14 Important facts to consider before you try to sell your own home
14 IMPORTANT FACTS TO CONSIDER BEFORE YOU TRY TO SELL
YOUR OWN HOME
Occasionally, one can see "For Sale By Owner" signs, and some owners think that selling their
own home will not only save them money, but believe they have an advantage over the sellers
that have their home listed by a reputable Realtor©. Before you decide to take on this very
important and legally complicated process…remember not even most Real Estate Lawyer's
recommend selling your own home yourself in today's market. Here are a few of the reasons
why:
1. You are limiting your exposure to potential buyers (less than 10% of what a good real estate
broker will generate) which theoretically means your home will take ten to fifteen times longer
to sell on the market.
2. The longer a home is on the market the lower the selling price is. Why? Because most buyers
think that if the home has not sold after this long... there must be something wrong with the
home.
3. The selling/buying process begins AFTER the buyer leaves your home. Most sellers think that
all it takes is for someone to see their home, fall in love with the great decor... and the offer
automatically will follow. Remember that the buying process begins after they leave your home.
If a real estate sales representative does not represent the buyer, and they are looking on their
own…they usually le
ave the home and start to talk themselves out of the buying process. If the
buyer is represented by a real estate professional Realtors© are trained on how to overcome
buyers remorse--a very common occurrence.
4. Because of the limited exposure you will very likely end up with a lower selling price.
Remember, in order to generate the highest price possible for your home… selling means
exposure. You need the maximum exposure possible, to generate the highest price possible.
5. Most buyers find it extremely awkward to negotiate or even to talk directly with sellers and
therefore avoid FSBO properties.
6. Lack of negotiating experience and lack of pertinent information often will result in a lower
selling price, or worse yet, a bungled contract and possible lawsuits.
7. The majority of qualified buyers are working with experienced real estate professionals.
8. Many serious buyers will pass by a FSBO home merely because they recognize that it is not in
the real estate mainstream, this can some times make them wary.
9. As most local buyers now retain an experienced real estate sales person to represent them as
their buyer-agency, you will probably be negotiating against an experienced professional.
10. Expected savings in broker's fees will also be greatly reduced if you offer a selling
commission to entice real estate sales representatives to bring potential buyers.
11. If you are planning to use a Lawyer to help you negotiate the offer, then your lawyer's fees
will be considerably higher.
12. Only real estate sales representatives have access to the up-to-date market information. News
reports cannot approach the timeliness or specificity available to real estate sales people. Further,
real estate sales representatives are involved in home sales much more frequently than the
average homeowner is. This familiarity leads to a degree of expertise that provides an edge on
negotiating and successful selling.
13. You only pay the commission to the real estate broker, if they successfully sell your home at
the price you are happy with.
14. Accepting an offer is one thing, ensuring a safe and successful closing is quite another. Real
estate transactions usually always have problems on closing. At times, expecting the Buyers and
Sellers Lawyer's to fight it out or resolve the problems, can sometimes mean the deal is lost. This
is the time that your experienced real estate professional, can be the most important. Your
Realtor© can act as a great mediator. Lawyers MUST act only on their client's instructions and
are not paid to negotiate
Kevin
& Faye Kitzman
Sales
Representatives
Remax
Real Estate Centre
Direct :
519-577-0603
Faye
Kitzman
Mortgage
Agent
Mortgage
Intelligence
519-588-0141
M08003930
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