For Sale By Owner
Can you sell your home yourself?
Most people who decided to sell their homes on their own do so to save money on the commissions paid to Realtors®. But there are so many things to consider before you decide to venture out on your own. Selling your home can be more than frustrating, time consuming and financially draining than you may initially expect. Here is an overview of your responsibilities if you were to try to sell your home yourself:
Out of pocket expenses
When marketing your home yourself you will have to pay all advertising costs for your home. If your home does not sell right away this can get very costly. You may also end up making unnecessary repairs to appease a buyer. When a buyer is dealing directly with a seller they often make requests that they would never ask a seller whom an experienced Realtor represents. These include low offers, unnecessary repairs, and excessive settlement costs.
Total Exposure
You will not have the total exposure for your home that is possible if you use a Realtor®. A Realtor® will place your home into the MLS system, which is instant information to 99% of all agents. This greatly increases the likelihood of matching a prospective buyer to your home. Many Realtors® offer a wide array of innovative internet marketing tools and a wide variety of web based real estate engine such as Realtor.com. This allows for unparalleled worldwide exposure of your home.
Price it Right
You need to be able to set an unbiased, realistic price for your home. This means one that is neither too high nor too low. If you price it too high you may quickly loose the interest of prospective buyers, and those buyers may be lost once the price is reduced. If you price it too low you are missing out on money that is rightfully yours.
Who is really in your home?
The biggest issue when you decide to sell your home yourself if safety. When you answer the phone and give out information about your personal home do you really know who is on the end? Especially when you begin letting perspective buyers in to view your home.
At no other point would you consider letting a complete stranger into your home. Why should now be any different? You can never be sure who is coming through your front door.
Qualified buyers
Will you be able to recognize what buyers are financially qualified to purchase your home or will you simply waste time with those people who are window shopping at homes? Realtors â go to great lengths to make sure that the people they bring into your home are financially qualified to buy your home. This prevents you from wasting time negotiating with someone who will not be able to get a loan a few weeks down the road.
Being Objective
You must be able to be objective when potential buyers criticize your home. While people tour your home you must be able to listen as they point out the things they like or dislike about your home. When owners have an emotional attachment to their home, it is often hard for them to view their home through a buyer’s eye.
Legal Documents
There are several legal documents required by both the Federal government and the state of Virginia that must be filled out and signed by both parties. Do you know if you have the appropriate forms filled out and signed? You will also have to coordinate many details with the buyer’s lender regarding the sale along with the appraiser for the lender. Any errors or absence of a required document could lead to a delay in closing and in the worst case, legal action against you.
When you use a Realtor® you should rest comfortably knowing all of your needs are covered. A Realtor® covers all of the advertising expenses out of their own pocket. They should mass market your home with a personalized marketing plan that includes MLS, home magazines, newspapers, the internet, reports to other agents, and flyers created specifically for your home. They will ensure that your home is priced correctly for the market so you get the maximum amount of showings without loosing interest due to overpricing. They also make sure that the people who enter your home are not only financially qualified to buy it, but they are registered with the Realtor® offices and then escorted through your home. This protects your own safety as well your homes. Realtors® are professionally trained to manage all the fine details needed to negotiate between sellers and buyers and then follow the purchase continuously until closing. They manage paperwork, make sure everyone has the needed signatures and copies, coordinate inspections, appraisals and closing times. Wouldn’t you really prefer to have someone work for your? After all, you don’t do your own dental work to save yourself money!
Most people who decided to sell their homes on their own do so to save money on the commissions paid to Realtors®. But there are so many things to consider before you decide to venture out on your own. Selling your home can be more than frustrating, time consuming and financially draining than you may initially expect. Here is an overview of your responsibilities if you were to try to sell your home yourself:
Out of pocket expenses
When marketing your home yourself you will have to pay all advertising costs for your home. If your home does not sell right away this can get very costly. You may also end up making unnecessary repairs to appease a buyer. When a buyer is dealing directly with a seller they often make requests that they would never ask a seller whom an experienced Realtor represents. These include low offers, unnecessary repairs, and excessive settlement costs.
Total Exposure
You will not have the total exposure for your home that is possible if you use a Realtor®. A Realtor® will place your home into the MLS system, which is instant information to 99% of all agents. This greatly increases the likelihood of matching a prospective buyer to your home. Many Realtors® offer a wide array of innovative internet marketing tools and a wide variety of web based real estate engine such as Realtor.com. This allows for unparalleled worldwide exposure of your home.
Price it Right
You need to be able to set an unbiased, realistic price for your home. This means one that is neither too high nor too low. If you price it too high you may quickly loose the interest of prospective buyers, and those buyers may be lost once the price is reduced. If you price it too low you are missing out on money that is rightfully yours.
Who is really in your home?
The biggest issue when you decide to sell your home yourself if safety. When you answer the phone and give out information about your personal home do you really know who is on the end? Especially when you begin letting perspective buyers in to view your home.
At no other point would you consider letting a complete stranger into your home. Why should now be any different? You can never be sure who is coming through your front door.
Qualified buyers
Will you be able to recognize what buyers are financially qualified to purchase your home or will you simply waste time with those people who are window shopping at homes? Realtors â go to great lengths to make sure that the people they bring into your home are financially qualified to buy your home. This prevents you from wasting time negotiating with someone who will not be able to get a loan a few weeks down the road.
Being Objective
You must be able to be objective when potential buyers criticize your home. While people tour your home you must be able to listen as they point out the things they like or dislike about your home. When owners have an emotional attachment to their home, it is often hard for them to view their home through a buyer’s eye.
Legal Documents
There are several legal documents required by both the Federal government and the state of Virginia that must be filled out and signed by both parties. Do you know if you have the appropriate forms filled out and signed? You will also have to coordinate many details with the buyer’s lender regarding the sale along with the appraiser for the lender. Any errors or absence of a required document could lead to a delay in closing and in the worst case, legal action against you.
When you use a Realtor® you should rest comfortably knowing all of your needs are covered. A Realtor® covers all of the advertising expenses out of their own pocket. They should mass market your home with a personalized marketing plan that includes MLS, home magazines, newspapers, the internet, reports to other agents, and flyers created specifically for your home. They will ensure that your home is priced correctly for the market so you get the maximum amount of showings without loosing interest due to overpricing. They also make sure that the people who enter your home are not only financially qualified to buy it, but they are registered with the Realtor® offices and then escorted through your home. This protects your own safety as well your homes. Realtors® are professionally trained to manage all the fine details needed to negotiate between sellers and buyers and then follow the purchase continuously until closing. They manage paperwork, make sure everyone has the needed signatures and copies, coordinate inspections, appraisals and closing times. Wouldn’t you really prefer to have someone work for your? After all, you don’t do your own dental work to save yourself money!