Seller Beware - The pitfalls of selling your home yourself.

There are many success stories of people selling their own homes.  Your story may be one of them. Please read on…  

If your car needs a new transmission, can you replace it?  If you can, you may not need a mechanic. 

When it comes time to do your taxes, can you prepare them yourself? If so, you may not need  an accountant. 

If you need to sell your home, can you sell it yourself?  If so, great! We wish you the best of luck. Here are some of the questions that may arise when you sell your home, these issues may determine if you need the knowledge and expertise of a Realtor: 

Safety – This is one of the most important things to consider.  Say you run an ad in the paper and someone calls and wants to come over to see the house.  Who in your family is going to show it?  Will he or she be alone?  How do you know who to let into your house?  Can this person be “casing” for a robbery? What if the people who arrive to see the house make you uneasy? Should you turn them away?  Realtors generally show homes to prequalified buyers, and showings to possible criminals are extremely rare. 

Pricing – How much should you ask for your house? What is the current market value of your house?   Should you price it a little high and wait for offers? If you price it low, are you losing money?   Do you know what your neighbors sold their home for?  Does the pool add value to your home?   

Negotiation –What if the first words the prospect utters after “hello” are: “How much will you come off your price?”  Or “Will you pay all of my closing costs?”  It’s always a lot easier to negotiate through a third party such as your Realtor, and have someone there to advise you. 

Buyer Qualification – Do you know how to insure that a buyer does not write an offer that takes your home off the market and leaves you no recourse when you find out a month or two later that they were not qualified to buy your home?  Will you have to make two more house payments while you wait for this contract to expire? 

Contingencies – Do you know how to protect yourself from buyer’s contingencies that amount to ways for them to “weasel” out of your agreement if they later change their minds or find a house they like better? 

Offers to Purchase-   will you need an attorney to advise you on offers that you receive or can you read the “legalese” and counter the offers yourself?  What if the buyer wants you to pay for closing costs?   Do you know how much these costs will be?  What if the buyer wants to get an FHA loan, will your home qualify? What about a VA loan? What about repairs? Should you agree to make them?  Will that make you liable if things need repair after the closing?  Should you try to sell your home “AS IS”?  Does the sale of your home require a lead –based paint disclosure?  What is the law on selling your home and termite certifications?  Do you need earnest money?  How much?  What happens if the buyers back out? Who gets the earnest money?  Who will close the loan? How much will it cost?  What about title insurance? Where do you get it? Do you need it? What about a survey?  When will you move out?  If you don’t know the answers to these questions, you probably need the services of a qualified Realtor.   

At Realty Executives, our unique concept allows us to provide a wide variety of services to Sellers.  If you want to market your home yourself and just need help with some of the details, we can help.  Purchase only the services that you need. Call or send us an email today for details.