Realtor says: don't sell your home yourself
Filed under: Real Estate, Simplification
Selling a home in today's market is a challenge, but going it alone as a "For Sale By Owner", adds a whole new set of issues to the equation. I began looking into the FSBO market after a good friend asked my opinion on several online sites that offer service to for sale by owners. After looking closer at many online solutions, I decided that I couldn't give valid input without getting a Realtor's take on the FSBO market.While the Internet is busy leveling the playing field in many industries, selling your own home isn't quite as easy as selling your old comic books on eBay. There are disadvantages and risks to going it on your own. In order to find out about the hazards and issues associated with selling your own home I spoke with a Kari Nisler Hafeli of Marcie & Associates Realty, Inc. in Ohio.
The first thing Kari stressed was that selling homes is her full time job, and that having a professional with years of experience and knowledge is a big plus. Even more important is the exposure that you gain from using the Multiple Listing Service, a tool that agents use to list and find homes. When you use a Realtor your home is listed on the MLS for all to see. Although it's possible to contract to have your FSBO home appear in the MLS, it does cost money.
Kari also noted several areas where homeowners tend to fall into traps when selling their own home specifically relating to money. First of all most homeowners can't accurately value their own homes, and a Realtor can help them figure out a price realistically and objectively. Another area that a Realtor can help with is avoiding unqualified buyers. She shared a recent example of an individual who was selling his own house and wasted time and money when 2 full price offers fell through as the prospective buyers hadn't been pre-approved. As an agent, she requires that potential buyers be pre-approved in order to save everyone time and money.
She also stressed to me that when you begin selling your own home you are dealing with real law. Even if you download a packet of forms from the Internet you may not fill them out correctly which can leave you vulnerable in the event that something goes wrong. If you find yourself in need of assistance with any of the legal documents, you'll need to hire a lawyer, further digging into the savings associated with selling your own home.
Thanks to the insight from my local Realtor it is abundantly clear that selling your own home isn't as simple as post, click, Profit! Selling your own home will require you to take a hard look at what your home and your time are worth, if you can't do that then getting a Realtor may be your best bet.
Many of the accounts of FSBO that I have found online don't only involve a weekend open house but mid-day showings and late night phone calls for information. While you may feel that these warnings are simply from an agent looking to protect her commission, these potential pitfalls are worth taking to heart. If you're still prepared to tackle selling your own home then be sure to check out WalletPop's review of the best FSBO sites online.




Reader Comments (Page 1 of 1)
9-18-2008 @ 11:56AM
Janice said...
Using a realtor if you don't have the time to show, research and prepare yourself is a great convenience. However, if you have the time, there's not much need for a realtor if the market is stable. (I wouldn't attempt to sell now unless you have to.) The realtors themselves will tell you, you should hire an attorney for the paperwork and legals issues, a home inspector to make sure things are sound, and a "stager", so the house is presentable/marketable. What does that leave for the realtor? Showings and their networking contacts. We've sold homes both ways, used a realtor when we didn't have time to do it ourselves, and on our own when we had time, and the market was in our favor. Both turned out great. The best part with doing it yourself, is you KEEP the commission! The industry has kind of done this to themselves. There are far too many realtors, and they do less for the shrinking commission. And the commissions should shrink, they are taking on less responsibility, and the seller is paying more in legal fees, inspections, stagings, etc. As soon as the market stabilizes, people who can do their own selling will go back to FSBO. After this economic downturn everyone is trying to hang on to their money, and the way the realty business is, it's no great deal.
Reply
11-02-2008 @ 11:44PM
Steve said...
I found a good website which provides great for sale by owner tips and information. Buy My Place allows you to buy or sell your own home online, without spending a fortune on real estate agent fees.
Reply