Like most people, you are probably thinking to yourself, “if I can sell my house fast fast without paying a real estate agent’s commission, I’ll save a lot of money. If you are just testing the market and don’t need to sell your house quickly, then ignore this article. Otherwise, here is some information to consider.
At first, most homesellers think selling a home is quick and easy and why pay for what they can do on their own? In fact, nearly 25% of all homes sold in the last year were sold “for sale by owner” also known as FSBO.
But almost half of the FSBO’s admitted that next time, they would work with a Realtor or, if the house needed a lot of repairs, a reputable “We buy ugly houses cash” company. 30% of home sellers indicated they were dissatisfied with the results achieved by electing the For Sale By Owner route. Why?
Many FSBO’s said that the time, the hassling with unqualified buyers and the paperwork involved in selling a home fast was not worth the money saved in Realtor commissions and fees.
For others, the money they saved while trying to sell your house fast was even more disappointing when they finally realized the extra mortgage payments they made as the process dragged on and they had to keep reducing the price. Not forgetting all the research time looking for and paying monies to advertising and marketing consultants, places to advertise, escrow, pest inspectors, title inspectors, surveyors, title lawyers, appraisers, city and fire permits, other consultants, etc.
It would have been better to just pay the real estate broker’s fee and let them handle everything and probably gotten the house sold faster. Even if it was an ugly house in disrepair that they needed to sell as is, a reputable “Sell your house fast as is for cash” company would have been less aggravation than dealing with lots of clueless first time homebuyers.
To sell a house fast involves a deep knowledge of the real estate market. If a property is over priced, it will become stagnant and develop a bad reputation. If the home is priced too low, it could cost you serious money. Some FSBO’s found that the money lost because of poor decisions outweighed the commissions.
In a buyer’s market like we have now, where houses are not selling quickly being good at marketing, sales and negotiations are required. These skills are even more critical if you are behind on your mortgage and are in a rush to stop foreclosure fast. Mistakes can result in your missing the small window of opportunity to unburden yourself of the albatross before it is too late.
Before you make the decision to go the “sell my house without a real estate agent” route aka FSBO, review the risks of assuming total responsibility versus hiring a professional. Some investigative time in the beginning pays off substantially in the end.
If you can answer the following questions positively, you may be able to sell your house without a Real Estate Broker or agent.
– Do you really have the energy, time, ability and the know-how to put in a devoted effort to sell your house?
– Am I ready to work with the rush of buyers, who think FSBO’s are targets for low balling?
– Am I offering options for financing? How prepared am I to answer questions about financing?
– Do You completely understand the legal consequences and the steps necessary to sell your house?
– Am I capable of dealing with legal agreements, contracts and buyer disputes either before or after they present the offer?
Have I contacted all the necessary professionals…. Inspector (home and pest), lawyer, escrow company and title services? If these questions raise some concerns you might want to talk to a Realtor or a professional investor who buys and sells houses. We truly hope that these ideas and tips are useful to you.
