Key Steps to Selling Your Own Home 

1.  Prepare Your Home
2.  Price Your Home
3.  Assemble Your Team
4.  Complete Necessary Disclosure Forms
5.  Negotiate a Contract
6.  Closing and Settlement

1.  Prepare Your Home

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• CLEAN CLEAN CLEAN
• Make necessary repairs, including:
  • Burned out light bulbs
  • Leaky faucets
  • Wall cracks
  • Creaky doors
  • Stuck windows
• Make minor improvements, such as:
  • Enhance and clean the landscape
  • Apply fresh coat of paint to interior rooms (and exterior if needed)
  • Replace or clean the carpets
  • Polish hardwood floors.
• Store personal effects such as photos, political paraphernalia, etc. out of view.

2.  Price Your Home

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Obtaining "comps" are critical to establishing your sale price.   Zillow.com is a good (and free) starting point for identiyfing what comparable houses in your neighborhood and area are selling for.   You may also want to consider getting a professional appraisal of your home -- see our list of Real Estate Service Providers for appraisers.

3.  Assemble Your Team

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You are not legally required to have an attorney represent your interests and provide guidance through this process, but we believe it is wise investment that will cost you a fraction of what you would pay an agent for essentially the same functions.  Please consult our list of Real Estate Services Providers, or www.lawyers.com to find licensed real estate attorneys in the D.C. metro area.

4.   Complete Necessary Disclosure Forms

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Required disclosure forms are established by the government at all levels.   Make sure you confirm what specific forms are required in the jurisdiction where your home is located.   We have provided some of these forms -- free of charge -- here.

In general, sellers are required to disclose certain information to a buyer -- this is a legal obligation that you must fufill.  Information to be disclosed includes the age of the home and its components, existing problems with the components, whether the seller has built anything that extends beyond the property line, and issues important to the geopgraphic location of the house (flood zone, earthquake faults, airport flight path, etc).  The most common disclosure forms required are:

1. Residential Property Disclosure Statement;
2. Lead-Based Paint Disclosure; and
3. Termite. 

Other forms you might need include a Homeowners Association Disclosure, a General Amendment to the Residential Purchase Agreement and the Septic System Waiver.  If the house was built prior to 1978, federal law requires that the seller disclose that the home could contain lead-based paint, and sellers must provide to the buyer an EPA lead paint pamphlet (available free online).  Consult a real estate attorney or your local/State government to learn more about the specific forms you will need.

Remember that these disclosures must be delivered to the buyer.

5. Negotiate the Contract

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A buyer will typically make an offer to you in writing; once you sign this document it becomes a contract.   A contract includes key components of a home sale, including:

1. Asking Price.  This is the final price that you and the buyer agree upon.
2. Terms of the Sale.  This includes information such as...
3. Financing Terms.  How the buyer is going to pay for the house.  You should obtain a loan commitment letter (a document from a lender affirming the loan) from the buyer.
4. Earnest Money.  The amount of money from the buyer to be placed in escrow.  If the sale moves forward, this amount is credited at closing; if the buyer backs out of the contract without legitimate cause, this money is awarded to the seller.  The contract should specify under what conditions the buyer would get their money back (i.e. repair issues unresolved), or under what conditions the seller would keep the money (i.e. buyer backs out with no cause).
5. Settlement.  This is where the obligations of the contract are fulfilled.  The seller brings the title, the buyer brings financing, there is a title examination, etc.  The contract will detail how the settlement will be handled, who the title company or attorney is, what closing costs are being paid by whom, etc.
6. Home Inspection.  Provides the buyer will an opportunity to inspect the home prior to settlement.

6.  Closing and Settlement

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This is where the obligations of the contract are fulfilled.  The seller executes the deed to the property, the buyer signs the mortgage loan documents, and the title company will provide the documentation to give the buyer legal control of the property.  At closing, the seller brings the title and the buyer brings financing.  Many documents are reviewed and signed, such as Title Insurance, Homeowners Insurance, Survey or Plot Plan, Flood Insurance, Certificate of Occupancy, etc.

There are a number of non-recurring (one time) costs that are incurred at closing.  This includes, but is not limited to, fees for title policies, notary, wire fees, courier/delivery services, attorney fees, recording fees, and State/County/City transfer taxes.