"For Sale by Owner" or FSBO, might sound appealing given the savings from commissions, but there are risks that accompany this choice. Opting for this approach means you as a seller assume several responsibilities solo, which are not only a challenge but may place the home in legal jeopardy.
According to a recent report from the National Association of Realtors (NAR), the two of the most challenging aspects for individuals selling their own homes are accurately determining the price and properly understanding and handling the paperwork. Here are some of the ways Realtors mitigate risks of selling your home.
The Price is Right
Determining the correct price for your home is critical when attempting to sell it. Selling your home independently can lead to two common issues. First is overpricing your home, and conversely, underpricing your home. Either scenario impedes the sale or your home or puts your interests at risk. According to NerdWallet:
"Your house's market debut is your first chance to attract a buyer and it’s important to get the pricing right. If your home is overpriced, you run the risk of buyers not seeing the listing.
. . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house."
Valuing a home and pricing it correctly requires years of experience and deep local market knowledge and if you believe Zillow is going to supply you accurate information on your homes value the truth is you've already shot yourself in the foot, Zillow's Zestimate has always been worthless other than for it's primary purpose to encourage people to visit Zillow. Choosing not only a local agent but also an agent with years of experience, with a large referral base and local expertise is critical to accurate home valuation. There has never been a national real estate market and there never will be. Real Estate is hyper local and only local and reputable agents will know how to leverage their expertise to establish a price aligned with buyer expectations for your market. Time is of the essence in a sale and taking advantage of the home debut is very important.
Paperwork and Legal
Selling a home involves more than precise paperwork and legal documentation. Homeowners without legal experience and experience navigating rules and regulations may encounter liability risks and legal complications. You can certainly use an attorney but they charge by the hour regardless of results while the vast majority of agents only get paid once the sale has closed.Instead of grappling with this alone, consider teaming up with an agent who can serve as your advisor and advocate, helping organize a team of trusted specialists to ensure your interests.
Real estate agents should be well-versed in the contracts and paperwork required for selling a home. (another reason why experience counts) They comprehend the local and regional rules and can refer you to legal representatives, when necessary in order to minimize the likelihood of errors that could lead to legal issues or delays.
Enlisting a reputable real estate agent sets the stage for success in your sale. We set the appropriate market price, negotiate on your behalf, and manage all the intricacies, allowing you to sell with confidence and feel you are making the best decision for your circumstances. My NC Homes has over six decades of combined experience in home selling. Contact us today.
Posted by Larry Tollen on
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