OK ....... you're thinking of selling your own home Who knows my home better than me, and it's done all the time, I see the signs all over the place? Right. Sure, and a lot of people who have tried it wish they had never done it. Here are the reasons why!
IT'S JUST NOT AS SIMPLE AS IT APPEARS.
If you have had training and experience is sales, psychology, diplomacy, law, finance, property values, are a skilled negotiator and aren't intimidated by lots of paperwork, maybe, just maybe you can do it. You might even save a few dollars. But the odds are against you. Because there are just too many pitfalls for the do-it-yourselfer to avoid. That's why most property transfers in this country are handled by REALTORS.
DO YOU KNOW HOW MUCH YOUR HOME IS REALLY WORTH?
Do you really know? Without a professional appraisal, you're almost certain to price it too high or too low. Each way is just as bad as the other. REALTORS are involved with property valuation every day. They are tuned to all the visible and invisible factors that affect your home's worth and guess what, that's all they do all day-every day. REALTORS can help guide you to set the right price so it will sell promptly, rather than stay in the market for weeks or even months.
EVERYBODY ..... COME ON IN!
Now that you've set your price, right on wrong, it's time to let the world know that your home is for sale. You start by proudly putting a "For Sale by Owner" sign in your yard. That tells everyone that drives by that your house is open for inspection day or night, seven days a week. Never mind that most are "just looking" without any real intentions to buy your home. If you like company you're in for a great time, assuming that all people who come in are your kind of people. Are you sure you want just them all in your home?
Then again, the buyer you are looking for might never drive by your home and see your sign. So how do you reach qualified buyers? By advertising you say! That gets expensive, of course, unless you know how to write the ad, you may never send the right message to interest a prospective buyer - but that's all right, you are saving money not hiring a REALTOR. But let's say you get a few calls, they'll come in at all hours, disrupting your days and nights and most certainly your routine. Don't plan any week-end trips either. You can't sell your home if you're not there, can you?
If a REALTOR were selling your house you would miss all this fun. Because you'd see only qualified buyers who are looking to buy a home ..... just like yours. You would see them at your convenience or not see them at all.
QUALIFY AND NEGOTIATE
When you finally find a serious looker, you'll also find out how good a negotiator you are. Because there's likely to be several thousand dollars between your asking price and an offer. Ever heard the term bottom fisher? Many times when prospective buyers see a house "For Sale by Owner" they start licking their chops. Should you stick to your guns? If you do you may lose the sale. If you don't you may cheat yourself? This is likely to be a time of compromise - of give and take. But knowing how much to give, or whether to give at all, demands knowledge and negotiating skill. The fact is that you, the owner, are in an awkward position to best advance your own interests.
At this point your REALTOR'S advice is invaluable. As a third party, his or her objective viewpoint will be reassuring to the buyer. And you will have an experienced professional in your corner to bargain for you. No one can handle this difficult part of the transaction quite like an experienced REALTOR.
CLOSING THE DEAL
Are you a good salesperson? Getting an indecisive buyer to make a decision will be quite a test. Saying just the appropriate thing and knowing when not to say anything at all can make a big difference. Successful selling is an art and a science. Since buying a home is the biggest investment most of us ever make, highly sophisticated sales techniques are needed. This is where your REALTOR and his or her specialized training and experience really pays off.
THE PAPERWORK
After all you've been through and the many frustrations of selling your home these past few months reach their climax at this point. First, your buyer will need a loan. Can you help him or her through the maze of mortgage financing, points and interest rates? Your contract won't be worth much if the buyer can't pay you. Then here come the other complications; your buyer will want satisfactory title evidence, probably a termite inspection, a home inspection, a survey, etc. There are the taxes to consider and dozens of other details to keep you busy. Once again, a REALTOR working with your attorney will shoulder this burden for you. Everything will be done properly, legally and with a minimum of bother to you.
YOU ARE NOT FAZED, YOU STILL WANT TO GO IT ALONE
Why not? After all, you will save the REALTOR'S commission, won't you? Not necessarily, because most prospective buyers who respond to "For Sale by Owner" expect that you are saving REALTOR'S commission so the home has to be much cheaper and they expect to pay at a much lower price. If you sell your home for less than its market value you could lose far more than the commission you'll save - plus all that work.
It's your decision. But think carefully about all that's involved in time, skill and money. Then consider the advantages of having a REALTOR do the job for you from the start. It's painless and safe. After all, its your decision ......... and your money!
