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14 IMPORTANT FACTS TO CONSIDER BEFORE YOU TRY
TO SELL YOUR OWN HOME
Occasionally, one can see "For Sale By Owner" signs, and some owners
think that selling their own home will not only save them money, but believe
they have an advantage over the sellers that have their home listed
by a reputable Realtor©. Before you decide to take on this very important
and legally complicated process…remember not even most Real Estate Lawyer’s
recommend selling your own home yourself in today’s market. Here are a
few of the reasons why:
1. You are limiting your exposure to potential buyers (less than 10% of what a
good real estate broker will generate) which theoretically means your home will
take ten to fifteen times longer to sell on the market.
2. The longer a home is on the market the lower the selling price is. Why?
Because most buyers think that if the home has not sold after this long…there
must be something wrong with the home.
3. The selling/buying process begins AFTER the buyer leaves your home. Most
sellers think that all it takes is for someone to see their home, fall in love
with the great decor… and the offer automatically will follow. Remember that
the buying process begins after they leave your home. If a real estate agent
does not represent the buyer, and they are looking on their own…they usually
leave the home and start to talk themselves out of the buying process. If the
buyer is represented by a real estate professional Realtors© are trained on how
to overcome buyers remorse--a very common occurrence.
4. Because of the limited exposure you will very likely end up with a lower
selling price. Remember, in order to generate the highest price possible for your
home… selling means exposure. You need the maximum exposure possible, to generate
the highest price possible.
5. Most buyers find it extremely awkward to negotiate or even to talk directly
with sellers and therefore avoid FSBO properties.
6. Lack of negotiating experience and lack of pertinent information often will
result in a lower selling price, or worse yet, a bungled contract and possible lawsuits.
7. The majority of qualified buyers are working with experienced real estate professionals.
8. Many serious buyers will pass by a FSBO home merely because they recognize that it
is not in the real estate mainstream, this can some times make them wary.
9. As most local buyers now retain an experienced real estate sales person to represent
them as their buyer-agency, you will probably be negotiating against an experienced professional.
10. Expected savings in broker's fees will also be greatly reduced if you offer a
selling commission to entice real estate agents to bring potential buyers.
11. If you are planning to use a Lawyer to help you negotiate the offer, then
your lawyer’s fees will be considerably higher.
12. Only real estate agents have access to the up-to-date market information.
News reports cannot approach the timeliness or specificity available to agents. Further,
real estate agents are involved in home sales much more frequently than the average
homeowner is. This familiarity leads to a degree of expertise that provides an edge on
negotiating and successful selling.
13. You only pay the commission to the real estate broker, if they successfully sell
your home at the price you are happy with.
14. Accepting an offer is one thing, ensuring a safe and successful closing is quite
another. Real estate transactions usually always have problems on closing. At times,
expecting the Buyers and Sellers Lawyer’s to fight it out or resolve the problems, can
sometimes mean the deal is lost. This is the time that your experienced real estate professional,
can be the most important. Your Realtor© can act as a great mediator. Lawyers MUST act only on
their client’s instructions and are not paid to negotiate. |
