For Sale By Owner?
In the United States, less than 10% of all For Sale by Owners (FSBOs), are successful in selling their home by themselves. That's because most people just give up because they don't realize from the beginning the difficulty and complexity of the job ahead. But that's not the only reason. Here are several mistakes FSBOs make when selling their home.
1. Failure to price a property at what market conditions will bear.
The number one reason that most FSBOs don't sell their homes is that they price them too high. Many start counting the money they're saving on commissions and how much their sale will net. If your house is priced higher than other comparable houses in your market, you won't get anybody to look.
2. Underestimating the time, energy, know how, ability and effort needed to sell a house.
One of the keys to selling your home effectively and profitably is complete accessibility. Many homes sit on the market much longer than necessary because the owner isn't available to show the property. Realize that a huge amount of time each day is necessary in order to sell your home.
3. Not being prepared to deal with an onslaught of buyers who perceive FSBOs as targets for *low balling*.
Another challenge of selling a home is screening unqualified prospects and dealing with low-ballers. It often goes unnoticed that much time, effort and expertise is required to spot these people quickly. Settling for a low-ball bid is usually worse than paying any type of professional fee or commission.
4. Lack of knowledge about financing options for the buyer.
Are you prepared to answer questions about financing? One of the keys to selling is having all the necessary information the prospective buyer needs and to offer the buyer options. Think about the last time you purchased something of value. Did you make a decision before you had all the info you needed? By offering financing options, you give the homebuyer the ability to work on their terms. You'll open up the possibility of selling your home quicker and more profitably. It's critical that you locate and establish relationships with a network of financing experts that will help you accomplish your goal profitably.
5. Not fully understanding the legal ramifications and all the necessary steps required in selling a home.
Many home sales have been lost due to incomplete paperwork, lack of inspections or not meeting your state's disclosure laws. Are you completely informed of all the steps necessary to sell real estate? If not, you may want to consider consulting with a legal or real estate professional. Nearly 90% of all real estate law suits are from For Sale By Owner transactions!
6. Lack of experience in handling the legal contracts, agreements and any disputes with buyers before or after the offer is presented.
Are you well versed in legalese? Are you prepared to handle disputes with buyers? It is always wise to put all negotiations and agreements in writing. Many home sales have been lost due to misinterpretation of what was negotiated.
7. Not contacting the necessary professionals... title, inspector (home and pest), attorney, and escrow company. Great care needs to be taken with every one of these!
Selling a home requires an intimate understanding of the real estate market. In Tyler, Texas, real estate is extremely strong; and selecting a highly qualified professional realtor is absolutely the best way to go.
1. Failure to price a property at what market conditions will bear.
The number one reason that most FSBOs don't sell their homes is that they price them too high. Many start counting the money they're saving on commissions and how much their sale will net. If your house is priced higher than other comparable houses in your market, you won't get anybody to look.
2. Underestimating the time, energy, know how, ability and effort needed to sell a house.
One of the keys to selling your home effectively and profitably is complete accessibility. Many homes sit on the market much longer than necessary because the owner isn't available to show the property. Realize that a huge amount of time each day is necessary in order to sell your home.
3. Not being prepared to deal with an onslaught of buyers who perceive FSBOs as targets for *low balling*.
Another challenge of selling a home is screening unqualified prospects and dealing with low-ballers. It often goes unnoticed that much time, effort and expertise is required to spot these people quickly. Settling for a low-ball bid is usually worse than paying any type of professional fee or commission.
4. Lack of knowledge about financing options for the buyer.
Are you prepared to answer questions about financing? One of the keys to selling is having all the necessary information the prospective buyer needs and to offer the buyer options. Think about the last time you purchased something of value. Did you make a decision before you had all the info you needed? By offering financing options, you give the homebuyer the ability to work on their terms. You'll open up the possibility of selling your home quicker and more profitably. It's critical that you locate and establish relationships with a network of financing experts that will help you accomplish your goal profitably.
5. Not fully understanding the legal ramifications and all the necessary steps required in selling a home.
Many home sales have been lost due to incomplete paperwork, lack of inspections or not meeting your state's disclosure laws. Are you completely informed of all the steps necessary to sell real estate? If not, you may want to consider consulting with a legal or real estate professional. Nearly 90% of all real estate law suits are from For Sale By Owner transactions!
6. Lack of experience in handling the legal contracts, agreements and any disputes with buyers before or after the offer is presented.
Are you well versed in legalese? Are you prepared to handle disputes with buyers? It is always wise to put all negotiations and agreements in writing. Many home sales have been lost due to misinterpretation of what was negotiated.
7. Not contacting the necessary professionals... title, inspector (home and pest), attorney, and escrow company. Great care needs to be taken with every one of these!
Selling a home requires an intimate understanding of the real estate market. In Tyler, Texas, real estate is extremely strong; and selecting a highly qualified professional realtor is absolutely the best way to go.
posted by John and Flo Martin at 7:24 AM
0 Comments:
Post a Comment
<< Home