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I Will Be Selling My Home
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| Everyone has seen the sign "For Sale By Owner," so it's clear that some homeowners do try to sell their own property. It's also clear they don't have to pay the real estate agent's commission on such sales. How much work and risk are involved in these sales by homeowners often isn't so clear. And whether the price received is high enough to make the savings on commission a real savings is also open to doubt. It's because real estate marketing and the negotiation of real estate sales are so complex that real estate agents exist in large numbers and must undertake rigorous training and qualification before they can be awarded their licenses. So, if you're a homeowner who is wondering whether to put up your own "For Sale By Owner" sign, we believe it would be helpful to you to consider the following questions before coming to a final decision.
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It's the price that's "in line" with equivalent property in the same and comparable neighborhoods. If you don't have a great deal of up-to-date statistics on current actual sales, you may sell for less than market. Or, you may overprice your home, resulting in no buyer interest for many months. A competent real estate agent will provide accurate and up-to-date price comparisons, helping the owner to establish a realistic asking price that enhances the chance of sale at the true market value of the property.
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Most homeowners can afford only a fraction of the advertising that real estate agencies can place. Nor will a small advertisement attract the attention that professionally placed larger display advertisements can. Fewer prospects mean that the average wait for a sale is much longer for the owner who handles the sale himself. Fewer prospects can also mean a lower price. Another disadvantage to the homeowner is that multiple listing and referral services frequently used by agents are not easily accessible to the "do-it-yourself" seller. "For Sale By Owner" signs and advertisements are open invitations to the world at large to come through your home. You will probably find it difficult to screen prospective buyers, or to regulate the hours when strangers will call or drop in from the street.
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| There is a certain moment in the process that demands a special kind of sensitivity. That's the moment when the buyer is pretty sure that he or she wants to buy your home, and needs just the right encouragement to make a positive decision. Strange as it may seem, this is the time when the buyer starts voicing objections that would lead you to think he or she is not interested at all. The inexperienced seller often make the mistake of taking this at face value and ending the discussion. The experienced real estate professional realizes that the time is right to come to an agreement and has the skills necessary to close the sale on an amicable basis.
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Your job isn't over yet. Appropriate deposits must be made. Financing must be arranged. Certain third parties must be brought in. And a vast amount of paperwork must be completed. The potential for costly errors at this stage of the transaction is considerable.
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You wouldn't be your own doctor. You wouldn't be your owner lawyer. We hope we have given you enough good reasons not to be your own real estate agent. Selling your home? It makes sense to list with a real estate professional. We should know. We in the TICOR Title network have been working closely with real estate brokers and agents for a long time. We know how invaluable they are in any real estate transaction. They can save you time, money and disappointment.
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To assist you in your decision, we've provided a homeowner's checklist. If you can answer most of the questions with "yes," it means that you may be capable of acting as your own professional real estate broker/agent. If not, we urge you to call your local real estate professional.
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Am I Capable of...
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Yes
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No
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1. ...setting the right selling price?
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2. ...creating and placing sufficient, effective advertising?
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3. ...knowing whether grooming or improving my property will help it sell for more net money to me?
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4. ...screening potential buyers?
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5. ...protecting against undesirable callers?
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6. ...extracting an offer to purchase?
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7. ...negotiating objectively?
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7. ...negotiating objectively?
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8. ...making a "hard close?"
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9. ...negotiating financing alternatives?
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10. ...protecting myself in escrow?
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11. ...arranging sale terms for best tax effect?
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12. ...avoiding guarantees to buyer that will obligate me later?
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13. ...remaining in the house if it should not sell for a long time?
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