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For Sale by Owner – Should you try?

5 Reasons why not to sell on your own

When you want (or need) to sell your home, will you consider selling it yourself?  The first thing you save would be the Realtor commission? Right. Homeowners with a background in sales might think it is easy to sell a home.  As a Realtor, it really isn’t quite that simple.

If the market is in your favor, meaning a seller’s market – you might just have luck.  In reality only 8% of all “For Sale by Owner” efforts are successful.

The reason I an posting about this today, is there are a lot foreclosures in our market and I think many start out as FSBO’s first. That’s Realtor talk for: for sale by owner.

So, what is the downside of selling yourself?  A few choice points:

  • Investor Bargain Hunters – these are skilled people who watch your house and make an offer to close quickly – and try to buy 30%-50% below market value.
  • Unqualified buyers – with the market tightening even more, it has become more difficult, and you will be wasting your time on people that can’t buy.
  • No third party – Emotions ride high on all real estate transactions, you do need a skilled mediator to dot the i’s and cross the t’s. Deals get blown, instead of being able to work it out.
  • Pricing not right – Most seller’s including myself as a Realtor think their property is worth more than it really is, Real estate is a business and most fsbo’s are overpriced or because of inexperience, are sold at an unfair below market price. (see first bullet point)
  • Closing – Every home sale is different and you need someone to know how to do the sale, the contract , abide by timelines and get it done. There are many many steps and if you miss one like getting a deposit or a signed agreement the sale could be lost.

If you are behind on payments, there are other solutions to getting your home sold besides for sale by owner.  Timing is critical and if you need help, just call, we might be able to help.

About Terry Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite. Have questions? Ask me. You can find me on Google+ and Pinterest.

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