The Complete Guide to Selling Your Home ‘For Sale By Owner’ in Minnesota

Have you decided to sell your home independently? Choosing the “For Sale By Owner MN” route can be rewarding but also extremely demanding because a lot of tasks that are usually handled by a real estate agent, such as advertising, paperwork, staging, and hosting showings, will now be your responsibility.

 

But don’t worry. We will help you with a mini guide that simplifies the “For Sale By Owner MN” process. At Real Estate Corners, we assist FSBO homeowners in selling their property, helping them save thousands of dollars on commission fees in the process.

 

Analyze the market

 

The first thing to research is the current state of the housing market in your area. How quickly are homes selling? What prices are they going for? Many real estate websites include timestamps showing when a listing was first posted, which gives you an idea of how long the home has been on the market.

 

Tip: If homes near you are taking longer than 70 days to sell, consider lowering your asking price to speed things up. For a more precise valuation, think about obtaining a Comparative Market Analysis (CMA). This report outlines recent sale prices of comparable homes in your area, usually from the past 90 days, to help you set a competitive price to attract buyers.

 

Understand appraisals

 

If your buyer needs financing, their lender will require an appraisal to verify that your asking price aligns with the property's market value. If you price your home well above the appraised value, it could lead to delays or even a potential deal falling through.

 

You might consider getting your own appraisal before listing the property to prevent issues. This can help confirm that your asking price reflects the market value and provide confidence during price discussions.

 

 

Tip: Be open to price adjustments, especially if your property doesn't receive much interest or if you receive feedback from potential buyers about the price being too high.

 

Research local regulations

 

Every locality has specific requirements for property sales. If you're navigating the "for sale by owner MN" process, make sure to look into federal, state, and local regulations to understand what’s required, including disclosures, documentation, and any necessary certifications.

 

This is also why having a real estate attorney or agent can be beneficial, as they are familiar with these regulations and can guide you through the process.

 

Tip: If the high commission rates of real estate agents are a concern, consider finding a flat fee MLS listing service.

 

Get your home ready

 

Initial impressions matter, and the curb appeal of your home greatly influences how buyers perceive your property.

 

Here's a checklist of things you can do to get your home ready for sale:

 

●      Declutter and depersonalize

●      Deep clean

●      Clean walkways and driveways

●      Neat and healthy landscaping

●      New front door mat and carpets

●      Fresh paint

●      Fix any repairs and leaks

●      Stage furniture for the perfect presentation

 

Don't forget:

 

●      Check that all your light bulbs work and that your windows are clean. 

●      Make sure appliances are running smoothly. 

●      Look for foundation issues, leaks, or cracks and fix them. 

●      Test electrical and plumbing systems. 

●      Take care of any hazards, like a missing stair railing or uneven walkways. 

●      Add fresh flowers or plants for a pop of freshness and color.

 

Use high-quality photos

 

High-quality visuals are critical if you want to quickly catch potential buyers' attention. We recommend hiring a professional photographer to take photos of your newly-organized home, as professional photos show that you have made an effort to make your home look attractive and presentable.

 

If you choose to take the photos yourself, make sure you use a high-resolution camera, make the most of natural lighting, and carefully stage each room to showcase your home's best features.

 

Get listed on the Multiple Listing Service (MLS)

 

If you're not yet familiar with the term, MLS is a database that agents use to share information about properties for sale. It's essentially a marketplace accessible only to licensed real estate agents that they can use to find potential buyers for your home.

 

Tip: List your home as "For Sale by Owner MN" with us and enjoy a professional MLS listing that offers everything a 6% agent provides, plus the cost-saving benefits of FSBO—all for an affordable flat fee.

 

With MLS Property Syndication through MLS Online Minnesota, your listing will be featured on hundreds of websites that showcase MLS listings, including major platforms like Realtor.com, Trulia.com, Zillow.com, EdinaRealty.com, Redfin.com, and CBBurnet.com. This goes far beyond simply posting your property on a single site like Zillow or Craigslist.

 

How to handle showings and open houses

 

With MLS Online Minnesota, you have complete control over when and how your property is shown. You can schedule showings at a time that works for you, and even host open houses to attract more attention.

 

Tips:

 

●      Schedule showings at a time when light is at its best (mornings before noon or mid-afternoons).

●      Keep your pets out of sight (they're cute but can be a distraction).

●      Prepare handouts with details of the property.

 

How to handle negotiations and closing

 

Negotiation is part of the process, so expect some back-and-forth on price, closing costs, or move-in dates.

 

On closing day, the buyer’s lender will release funds, and you’ll sign the documents to finalize the transfer of ownership. Most of the logistics will be managed by the title company or attorney, but it’s critical to carefully review all the paperwork.

 

Need help selling your home as a For Sale by Owner listing in MN? Call us at (612) 483-1230.