For Sale By Owner is just as it sounds, a homeowner trying to sell their home without the assistance of a REALTOR. Can you do this, sure! Do they actually get their house sold, sure! Is it typical? No. About 80% of FSBO's end up listing their homes with a Professional REALTOR anyway. Here's why:
1. I do not have the time to make appointments during the day or during normal business hours.
2. How do I know if these potential buyers can qualify for my home?
3. I am not aware of the legal documentation that should accompany a contract.
4. How do you pick a Title Company, and who is suppose to pay their fees?
5. What if the buyer backs out of the contract?
6. Can I sell my home for market price without using a REALTOR?
7. What coverage do I have if the buyer sues me a year after closing?
8. Is it worth having a home inspection before putting the house on the market?
9. Who does the home warranty really protect?
10. Will I really be saving the real estate commission if I try to sell myself?
These are some of the many questions that homeowners have to ask themselves before embarking on this endeavor without a professional. What some homeowners do not realize is that most REALTORS do care. This is our livelihood. We want to sell your home for the highest possible price; our commission is based on sales price. So when we say the house is overpriced, it is! Our goal is to have a smooth transaction, and you be happy with the income so the next time to have to buy or sell, you think of us.
Still, anyone can put a sign in the yard and try to sell their home, and some may actually get it sold in a reasonable amount of time. But as with any profession, if you decide to take on the role yourself, you are opening yourself up to potential risks.
Licensed REALTORS are just as such, a licensed professional who is capable of guiding you through the process and assessing the transaction with the least amount of risk possible. We help get your home sold in the least amount of time, for the highest possible price. We ensure that the buyers are qualified to purchase the home and walk you through the closing process step by step.
Some FSBO's think that since they have sold houses before in other states, that it will be a walk in the park anywhere. Not so. For example, Texas is one of the most demanding states when it comes to selling real estate. We as agents are required by law to have all of our ducks in a row before even placing the house on the market. Here's a few things we're required to do:
1. Checking the mortgage balance to see if it the seller is even in a position to sell at the current market
2. Verifying ownership
3. Does the property have clear Title
4. It is a saleable property, which work needs to be completed prior to listing
5. What is the current market price price to allow a quick sale
In closing, just know that there is a REALTOR out there for each situation. From leases to commercial property, we are licensed to assist with all your real estate needs.
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Source by Gerald Meyer