
A real estate attorney makes for better representation of the property and the seller.
Realtors make a large commission on real estate contracts. Realtors make four to six percent commission on vacant land contracts and six percent or higher on home contracts. Realtors make six to eight percent on commercial contracts.
Most real estate attorneys will handle the real estate contract for a flat fee of $1,000.
Do the math and shop around and give yourself the time and planning to find the qualified help that you need, or your money will go in to someone’s pocket due to poor decision making.
A real estate attorney is an officer of the law and should do things legally but a real estate attorney is also a business person that can try to get more from you than a quoted, flat fee of $1,000. Be sure to get any verbal quotations from an attorney in writing/in an email before starting work and making any payments. Be certain to tell the attorney and send an email stating that you will be firm to the quotation of a flat fee of $1,000 for the handling of the real estate contract. A title search should be $200 to $400. If the attorney handles the closing then all fees combined shall not exceed $1,700.
A realtor can have communications with the selling party and the buying party. A realtor can say anything they want about your property and they can even say things about your property that are not true. Why? To make the real estate contract commence faster. The faster the closing process the faster the realtor makes a commission.
If you decide to use a realtor because they are a friend or friend of a friend? This would be a bad idea to bring friends in to a personal business matter. But asking a realtor to take a lessor commission of three percent could work but realtors will also settle for the flat fee of $1,000. In today’s world of technology there are many places to list ads for your home on various websites. The information gets to the potential buyers directly from the seller and no middle party to forget, twist, or mis-represent about any facts about the property being sold.
Both realtors and attorney’s play off your emotions. If a realtor thinks the seller will take less money then they will disclose this to the buyer in private. Why? Because the contract and the realtors commission go to closing faster. Try to prepare as much as possible before meetings with realtors and attorneys. Try to show as little emotion as possible. Acting is suggested and be bland and monotone in personality, but try to be in control of the situation by presenting the information that is needed to get you the highest dollar amount on your real estate sale. Realtors and attorneys would try to have you think differently, but you can terminate your representation at anytime if you feel like your’e being taken advantage.
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