For Sale By Owner is just as it sounds, a homeowner trying to sell their home without the assistance of a REALTOR. Can you do this, sure! Do they actually get their house sold, sure! Is it typical? No. About 80% of FSBO's end up listing their homes with a Professional REALTOR anyway. And here's why.
- Home owners do not have the time to make appointments during the day or during normal business hours.
- How does the home owner know if the potential buyers can qualify to purchase their home?
- Home owners are not normally aware of the legal documentation that nees to accompany a sales contract.
- How does one pick a Title Company, and who is suppose to pay their fees?
- What recourse does the home owner have if the buyer backs out of the contract?
- Can the home owner sell their home for market price without using a REALTOR?
- What legal liability does the home owner have if the buyer sues them a year after the settlement date?
- Is it worth having a home inspection before putting the house on the market?
- Who does the home warranty really protect?
- Will the home owner really be saving the real estate commission if they try to sell their home themselves?
These are just some of the many questions that home owners need to ask themselves before they even begin to embarking on the task of selling their own home without a professional. What some home owners don't realize is that most REALTORS do care about selling their homes. After all, this is our livelihood. We want to sell your home for the highest possible price; our business depends on it and our business revenue (the commission) is based on sales price. So when we say the house is overpriced, it is; we know what we speak of. Our goal is to sell your home, not just to list it, and to have a smooth, stress-free transaction. And we want you to be happy with the outcome so the next time to have to buy or sell, or anyone asks you to recommend a REALTOR, you think of us.
But anyone can put a for sale sign in their yard and try to sell their own home, and some may actually get it sold in a reasonable amount of time without any major problems or legal issues. But as with any profession, if you decide to take on the role yourself, you are opening yourself up to potential risks.
Licensed REALTORS are just that, a licensed professional who is capable of guiding you thru the process and assessing the transaction with the least amount of risk possible. We may not be attorneys but we are required to be aware of the key regulations and leagal issues. And we will inform you when you will need to retain an attorney. We help get your home sold in the least amount of time, for the highest possible price. We also ensure that the buyers are actually qualified to purchase your home. We will walk you through the closing process step by step.
Some FSBO's think that since they have sold houses before in other states or have been led to believe that selling their own home will be a cakewalk by certain businesses catering to the For Sale By Owner market. Not so. Remember, those companies get paid up-front and they are apid regardless if your home sells or not. REALTORS only get paid when your home sells. If we can't sell it, we don't get paid. We as agents are required by law to have all of our ducks in a row before even placing the house on the market.
Here's a few things we're required to do -
- Checking the mortgage balance to see if you are even in a position to sell at the current market. There may be situations where you need to sell. We can discuss all the different options available to you.
- Verifying ownership
- Does the property have clear title & deed
- Is this a saleable property, what work needs to be completed prior to listing, if any
- What is the current market price to allow for a quick sale
In closing, you need to know that there are solutions for each situation. We are licensed to assist with all your real estate needs.
Terry Iwaniw
REALTOR Associate
ReSales & Investment Realty, LLC
Off: 856-795-3111 x263
Cell: 609-417-1086
http://snjrealestate.ning.com
http://www.snewjerseyhomes.com
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