For Sale By Owner in California

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Save thousands of dollars -- sell your home yourself!

Using a broker to sell your home can cost you up to six percent of the selling price -- in other words, if you sell your house for $400,000, you can lose up to $24,000. But you'll save that money if you sell the house yourself, and it's not hard to do!

Thoroughly revised and scrupulously researched, For Sale by Owner in California takes you step by step through the entire selling process, from putting the house on the market to transferring the title. Even if you choose to use an agent, this book is a great way to prepare yourself for the home-selling process.

Find out how to:

• pick the best time to sell
• prepare your house for sale
• advertise widely and inexpensively
• sell while you're buying another house
• set the sale price
• screen buyers for financial feasibility
• make all disclosures required by law
• negotiate with potential buyers
• handle multiple offers
• remove contingencies
• complete the escrow process

The 9th edition of For Sale by Owner in California reflects the most recent changes in the housing market and laws, and now includes beefed-up sections on disclosure obligations, making a house look good and using the Internet to advertise a sale.  It also provides all the forms you need, including:

• disclosure forms
• offer and counteroffer
• sales contract
• contingency releases
• deeds
• second mortgage note
• and more

Table of Contents

Introduction

1. When Is the Best Time to Sell Your House?

1. Plan the Timing of Your Sale
2. Why Sell Your House?
3. The Best and Worst Times to Sell a House
4. Selling One House and Buying Another
5. Benefits of Timing Your House Sale

2. Legal Requirements for Selling Your Own House

1. Property Sales Rules
2. Encumbrances That May Impede Sale of Your House
3. Dealing With Brokers and Other Third Parties
4. Legal Prohibitions When Selling Your Own House

3. Tax Considerations When Selling a House

1. Calculate Your Gain
2. Strategies for Minimizing Capital Gains Tax
3. Tax Implications of Short Sales
4. Keeping Track of Tax Deductions When Selling a House

4. How to Work With Real Estate Agents

1. Services Offered by Real Estate Agents
2. How California Real Estate Agents Are Paid
3. Standard Broker's Contract: Exclusive Listing
4. Modifying the Standard Contract and Commission
5. Alternative Real Estate Contracts
6. Paying a Broker by the Hour
7. Evaluating Real Estate Agents
8. Getting Rid of a Broker You Don't Like

5. How Much Should You Ask For Your House?

1. Determine Prices of Comparable Houses
2. Hire a Professional Appraiser
3. Ask a Broker's Opinion
4. Learn the Asking Prices of Houses for Sale
5. Take the Temperature of the Local Housing Market
6. Price Your Own House

6. How to Tell the World Your House Is for Sale

1. Advertise-in the Classifieds
2. Advertise in Other Media
3. Hang "For Sale" Signs
4. Distribute Your Own Printed Property Fact Sheet
5. Marketing Your House On the Internet

7. Preparing, Showing, and Making Disclosures About Your House

1. Handling Phone Calls
2. Making Your Home Attractive Before Showing It
3. Preparing for a Safe Showing
4. Conducting Individual Tours
5. Holding an Open House
6. Protecting Your Safety and Property
7. Obeying Antidiscrimination Laws
8. Making All Disclosures
9. Complying With Local Ordinances
10. Following-Up After the Open House

8. Making Sure the Buyer Is Financially Qualified to Buy Your House

1. House Financing Basics
2. Evaluating Potential Buyers
3. How Bankers Qualify Buyers for Home Purchase
4. Seller Financing

9. The House Sale Contract

1. Waiting for Offers
2. Only a Written Offer Is Legally Valid
3. Offer Form Terminology
4. Types of Offer Forms
5. Understanding the Offer Form

10. Offers, Counteroffers, and Negotiations

1. Listing Your House for Sale Doesn't Mean You Must Sell It
2. The Offer Conference
3. Revoking an Offer
4. The Art of Negotiating
5. Counteroffers
6. Accepting an Offer or Counteroffer
7. Revoking a Counteroffer
8. Backup Offers and Wipeout Clauses

11. After the Contract Is Signed: Proceeding Through Escrow

1. Opening Escrow
2. Removing Contingencies
3. Title Report and Title Insurance
4. Buyer's Final Physical Inspection of the Property
5. Closing Escrow

12. What If Something Goes Wrong During Escrow

1. The Seller Backs Out
2. The Buyer Backs Out
3. The Buyer or Seller Dies
4. The House Is Destroyed by Natural Disaster
5. The Escrow Holder's Role in a Dispute

13. When Your House Is Difficult to Sell: Lease Option Agreements

1. Lease Option
2. Provisions to Include in a Lease Option Contract
3. Modifying and Signing the Option Agreement

Appendix

1. Quitclaim Deed
2. Moving Expenses With Tax Consequences
3. Hourly Broker Fee Agreement
4. Sign-in Sheet
5. Disclosure of Information On Lead-Based Paint and Lead-Based Paint Hazards
6. Protect Your Family From Lead in Your Home Pamphlet
7. Real Estate Transfer Disclosure Statement
8. Natural Hazard Disclosure Statement
9. Credit Information Form
10. Promissory Note
11. Offer to Purchase Real Property
12. Deposit Receipt
13. Short Form Counteroffer
14. Counteroffer to Purchase Real Property
15. Acceptance of Purchase Offer
16. Counteroffer Revocation
17. Seller's Demand for Removal of Contingencies
18. Contingency Release
19. Extending Time to Meet Contingencies
20. Release of Real Estate Purchase Contract
21. Lease Option Contract

Index