A real estate agent is not merely a marketing professional they are for all practical purposes your business partners since they will receive as their compensation a percentage of the sale price you receive so they will attempt to market your property for the most that they know the market will bear. In addition the agent needs to keep you and themselves out of court and make sure that all the paper work is completed correctly and that it represents the true meeting of the minds between the buyer and the seller. In addition they are required by law to make sure that both the buyers and the sellers receive certain disclosures that are in most cases required by state and or federal law which if not done properly can carry hefty penalties to either the seller and or the buyer.
Just to prove the point here is a list of the required disclosures in the state of California
Disclosure of known or should have known facts by agents.
http://www.calif-legal.com/Articles/mar_鈥?/a>
All required real estate disclosures by law
http://www.dre.cahwnet.gov/disclosures.h鈥?/a>
Here is what the government's opinions are on buying and selling with and without an agent
HUD Tips on selling your home
(With a realtor, without one)
http://www.hud.gov/selling/index.cfm
Finally here is what the buyers are told by the government that they need to consider when buying a home and that you will need to know as a seller so you can answer their questions
HUD 100 questions and answers on buying a home
http://www.hud.gov/offices/hsg/sfh/buyin鈥?/a>
I've been in the real estate business since the mid 70's and I have seen good intentions turn out to be nightmares when someone decides that they don't need the education, and experience that a licensed agent can provide so I really do recommend that in the worst scenario you get a qualified real estate attorney if you decide not to use a real estate agent to help you in the selling of your property.
I wish you the best of luckTrying to sell my home FOR SALE BY OWNER, anyone done succussfully want to share pros and cons?
Thanks to the nice person who took the time to explain this issue clearly.
God Bless
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A few months ago, I sold two condos at the same time. One was FSBO, the other was through an agent. I really think I did the right thing for each property...
The FSBO was done almost exclusively through Craigslist. A couple pointers there:
Set up your own schedule of when you will show the property, then arrange appointments around theat schedule.
In your ads, be sure to mention that you will ';protect agents.'; This means if a purchaser comes with an agent, you will pay that agent at close. If you don't do this, agents will talk clients out of purchasing your home. (Comments like, ';OMG, did you see that tile work in the bathroom. I know it looks really nice, but that's the type that falls apart two weeks after you buy the property.';) Expect to pay a seller's agent 3%. And make sure you build this into your asking price. I did this, but still saved thousands of dollars.
It is a buyer's market, which means many sellers are finding they have to pay closing costs. Be sure your consider this when pricing your home.
If you are not a good negotiator, find a friend who is and run any and all offers through that person. I'm a horrible negotiator, but someone told me to counter at list, which I did, and it was accepted.
Stage your home for showing. HGTV and A%26amp;E have shows on how to do this, and tips on their web sites. Clean, clean, and clean again. Clean everything, like grout, thresholds, and electrical plates. Fix everything you can. And put half your stuff in storage. Make your cabinets look like shelves at the Piggly Wiggly and the Gap.
Ask to see ID first for anyone who does not come with an agent. Email the info to yourself, but make them think you are emailing it to a spouse/friend. Anyone who makes an issue of this should not be allowed in the home.
Let potential buyers look around on their own. People aren't buying you, your version of the home, or your history there. People want to analyze themselves, not be told what to do, when it comes to envisioning themselves in the home. This means lock up the valuables and stand outside while they look.
The only people who will tell you not to try listing yourself are real estate agents. What would you think they would say?
D! I have to tell you that most FSBO's leave money on the table. Because most buyers believe you are desperate, can't afford good marketing and/or are cheap. But trying it in today's market? Well if you think you must.
I will ask you one question: Do you really HAVE to move now? If you don't then don't put your house on the market. Why because you won't like the sale results right now. It's a buyers market, but I still can't figure out where the buyers are! Most buyers that are in the market are hungry deal getters. I've had buyers offer such low prices, it made me hate to bring the offer to my seller.
So think twice about #1 going FSBO %26amp; #2 whether you really need to do it now.
Good Luck!
Currently I am a Real Estate Broker and have sold three of my own homes. I used another professional agent to sell for me. My reasoning is I am too close to my own things to sell for my self. There is also a lot of work and expense to marketing and anyone that is not in the business is at a great disadvantage . Each state has different rulings and laws. Agents make it seem easy to buyers and sellers because the client does not see the work behind everything. Good luck
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