When it comes to selling your home you have plenty of options available to you, like selling the home yourself. Selling your home as “For Sale by Owner” you take responsibility for actions that would normally be taken by the real estate agent. There is a chance that all of the additional responsibility could create complications along the way. Hopefully we can share some of the potential complications to help make you aware that they exist and how to deal with them.
Controlling the Sale
There can be many reasons that you may choose to sell the home yourself. One reason may be that you want to hold onto the entire sales process yourself. You can choose to not seek outside opinions with regard to market, pricing, or during sales negotiations. This can be both a blessing and a curse. You may also not have some of the best tools available to you to help make these specific decisions as well. A professional’s advice and expertise can help a lot when it comes to pricing your home and finding the best deal for you.
Greater Potential Profit
Another consideration you may have is that you end up making more money by selling yourself. You won’t have to pay Real-Estate agent fees associated with listing your home with an agent. Generally, a Real-Estate agent will charge a percentage fee on the final sales price of the home. You can save yourself thousands of dollars by deciding to sell the home yourself. Depending on the final price of the home this can be a lot of money.
Focusing on Your Own Sale
Real-Estate agents also tend to sell multiple properties at the same time to help them maximize their income. When you make the decision to sell the home yourself, you can focus on your sale and nothing else. This helps you put maximum effort into the sale of your own home. You don’t have to work around other homes when it comes to showing the property or having an Open House. On the other hand, you may not have enough time to adequately devote to the sales process. If your job or life is getting in the way of selling the home, you may need to consult an Agent to help you with getting the sales process complete.
Legal Limbo
Given that you know why you’re selling the home, now you need to understand the risks. One of the concerns you need to be made aware of is that selling your home comes with a lot of legal concerns. Real Estate agents know these processes and are aware of how to deal with them, you may not be prepared to respond correctly when something comes up however. It is entirely possible to break the law without realizing that you have. Disclosure requirements are a frequent legal concern that you will have to understand if you decide to sell your home yourself. These requirements differ from state to state and will be unique depending on where you live. It would certainly be worth your while to check into local real estate disclosure laws and regulations when you decide to sell your home.
FSBO Deals Can Fall Through
Another issue you want to be aware of is that the sale could possibly fall through. Even though you have accepted an offer, that does not mean that the sale is guaranteed. Buyers can back out of a deal or even be unable to obtain correct funds to complete the sale. Real Estate agents work to make sure that the buyer has been pre-approved for funding by a Lender before making a deal. This is for your security in knowing that the sale is less likely to fall through.
Potentially Bad Deals
Lastly, you could possibly be losing yourself money. Deciding on how to price your home is a difficult process and you could end up selling the home too low without proper knowledge and experience. Many people want to sell their home for what they believe it to be worth, not necessarily for a realistic price. Buyers are more attracted to what they believe to be the best deal on a property. If a potential buyer feels that the home is too expensive then they will likely pass on making an offer.
Avoiding the Mess
Arbor View Home Buyers has helped tons of homeowners over the years sell their homes without complication. If you’re considering selling your home yourself, check out some of our home seller reviews, or contact us today to learn more about our process!