Disadvantages of For Sale by Owner Transactions

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A property owner may have a vast amount of information about his or her home's specifications. However, knowing about one's property and closing a deal are two completely different things. Many homeowners falsely believe that For Sale by Owner transactions are the best option. They may choose these kinds of transactions in order to maximize profits, to minimize expenses, or because they think it will be easier.

It is statistically proven that the vast majority of houses in Laval were sold with the assistance of a professional real estate broker generate more significant profits. These profits are usually more than sufficient to cover responsibilities and pocket additional money. The National Association of Realtors declared in their 2013 Profile that "For Sale by Owner (FSBO) transactions accounted for 9% of home sales. The typical FSBO home sold for $ 184,000 compared to $ 230,000 for agent-assisted home sales, a difference of $ 46,000 – or an addition $ 32,200 after agent missions. "

For sale by owner

Disadvantages of For Sale by Owner Transactions

There are many disadvantages to not working with a professional real estate broker. Here are a few to consider.

Buyers working with brokers will sometimes avoid placing offers for For sale by Owner homes, which narrows the pool of potential buyers.

Most For Sale by Owner success stories involve buyers and sellers that previously knew each other.

Homes for sale by owners stay on the market an average of eight weeks longer than those listed with a broker.

Dealing with unqualified buyers can tie up homes for weeks, which could cost you the attention of viable potential buyers.

Buyers do not usually pay agreements for a broker's service, advice and insurance protections. Many buyers hesitate to purchase without insurance protection without they get a great deal. This contradicts the For Sale by Owner goal of profiting more by saving on responsibilities.

The Advantages of Employing a Broker

Brokers have access to market data, are aware of the latest transactions performed in the community, and they cooperate with homeowners eagerly seeking to sell comparable properties also on the market.

They can be sure to price your home accurately. Market analyzes have repeatedly demonstrated that homes priced correctly when first listed not only sell faster but also secure higher profit than those that are not.

It is the broker's duty to take care of your business even if you are not present. He or she can show your home when you're not available, is always ready to answer phone calls from potential buyers and their agents, and can provide you with valuable feedback.

Brokers have the experience to objectively evaluate and assess the condition of your home. They may even suggest means to improve and emphasize its worth, suggesting tasks such as minor renovations, cleaning and staging.

With For Sale by Owner transactions, the seller must be present for all showings, which can make prospective buyers uncomfortable. Working with a broker allows prospective buyers to relax and visualize themselves in the home without the pressure of the homeowner hovering over them.

Brokers have extensive marketing experience as well as associations with other brokers.

Being experienced negotiators, brokers can obtain the right price for your home.

They'll guide you through all the paperwork, including your compliance with regulations. They will also see to it that all timelines are prudently met, including home inspections, appraisals, surveys, lending deadlines, and closing.

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Source by Nizaar Gherfal

No More Waiting – I Want to Sell My House Fast!

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Are you thinking "I want to sell my house fast?" Are you ready to avoid months of realtors and unplanned showings and simply sell your house? Maybe you need to sell your house fast in order to accept a job in another city or you simply want to move? There are several different things that you can do to expedite the process of selling your home. Here are a few tips for selling your house that may eliminate the wait without hitting your bottom line.

There are certain steps that you have to take, no matter how quickly you want to sell your home. You need to price it competitively within your market and you also need to make an excellent first impression. Potential buyers will respond positively when you put your 'best foot forward' as well as your 'best house forward'.

Price Your Home Right

One of the most important elements in a quick, successful home sale is putting the right price on your home. Price it to sell, but do not price it too far below the market value. Do not lower your price repeatedly or your buyers will know that you're trying to sell the house fast. The first thirty days on the market will be a good indicator because this will be the period of most activity. Keep your price competitive but do not short sell yourself either. You know what your house is worth.

Create Great Curb Appeal

When potential buyers first look at your house, they are excited and already envisioning themselves as they turn into the driveway. This first glance is critical. Make sure that your grass is mowed and the front view of the home is free of clutter and debris. You might want to add fresh flower and consider painting the front door as well as outstanding trim. Buyers will form a first opinion and everything else will be based on it.

Give Your Home a Makeover

The inside of your house will be scrutinized and things that may not bother you will become immediately noticeable to those who are looking to buy the home. You want the inside of your home to look as clean, stylish and appealing as possible. This may mean fixing or replacing broken fixtures. A fresh coat of paint on the walls will keep your home looking and smelling fresh and new. Keep the sink empty of dishes and your windows open, letting sunshine pour in.

Remember, the average amount of people looking at your house before you get a bid is eight! This means that you need to be flexible and allow as many visitors as possible. The more people that come in, the more bids you will get. Be ready to show your house during weekdays, evenings and on weekends for the quickest sale! Replace the thought of "I want to sell my house fast !" with "Wow, I sold my house fast!"

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Source by Shaun Greer

Great Tips On How To Sell Your Home Fast

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Sometimes, when a house is put on the market, the sellers need to sell fast. There could be a variety of reasons why, but it doesn’t really matter. The good news is that there are some things that you can do to help your home to sell quickly.

This is true even if it is a buyer’s market. One of the best ways to sell your home quickly is to work with an experienced realtor. Ideally, the realtor would have quite a few years of experience, a number of community contacts, and a reputation for selling homes quickly.

Such a person can also give you a bunch of tips on selling your home as fast as possible. Another way to sell your home quickly, is to work with an interior designer. The truth is, that the colors, the decor and the ambiance in your home, can all help or hinder you in your efforts to sell your home. If, for example, your dining room is bright orange or your living room carpeting is a gaudy purple color, this may actually hinder your efforts.

The key is to paint your home using tasteful neutrals. While a home painted completely in white, can also turn off prospective buyers, research shows that earth tones and other neutral colors can actually help to sell your home. Perhaps this is because such colors will blend easily with a number of different colors. In other words, prospective buyers won’t have to re-paint or re-carpet once they buy the house.

If your home is in mint condition, it is also more likely to sell quickly. Fixing the “small things” like that leaky faucet or the nail holes in the kitchen walls, can actually help to sell your home as well. For this reason, it is a wise idea to make a list of things that need to be repaired or replaced, before putting your home up for sale. Then, fix the items on the list or hire a handyman to fix or replace the items.

A fresh coat of paint can also work miracles. Curb appeal can also help when selling your home. When you decide to place your home on the market, keep your lawn neatly trimmed or hire a lawn service if you can not properly maintain the lawn yourself. Make sure that the lawn edges are trimmed and that any shrubbery around the foundation of the home is trimmed.

Outside lighting should be properly maintained as well as mailboxes and other items on the lawn. Keep the flower beds weeded and add a layer of fresh mulch around the foundation if necessary. Promptly rake leaves in the fall and shovel the snow in the winter time.

If you are trying to sell your home in the spring or summer, consider planting colorful annuals around your property to attract interest. Remember to keep children’s toys picked up from the yard and stacked neatly as well.

Inside the home, consider putting an arrangement of fresh flowers on the table or burning candles to create a pleasant atmosphere. Many people will bake something like bread or cookies, prior to a viewing, to scent the air and make the home seem comfy and warm.

Cut down on the clutter wherever you can. If you are like most homeowners, you have a considerable amount of clutter in your closets or around your home. Experts advise that homeowners with such a situation, sometimes will rent a storage facility to hide their excess items until the home is sold.

Clear out the garage and other storage areas as much as possible, this will give the illusion that your closets and other storage areas are bigger than what they actually are.

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Source by Christianne Child

How to Become a Jamaica Real Estate Agent – The Licence to Sell Jamaica Properties Legally

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If you are looking to sell real estate in Jamaica, you can do so by attending the Real Estate Salesman’s Course #100H that is offered at the University of Technology, Jamaica. After passing the course, you are required to go through a few background checks to ensure you don’t have any skeletons in your closet. The final step is an interview with the Jamaica Real Estate Board to get final approval for you to become a Sales Agent.

Salesman’s Course #100H

This course is four weeks full time at the Faculty of the Built Environment, University of Technology, Jamaica. It offers material that is necessary for you to become an efficient agent in the local market, because what you don’t know can hurt you. You will be trained to handle transactions for Jamaica Properties such as Sales, Rentals and Leases.

Background Checks

The nature of the industry involves huge monetary transactions and in such a field you might find persons of a dishonest nature. In order to protect persons and their assets from thing like fraud, a background check is done on each applicant for a license approval, one of these checks is a police report.

The Interview With The Board

After gathering all the documents from your background check, you should submit these documents and attend an interview with an officer from the real estate board that puts the final stamp of approval on you application to become a sales agent in Jamaica.

Start Selling

After you have passed the exams and checks to practice in Jamaica legally, in most cases you must be employed to a licensed Dealer in Jamaica. There are some exceptions where persons can sell properties without being licensed but you should check the Jamaica real estate Act for the conditions.

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Source by Jerome C Campbell

How to Prequalify a Buyer When You Sell Your Home "By Owner"

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One questions many "for sale by owner" sellers ask is "how can I determine if a potential buyer can afford to buy my house?" In the real estate industry this is referred to as "pre-qualifying" a buyer. You might think this is a complex process but in reality it is actually quite simple and only involves a little math. Before we get to the math there are a few terms you should understand. The first is PITI which is nothing more than an abbreviation for "principal, interest, taxes and insurance. This figure represents the MONTHLY cost of the mortgage payment of principal and interest plus the monthly cost of property taxes and homeowners insurance. "RATIO". The ratio is a number that most banks use as an indicator of how much of a buyers monthly GROSS income they could afford to spend on PITI. Still with me? Most banks use a ratio of 28% without considering any other debts (credit cards, car payments etc.) This ratio is sometimes referred to as the "front end ratio." When you take into consideration other monthly debt, a ratio of 36-40% is considered acceptable. "back end ratio".

Now for the formulas:

The front-end ratio is calculated simply by dividing PITI by the gross monthly income. Back end ratio is calculated by dividing PITI + DEBT by the gross monthly income.

Let see the formula in action:

Fred wanted to buy your house. Fred earns $ 50,000.00 per year. We need to know Fred's gross MONTHLY income so we divide $ 50,000.00 by 12 and we get $ 4,166.66. If we know that Fred can safely afford 28% of this figure we multiply $ 4,166.66 X .28 to get $ 1,166.66. That's it! Now we know how much Fred can afford to pay per month for PITI.

At this point we have half of the information we need to determine whether or not Fred can buy our house. Next we need to know just how much the PITI payment is going to be for our house.

We need four pieces of information to determine PITI:

1) Sales Price (Our example is 100,000.00)

From the sales price we subtract the down payment to determine how much Fred needs to borrow. This result brings us to another term you might run across. Loan to Value Ratio or LTV. Eg: Sale price $ 100,000 and down payment of 5% = LTV ration of 95%. Said another way, the loan is 95% of the value of the property.

2) Mortgage amount (principal + interest).

The mortgage amount is generally the sales price less the down payment. There are three factors in determining how much the PI & interest) portion of the payment will be. You need to know 1) loan amount; 2) interest rate; 3) Term of the loan in years. With these three figures you can find a mortgage payment calculator just about anywhere on the internet to calculate the mortgage payment, but remember you still need to add in the monthly portion of annual property taxes and the monthly portion of hazard insurance (property insurance). For our example, with 5% down Fred would need to borrow $ 95,000.00. We will use an interest rate of 6% and a term of 30 years.

3) Annual taxes (Our example is $ 2,400.00) /12=$200.00 per month

Divide the annual taxes by 12 to come up with the monthly portion of the property taxes.

4) Annual hazard insurance (Our example is $ 600.00) /12=$50.00 per month

Divide the annual hazard insurance by 12 to come up with the monthly portion of the property insurance.

Now, let's put it all together. A mortgage of $ 95,000 at 6% for 30 years would produce a monthly PI

Putting it all together

From our calculations above we know that our buyer Fred can afford PITI up to $ 1,166.66 per month. We know that the PITI needed to purchase our house is $ 819.57. With this information we now know that Fred DOES qualify to purchase our house!

Of course, there are other requirements to qualify for a loan including a good credit rating and a job with at least two years consecutive employment. More about that is our next issue.

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Source by Bruce Andrews

Tips for Writing the Best Real Estate for Sale by Owner Ad

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The property ad is your chance to create a great first impression and to make the potential buyer contact you to find out more. When planning a private property sale, it is vitally important to spend some time thinking about the words of your real estate ad.

Writing a real estate for sale by owner ad can be difficult, despite the fact that most publications have a strict word limit. There are several important things you need to say and a few tricks that will help you make the real estate ad text more exciting.

A Great, Catchy Title
Most people interested in real estate for sale take a look at the title of the listing and the photographs that accompany it. These are the two factors that will often determine whether a person will continue reading.

Work on a catchy and descriptive title. It should mention the location of the real estate for sale by owner, the size, the price and the most important features of the house. Squeezing that much information into a title may appear to be a great challenge. Do a bit of brainstorming and write down your ideas. You can refine the most promising titles after you put all of your possibilities on paper.

Make It Very Specific
The lack of specifics and details will immediately kill the interest of potential property buyers. Do your best to include sufficient descriptive information in your listing.

Refrain from saying that the house has a modern and beautifully designed bathroom. Say what makes the bathroom modern – is there a water massage system in the bathtub? Did you install faucets that decrease the consumption of water? Such details make all the difference in the world.

Avoid the Real Estate Ad Clicé
Go through several property ads. You will see a number of phrases repeated in the priority of ad lists. These real estate ad clichés are very dangerous. They make your listing boring and very similar to everything else that the market has to offer.

Clichés are safe and easy but they will never give your real estate for sale by owner the attention that it describes.

Some of the most common ad clichés include hidden gem, conveniently located, original interior design, vibrant, spectacular, amazing view, modern, easy access, majestic, stunning, just renovated and special offer.

Write a Little Bit about the Neighborhood
As a house owner and a private property seller you have one great advantage over the realtor or the agent – you know the property and the neighborhood by heart. Use that knowledge to create the perfect real estate ad.

Adding a sentence or two about the neighborhood will help paint a complete picture. Get the reader interested. What makes the neighborhood special and worth relocating to? Mention these interesting details towards the end of the listing.

Encourage Potential Buyers to Ask More Questions
Finally, encourage the potential buyers to contact you and to get their questions answered.

Provide a few communication options. Instant messaging, emailing and calling are the most popular possibilities. Each potential buyer has a preferred method of communication, so you should have a few options available.

The perfect private property sale listing is difficult to create. See what the competition is doing but do your best to keep your text original and fresh. Provide specifics and be as descriptive, as possible. Spending some time on writing a house listing that stands out can help you sell your house faster. The results are worth the effort.

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Source by Kristine W Zimmer

London Property For Sale By Owner

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Though the storm clouds appear to be gathering, it may be just the time to take advantage and sell.

Firstly, you may be wanting to leave the City for a place in the country

In this scenario, you have a family home, which you have owned for five years, or more.

You have built-up equity in your property, and family houses can sell extremely well.

As property prices in London are still at a high,they could have a comparative advantage to those in the area you would like to move to in the country.

Look at this carefully, though. As reported last month in the Sunday Times, the current supply of the best-priced country properties is dwindling. Best not to waste too much time chasing possible shadows, or the over priced properties.

Secondly, you may be looking to trade to trade-up

You want to an extra bedroom, perhaps moving-up from a two-bedroom maisonette flat to a three-bedroom semi-detached, or terraced house. Again, success is about benefiting from the comparative price reduction in properties. How this goes is, take your property at, say, £300,000 on the market and its price goes down 10%, you can expect £30,000 less, if you sell it. Now, you have your eye on a property priced at £450,000, there is a chance that you can negotiate a similar 10% reduction in price to that suffered by your property. If successful, you stand to gain £45,000. So the argument goes, suffer a temporary shortfall on your sale to win a greater offset on the new property.

Thirdly, you are an elderly couple and wish to trade-down

Here, you are seeing equity in your property dwindling, or likely to dwindle. You may wish to be patient and wait for prices to start going up again. Alternatively, this may just be the time to downsize, releasing capital for your use now. Your financial priorities may lie with helping your children realize a dream of owning their own property. Or ,you may simply want to have some more of the things you had promised yourselves, more holidays, or that caravan in your favourite part of the world.

Finally, do your research, plan carefully, it can make a difference to you in these seemingly gloomy times.

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Source by Mike Paterson

Mortgage Marketing To Realtors: Get 10 Realtors in 30 Days

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Mortgage marketing to realtors can be an easy and enjoyable process. Having a steady flow of referrals from real estate agents is a great way to insure the continued growth of your business.

But how do you develop a network of quality, low maintenance realtor referral partners? Good question. Below you will find the answer.

Are you ready to get started? Here are step by step easy to follow instructions given in an outline format to help you develop 10 realtor referral relationships in the next 30 days.

I. Finding Real Estate Agents

Option 1: Escrow Officers

1) Select 5 huge title companies in different parts of town.

2) Use the top escrow officer at these companies for a transaction.

3) Wow your client and have the escrow officer complete your customer satisfaction survey at close so the title officer can see what a great job you do for your clients.

You can download a sample customer satisfaction survey by visiting:

[http://www.mortgage-leads-generator.com/a/survey.htm]

4) Immediately after the transaction funds, send the title officers at all 5 offices a gift and tell them how much you appreciated their top notch service during the transaction.

5) Exactly one week after the title officers receive your thank you gift, go see each of them face to face and ask them for referrals to top realtors. Ask for referrals to real estate agents that are easy to work with and do at least 2 transactions a month (or however many transactions you would like).

Option 2: Top Producer List

Ask your title officer for a list of the top producing real estate agents in your area. This list will enable you to target real estate agents who are actually doing business.

II. Approaching Real Estate Agents

Option 1: Approach Letter

1) Send a letter to one or two real estate agents per day. Be sure to stay organized. Use software or some other method to keep track of who needs a follow up call each day.

2) Send your letter in an unusual way so it gets noticed – like a Fed Ex overnight package for example. Everyone opens overnight packages with great anticipation.

Here is the delivery method I used. I learned it from Todd Duncan and it worked well:

Wrap your approach letter around a Pay Day candy bar, use a gold ribbon to keep the letter attached to the candy bar, then send your letter / candy bar to realtors in a tube.

This letter delivery technique is sure to get noticed.

For a sample approach letter to use when mortgage marketing to realtors visit:

[http://www.mortgage-leads-generator.com/a/realtor.htm]

Here are some important elements to include in your approach letter:

* Offer a unique selling proposition (USP) that can help their business

* Tell them a little about yourself.

* Also, tell them you will be calling in 2 days to schedule a face to face meeting. At the meeting you will explain your USP and how it can improve their business.

Option 2: Office Managers and Realtor Associations

1) Contact real estate offices and ask to speak with the manager. Explain to the manager that you are a top producing Mortgage Planner. You are currently offering complementary seminars to a limited number of real estate offices.

Here are a few seminar ideas:

* How realtors can use 1% mortgage loans to increase their business

* How to get more leads from your real estate website

* Anything you can think of that would benefit the realtors at the office.

2) Offer to give the short talk during their next sales meeting.

3) Offer to bring lunch.

4) During your talk offer the realtors a valuable tool, gift or information that can only be obtained by giving you their business card. When you send the gift include an approach letter explaining you will be contacting them for a face to face meeting to discuss a USP that can increase their business.

You can also use this technique with local realtor associations. Offer to give your talk to the entire association. Just be sure the topic and information you discuss is truly useful.

Give these ideas a try. They really work! You’ll be amazed at how fast your mortgage referral business will grow.

By the way, if you are the shy type and do not want to conduct seminars or face to face realtor meetings, you can always hire someone or bring on a partner to do this stuff for you.

Please feel free to reprint this article as long as the resource box is left intact and all links are hyperlinked.

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Source by Hartley Pinn

Three Points That Will Help a "For Sale by Owner" (FSBO) Sell Their Home in Half the Time

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In today’s economy, many homeowners try to enter the real estate market without the help of a broker. As an agent, I have noticed that the main reasons for this may be the price homeowners pay to get their homes sold or simply bad experiences with realtors. Many brokerage firms charge a standard 6% commission, which can turn out to be a lump sum to some homeowners. However, it is important to remember the time and money that homeowners have to invest if they want to sell through for sale by owner.

1. Price your home right

This is the most important part of the process. Be very careful not to overprice your home; overpricing will reduce the buyers’ interest in the property and makes competing homes seem like they are of better value. Overpricing when selling a home is the single biggest reason why many “for sale by owner” (FSBO) home sellers don’t sell their homes successfully.

The best way to price your home is to research the selling price of similar homes that have recently sold in your neighborhood. The easiest way to accurately price your home is to contact your local home appraiser. This will prevent mortgage rejections from happening in the future if you find a potential buyer.

Finally, set your price right under a whole number, such as $349,000 rather than $350,000

2. Market your home correctly

Welcome to the era of the Internet: EXPOSURE, EXPOSURE, EXPOSURE. In today’s market, 92% of buyers search online for their next home. That is in comparison to only 28% looking at print advertisement. We specialize in internet strategies to promote the sale of your home. A couple of places where you could start reaching out to potential buyers are on Zillow.com, ForSaleByOwner.com, FSBO.com, and through social media.

It is very important to write a detailed description of your house, but remember that being simple and to the point is everything. Details like beds/baths, square footage, nearby schools, supermarkets, and your home’s best features are all critical when a buyer is trying to find the perfect fit.

Last but not least, get a yard sign. It is proven that about half the time the person buying your home is referred by a fellow neighbor or friend who lives in the area so make sure everyone in your neighborhood knows you’re selling!

3. Photography and staging

First impression is key. Photography and staging go hand in hand. Make sure that the home’s yard/driveway is uncluttered. Remove parked cars, garbage cans, and bikes. The same thing applies for interior shots. Remember to think of furniture as props and the room as a stage. Take a lot of photos as the more you shoot, the better the odds are that you’ll get some great shots.

You are selling your home. Usually, this is one of your most valuable possessions. It deserves quality. Put some effort into it. It will pay off.

Conclusion

Most “for sale by owners” (FSBO) are willing to cooperate with brokers, usually offering a 3% commission and saving the remaining 3%. The main concern is the time and money a “for sale by owner” (FSBO) has to invest. After paying for advertisement, disrupts family time for showing, keeps the house clean at all hours, hosts open houses every weekend, negotiates with unqualified or bargain-hunting buyers, and finally covers lawyer fees, are “for sale by owners” really saving much? For some homeowners, it is not really worth their time and since 95% of properties are listed with an agent, and 95% of buyers buy something that is listed, it only leaves a “for sale by owner” with a 5% reach. If you played that in Vegas, it wouldn’t be very good odds in today’s market. Happy selling!

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Source by Daniel L Simon

For Sale By Owner

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The “for sale by owner “terminology involves a process in real estate dealings where the property transaction is done by the buyer and the seller without any middle man. Usually, real estate deals whether outright sales or for rental purposes invariably have the middle man or the real estate agent or broker and it is he or she who swings the deal for a commission payout.

This payout could be either from the seller or from the buyer or from both. The commission structure and terms do vary from country to country and even within countries as the real estate market is not something that is highly regulated in most countries.

In the US, this commission can be as high as 6% of the selling price and that is quite a big amount. People therefore want to avoid incurring this expense and that is where the “for sale by owner” principle comes into play.

In a “for sale by owner” transaction, the seller typically makes use of a marketing company to do the marketing of the property and with the help of a lawyer; he ensures that the legal angle is well addressed.

Now we have talked about this arrangement from the seller’s perspective. If a particular buyer who has engaged a real estate agent to help him wishes to take the “for sale by owner” route, the agent may still request the seller to pay him his commission. The seller though is under no obligation to make any commission to him and he has to do with what the buyer would pay him.

As an owner, if you want to take the “for sale by owner” approach, then you have to be prepared to do everything on your own. The advantages you get by selling your property yourself though is substantial as you get to keep the proceeds and you also get to deal directly with the buyer. There are many buyers who too are interested in taking the “for sale by owner” approach and therefore it is entirely up to you on how you want to sell your property.

The “for sale by owner” real estate transaction is definitely a good one if you and the buyer take the time and effort to get acquainted with yourselves with all the legal aspects and are willing to take on the responsibilities that are usually handled by real estate middlemen.

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Makler Heidelberg

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Source by Darren Cari Calumno

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