submitted by Kathleen Layton, Berkshire Hathaway Home Services/Fox Roach Realtors Newtown Office
Probably for the same reason they say that attorneys who represent themselves have fools for clients – and attorneys are educated about the process and presumably, understand the law!
Below are some reasons that becoming a ‘For Sale By Owner’ (FSBO) may not be the best idea.
Even if you consider yourself a “master negotiator” consider how many people you may have to negotiate or deal with throughout the home selling process: The buyer, their attorney, the home inspector, the appraiser, the title company and your municipality, just to name a few. It’s probably a good idea to have your own advocate as an intermediary who’s been down these paths before.
Massive exposure to prospective buyers is difficult on your own. Over 90% of today’s buyers find their home on the Internet and most real estate websites that buyers look at don’t showcase FSBO’s.
Real estate companies spend large amounts of money ensuring their listings are well represented on the Internet. Sticking a sign in your yard and placing an ad in your local paper just won’t cut it anymore.
Most companies have lawyers on staff to ensure compliance with industry disclosures and regulations. Remember the whole idea several years ago that we were heading towards a paperless society? Hogwash!
The paperwork involved in selling a home has only gotten more complex – are you up to date on what’s required? If you’re thinking you’ll save the commission by selling on your own, realize that the main reason buyers look at FSBO’s is because they think they can save the commission by getting it at a lower price.
You both can’t save the commission! Here’s the bottom line – studies have shown that homes listed with REALTORS sell for more money and in a shorter period of time than those without.