Have you thought about putting your home for sale yourself as a FSBO (For Sale By Owner)? People sometimes think they will save lots of money by going it on their own. This is a misconception unfortunately. Even the founder and former chief operating officer of ForSalebyOwner.com, Colby Sambrotto, ended up using a real estate broker after 6 months of trying to go FSBO. Buyers think they will save money too purchasing a FSBO. Those buyers don’t know that using a REALTOR is free to them already. You don’t pay a dime as a buyer to your REALTOR.
You Could Actually Lose Money
Often times, you will lose money you didn’t even know you could have received. Homes sold with a REALTOR® sell for higher prices than those sold FSBO. If a REALTOR® can sell your home for 23-25% higher than you can as a FSBO, than paying 7% or less of that in commission is well worth it. You will still come out in the green. In fact, that FSBO founder, Sambrotto, ended up selling his property for $150,000 more than his original asking price.
Makes Buyers Nervous
Another reason not to go FSBO is that buyers are more wary of purchasing a FSBO. They wonder why home owners aren’t using a REALTOR®. Is there something wrong with the house? Are they trying to get away with something? Why won’t they work with a buyer’s agent? These are all questions that some buyers may have. Those buyers want the protection of having someone looking out for them for the biggest purchase of their lives for most people.
Do You Practice Law?
Not only do REALTORS® know the law which is constantly changing, they use legal contracts that are reviewed annually by counsel. This protects both the sellers and buyers. Every year there are changes to mortgage processes, title processes, inspection requirements, and more. REALTORS® have to update their licenses and stay up to date with those laws. The average Joe doesn’t keep current with all of the changes that affect home sellers and buyers. Have you ever hear of the Fair Housing Act? How about Equal Housing Opportunity? If you don’t, you may be in for a big lawsuit. You may say or do something that you are completely unaware of that may leave you wide open for litigation. When you use a REALTOR® they have insurance to protect against such instances if the need arise. Do you know what an Inspection Response is? Did you know you can have one? How about a Sellers Disclosure? What if the appraisal comes in low? That’s just the tip of the iceberg. And you know what an iceberg tip did to the Titanic, right?
They also have many more resources to market your home to get it the most exposure to potential buyers. This will help you from being taken advantage of by a sneaky person just wanting to buy your home to flip it and get the money you could have made selling it for the right price. Selling a home is no piece of cake. And like that cake that may sound great at first, sometimes it comes back to kick you in the rear. Make sure you are protected legally by using a REALTOR®.
Need More Reasons?
Here are more reasons to use a REALTOR® instead of gambling your home as a FSBO:
- REALTORS® work in their local market and know the community better than any website.
- They will help you get your house ready for sale and give you their personalized advice customized to your home. A website can’t do that.
- A REALTOR® aims to get you the best offer possible, and has the skills to help you negotiate the terms of the sale. Remember, they don’t get paid until the deal is done.
- As a REALTOR®, they follow a Code of Ethics that includes a pledge to “protect and promote the interests of their clients.
Do You Know Everything It Takes?
Do you know everything it takes to buy or sell a home? For instance, do you know what an Inspection Response is? Did you know you can have one, or how to respond to one? How about a Sellers Disclosure? Do you know what you are legally required to disclose? What will you do if the appraisal comes in low?
Instant Offer or Instant Trouble
Online companies may facilitate your transaction, but not necessarily with your interests in mind. With “Instant Offers,” unless you choose to work with an agent, you’ll be on your own handling the details of the transaction.
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Kennewick, WA 99336
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