Selling your home on your own
Published On: August 24, 2012 Posted by: TownsRealty
So you need to sell your home and you want to avoid paying a Realtor’s commission. You are thinking that selling your home on your own is not and shouldn’t be a big task to tackle. Indeed you can save money, but selling your home on you own is not for everyone and should not be used in every situation.
Recently I read an article online where the author was explaining why you don’t need to pay a Realtor that hefty commission, and that homeowners are able to sell their home on their own with no problems. I have also read the comments from people who have read the article and they varied from: no problem, it is an easy- peasy job, to no way, I tried and hiring a Realtor is the way to go.
If a real estate transaction was easy, anybody could do it. I firmly believe that for every job you should hire a professional. You wouldn’t perform a surgery on yourself, right?
So before you sell your home on your own, you should consider the following facts that could land you in hot water:
- The most important thing when you sell your home is Price. Since you don’t have access to accurate information on your neighborhood’s recent sales, you might price your home too high or too low. Therefore you might wonder why you have no offers or down the line you will find out that you could have got more for your home.
- Marketing your home. Yard signs show that your home is for sale and you have your home on a “For sale by owner website”. But think about it: how many others are on?? More importantly, Realtors typically don’t look for properties on a “For sale by owner” website. There are several thousands of Realtors that are active in the State of Florida and each of that Realtor could have more than one potential buyer for your home.
- Property disclosure. In Florida, a Seller is obligated to disclose to a Buyer all known facts that materially affect the value of the property being sold and that are not readily observable. That would include even if you are aware of mold, lead base paint, sink holes, any changes in the neighborhood that may affect the property value, Chinese wall disclosure etc.
- Homeowners association. You must disclose to the buyer the homeowner’s association fees, any future or pending assessments and provide them with a copy of the covenants and restrictions for the community.
- Showing your home whenever you get a call. What if you are in the middle of your afternoon nap and you have to show the home? You will show it because this buyer might be the one, right?
- How about all those potential buyers that come and see your home? Are they qualified to buy a home? or are they just killing time looking at houses? How can you tell if they are serious?
- When potential buyers find out that you don’t have a Realtor to represent you they automatically deduct what you would have paid in real estate commission. In the end you won’t save any money by selling the home on your own.
- Having a Realtor negotiate as a third party puts you out of the limelight and out of the having to negotiate directly with the buyer. You might think that is not a big deal but then you probably never negotiated with a tough buyer. Moreover, a Realtor provides the benefit of experience when negotiating, particularly with a tough buyer.
- Closing process. Once you have secured a good offer, you must follow up constantly with the buyer’s mortgage company to make sure they will be financially able to buy the home. If that hurdle is passed, you must be in contact with the title company who will do the closing for you and inquire about their fees and closing costs. You will have to hire an attorney to look over the papers and that will be an added cost to you.
Selling your home on your own can be quite a challenge, will take valuable time away from other tasks like family or work, and will cost you a substantial amount of money. For this reason Realtors exist. Many people hire a Realtor to help them through the gigantic task of selling their home.
Your house is typically the largest investment in your life so choose a professional to assist you in this endeavor.
If you need to sell your home in Orlando, Windermere, Baldwin Park, Kissimmee, Davenport, Winter Park, Winter Garden, Ocoee, Gotha, Metrowest, Lake Nona, Clermont, Celebration, Dr. Phillips please contact Towns Realty. We have the experience to help you.