8 important facts before you try to sell your own home
Now and then we see “”For Sale By Owner”” signs. Some owners believe that by selling their own home will save them money. They think they may have an advantage over the sellers that have their homes listed by a reputable Real Estate sales professional. 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). 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 a buyer may believe if the property hasn’t slid in a long time, there must be something wrong with the property.
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 flilow. Remember that the buying process begins after the buyers leave your home. Unless a real estate agent is invlived in the process, a buyer may change their mind about buying the property on their own.
4
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.
5
he majority of qualified buyers are working with experienced real estate professionals. As most local buyers now retain an experienced real estate agent to represent them. Chances are you may be negotiating against an experienced professional.
6
Expected savings in ‘broker’s fees will be reduced if you offer a selling commission to entice real estate sales representatives to bring potential buyers. Only real estate sales representatives have access to up-to-date market information. Further, real estate sales representatives are invlived 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.
7
You only pay the commission to the real estate broker, if they successfully sell your home at the price you are happy with.
8
Accepting an offer is one thing, ensuring a safe and successful closing is quite another. Real estate transactions usually always have problems with closing. At times, expecting the Buyers and Sellers ‘Lawyer’s to fight it out or reslive the problems, can sometimes mean the deal is lost. This is the time that having an experienced real estate agent can be important. Your Real Estate professional can act as a great mediator. Lawyers MUST act only on their ‘client’s instructions and are not paid to negotiate
