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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 most
Real Estate Lawyers do not recommend selling
your own home yourself in today's market. Here
are a few of the reasons why:
- You are limiting
your exposure to potential buyers (less than
10% of what a good REALTOR® will generate,
which theoretically means your home will take
ten to fifteen times longer to sell on the
market.
- 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 a
long period of time, there must be something
wrong with the home.
- 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 offers
will automatically follow. Remember that the
buying process begins after they leave your
home. If a real estate agent does not represent
the buyers, and they are looking on their own,
they usually leave the home and start to talk
themselves out of the buying process. When the
buyer is represented by a real estate professional
they are better able to overcome buyers remorse
with the help and support of a Real Estate Agent.
- 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. Real estate professionals
have many resources at their disposal, which
are not afforded to for sale by owner property.
- Most buyers find it extremely awkward to negotiate
or even to talk directly with sellers and therefore
avoid for sale by owner properties.
- 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.
- The majority of qualified buyers are working
with experienced real estate professionals.
- Many serious buyers will pass by a for
sale by owner home merely because they
recognize that it is not in the real estate
mainstream, this can some times make them wary.
- 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.
- 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.
- If you are planning to use a Lawyer to help
you negotiate the offer, then your lawyer's
fees will be considerably higher.
- Only real estate professionals 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.
- You only pay the commission to the real
estate agent , if they successfully sell
your home.
- Accepting an offer is one thing, ensuring
a safe and successful closing is quite another.
Many times real estate transactions 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 real estate agent can act as a great mediator. Lawyers must act
only on their client's instructions and are
not paid to negotiate.
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