7 TIPS ON WHY ITS NOT GOOD TO SELL YOUR OWN HOME IN NORTHEAST OHIO

7 TIPS ON WHY ITS NOT GOOD TO SELL YOUR OWN HOME IN NORTHEAST OHIO

7 Reasons Why For Sale By Owner (FSBO's) Don't Work

THIS HAS HAPPENED SO MANY TIMES

While on paper it can look like a good idea for a homeowner to sell their home themselves (For Sale By Owner), it’s usually a poor idea and can even end up costing them more money than if they just hired a Realtor to handle it for them.

 Seven reasons why it’s not a good idea to sell on your own Home!

1) People do NOT  like to deal directly with the owner of a home.  It puts them in an uncomfortable position and the seller can get upset if the buyer’s suggest something is wrong with the house or make a low offer.

2) Buyers know the seller’s aren’t paying any commission to a Realtor so one of the the first things  they expect is a reduction in sale price.

3) Sellers use the wrong criteria to base the listing price of the house.  They don’t have access to recent pending and sold data so they often base the price on what it was once appraised at. What their neighbor’s house sold for or what they think its worth is not how the market works.

4) Buyers experience a lower level of service from a homeowner, get frustrated and then move on.  Seller’s often want to pitch the great things about their house which may or may not be relevant to the buyers.  

5) Buyers get nervous about all the legalities involved and don’t want to risk a deal falling through because the homeowner didn’t have a firm grasp of the paperwork and procedures.   In  today’s market  the government is changing the rules and regulations often.

6) Sellers think that they can always lower the price. What they don’t know is that the longer the home is on the market the less likely it will sell and Buyers will wonder what’s wrong with it.

7) Sellers often reject the first offer they receive because they think it’s too low and that a better one will come along.  The first offer is usually the best offer so rejecting it would be the wrong thing to do.

Most sellers don’t understand the value that Realtors bring to the transaction and how they’re paid.  Usually they just see the large commission amount they would have to pay and understandably so.  What they don’t realize, however, is that buyers don’t want to buy a house without having professional representation.  There is no benefit for them to buy directly from a seller.  So when they bring a Realtor to represent them, the Realtor will naturally need to get paid.  Now the seller is doing the work and paying commission to the buyer’s agent.  If the “For Sale By Owner” seller agrees to pay the buyer’s agent a sales commission and proceeds with the transaction, they soon realize that they are now acting on their own behalf and negotiating with an experience real estate professional.  Often the seller will realize the error of their ways. They’ll often panic at the last minute and hire a real estate attorney to make sure their interest is protected.  When it’s all said and done, they most likely didn’t save a dime and possibly spent more than if they would have just hired a Realtor in the first place.

If you’re thinking about selling your house on your own, the only way to know for sure if you can do it and save some money is to give it a try.  Realtors like me welcome that because the sellers will have a whole new appreciation of how involved and often difficult the process is to sell a house. Always have a backup plan!

Please call an established real estate professional to list your home and you wont be sorry cause "thats what we do"!


Tim Semmens Headshot
Author:
Phone: 440-785-9322
Dated: January 13th 2016
Views: 361
About Tim: See Me For ALL Your Real Estate Needs Have been a real estate professional for over 16yrs and ca...

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