For Sale by Owner
Hiring an Expert at Real Estate and Probate Vs. going For Sale By Owner
For sale by owner PROS:
“I’ll save the commission and pass the savings onto the buyer”
Reality – why would you pass on your profit to a buyer? If the home sells at all, you will attract and sell the home to people looking to “saving the commission.” Usually investor types and others looking for a bargain are about 2% of the market (source: National Association of Realtors). The price you think you are saving by zero or half the commission, is actually costing you money. Why? If you had reached the other 98% of the market, you would have had a 15-30% higher price if you had gone with a realtor.
For Sale by Owner CONS:
- Not being an expert in real estate contracts, while others are being trained daily to write the contract in the buyers favor.
- Physical safety and security, how do you know who you are showing the home to? Are you used to dealing with strangers?
- 3rd party professional negotiating for you? If an agent brings you a buyer, for whom do you think they are going to try to get the best deal for?…… hint…It’s not you.
- 98% of market has no idea you exist. Anyone can throw a sign in front of the yard or window and even put it in a local multiple listing or website, if that was really all it took to get your home sold for top dollar, wouldn’t everyone do this?
Questions you should ask in the mirror with your significant other (if any), kids (if any) and attorney, before going FSBO:
- What will it cost you to not be an expert?
- How safe would you feel about letting strangers into your home.
- Since you wouldn’t own a home without insurance, why would you sell one without one? Aren’t you showing you showing you have the deep pockets that lawyers are looking for? Errors and Omission insurance through licensed realtor is just crucial common sense in case of a lawsuit? Even if you are selling As-Is.
- What is the advantage to you by selling your home for 85 cents on the dollar?
For Sale by Owner Fiction:
“There is no liability in selling a home”
“All people are honest…everyone has my best interest at heart in helping me sell”
The legally binding contract you sign is just “stock, boiler-plate”
Read the article: “5 reasons you still need a real-estate agent”