-
And
this is the biggest one: buyer wants to
save commission for themselves and know
what you would have to pay if you hired a Realtor,
so they discount the price right off the bat.
Don't believe that it will happen to you? Then
go to this Sale
By Owner
site and read the very first reason why someone
should buy a by-owner. At the same time, on their
"Why Sell By Owner" page they claim
that selling the home yourself you won't have
to pay a commission so YOU'LL save the commission.
Two
people can't save the same commission!
Please make sure you read this entire list, especially
the last reason.
-
People
don't show up for their appointment
-
People
call to see the home now - from your driveway
via cell phone.
-
No
multiple listing service i.e. 12,000+ agents who
could sell your home can't or won't
-
Cost
of ads
-
Who's
home to answer calls?
-
Do
you know who REALLY is coming over?
-
Ask
yourself: "Why would a buyer buy a home for
sale by owner when the services of a
Realtor are "free" to the buyer?"
-
2
identical homes for sale, one by owner, one by
Realtor: which one would you try to buy
first? Why?
-
How
do you check up on all the aspects of the buyer's
financing?
-
Which
title company will handle your "by owner"
transaction - a lot more work for them and
higher costs to you
-
Title
what?
-
Who
makes sure that the correct purchase agreement
clauses are negotiated in your favor?
Attorney? Only if they are a legitimate real estate
attorney: Possession; Inclusions; Inspections
- which, how long, who pays, etc.; Financing -
hidden costs to you?; Deposit - how much, who
holds, forfeit on default, etc.; Well and septic
testing; Easements - if any problems how to fix?;
Etc., etc.....
-
Did I mention you won't save the entire commission?
-
Your time - what else would you rather be doing;
what's your time worth?
-
Mr. Murphy ALWAYS makes his presence felt - who
fixes the problem? Who pays?
-
Which purchase agreement form should you use?
-
Writing the contract - more to it than just filling
in the blanks
-
What's legal, what's not?
-
When do you have a "deal"?
-
Financing problems
-
Who closes it?
-
Buyer's homeowners insurance
-
How do you verify buyer's funds?
-
Are they available now?
-
If you are buying...your offer contingent on a
FSBO deal closing: good luck getting YOUR offer
accepted
-
If
buyer has a lawyer, do you need one?
-
Where to run advertising?
-
Will you coop with agents or not?
-
Who is agent representing if you do coop?
-
Seller's disclosure compliance - you're responsible
to do it legally
-
Lead paint disclosure - ditto
- Is
the buyer a U.S. citizen? If not, who will handle
the tax withholding?
-
What if your home is a "site condo"?
-
What if you have an association?
-
Private road? What do you have to do?
-
How do you qualify the buyer financially BEFORE
accepting their offer to make sure they
can get financing?
-
Feature sheets - what information should you include;
what info should you NOT include?
-
Do you really want unaccompanied strangers in
your yard, your house?
-
Signs: cost, how big, where to put, what information
on it?
-
Internet access that is ACCESSIBLE
-
What repairs or improvements do you need to do?
-
What repairs or improvements should you AGREE
to do?
-
What is your home really worth in the CURRENT
market?
-
What are your actual costs?
-
Who checks to see if I am/should pay any buyer
costs?
-
If 'none', will it cost me the deal?
-
Home warranty issues
-
Liability - where, how to alleviate?
-
Theft or damage to valuables: do you accompany
tightly the prospective purchaser or give
them space? Either way is uncomfortable.
-
WHO are you giving your address to for 'drive-bys'?
-
Wife/husband/kids home alone while stranger goes
through your home...
-
Unfortunately, many sellers, after being on the
market for a while will
RATIONALIZE and ACCEPT an offer reflecting a reduced
price by an amount equaling a commission, AT LEAST,
or they won't sell it. Sorry, but I've seen it
happen hundreds of times.
