by Nick Gromicko, CMI®
There are also psychological reasons why homeowners choose to sell their homes themselves. Some people enjoy the feeling of being in control of the transaction and unencumbered by the potential mistakes or ulterior motives of professionals. The agent might want to accept a low offer because they’re in a hurry to sell the home, get their commission and move on, even if the seller is in no rush and wants to proceed at their own pace. Moreover, the amount of the commission will be affected little by a change in the final sale price, leaving the agent with little incentive to dicker over a few thousand dollars.
Sellers can save thousands of dollars by avoiding the services of a real estate agent, but to do this well, they are going to have to earn that money. The following tips are a good start for FSBO home sellers:
- Don’t skimp on house preparation. Your house will be in competition with houses listed by agents who coach their clients on how to prepare their house for showings.
- Learn about legal requirements for disclosures in your area. If you do not disclose certain information to the buyer, they might be able attack you later in court.
- Familiarize yourself with the paperwork and contracts required by a real estate transaction. It often pays to hire a lawyer to review the contract.
- Research advertising and marketing tools available to you on the Internet. There are some sites that will even help you develop a video tour of your home.
- Hone your negotiating skills and be prepared to turn down some offers. Real estate agents are expert negotiators, and the buyer’s agent might try to take advantage of your inexperience.
- Hire an InterNACHI inspector to perform a Move In Certified inspection.