Listing your home for sale by owner might seem like a great idea. You think that you will save thousands of dollars when selling your home but when it comes down to finalizing the sale, you can find yourself in over your head.
1. What you don’t know might cost you.
When a homeowner decides to sell their home without a real estate agent they are treading on thin ice. We live in the digital age, which means that the internet has a great deal of information about buying and selling a home. However, this is not a reasonable substitute for experience and know-how. True you can head over to Zillow and find out the general worth of your home, but that doesn’t tell the whole story. A knowledgeable agent has access to important home buying and selling information via MLS data. When an agent sells a home that is listed on the MLS, they are required to enter all sales data within days of the transaction, meaning they have an accurate idea of how much-listed homes are really worth. Unless you get a formal appraisal, you will really have no idea what your home is truly worth.
When you try to sell your home as for sale by owner, the buyer’s agent knows that they won’t be dealing with a professional. For the realtor, this can be a headache they do not want to deal with. Even if their client insists on seeing your property, the agent might dissuade any attempts at an offer, by pointing out the risks of trying to close a deal without another agent there to help smooth the process.
3. It’s business not personal.
Selling your house can be a very emotional process. You have spent years of your life in your home, it is the place where your children have grown up. In essence, it’s very difficult for you to put a price on your memories. When you hire a real estate professional, they can keep you from making foolish mistakes such as overpricing your home, or not listening to a counter offer because you find it too insulting or low for your liking. They also help clients deal with the burden of rejection, which can be devastating. A real estate professional helps take away the bite and help you see things in a more positive light.
4. The inexperience will cost you.
Have you ever negotiated a sales price with a potential buyer? How about closing costs? What about repairs? Most likely you haven’t. You might not like it, but an agent has a lot more practice and expertise when it comes to the real estate industry than you ever will. Your inexperience will cost you money, a lot more so than the commission that you think you will be saving by listing your home for sale by owner.
5. You put yourself at legal risk.
There is a great deal of legal paperwork that needs to be completed accurately by a professional. A knowledgeable realtor will know more about disclosure laws than a typical homeowner. Failure to disclose information about the house in which you are selling leaves you open to being held liable for negligence, fraud or even breach of contract if you do not disclose properly.
In the end, selling your home will take time, energy and money. Don’t waste any of yours, hire a dependable agent when selling your home, you will be glad that you did.