How Practical Is It To Sell Your Home Yourself?
There are many reasons why a homeowner might decide to sell a house by owner
, and of course the most common reason is undoubtedly to save the expense of a real estate commission. That reason is perfectly logical, but it is also a good way to cause yourself a lot of grief. Here's what I mean by that - finding a buyer yourself is only one step in the process when you sell by owner. It can even be the easiest step in the process, but it's followed by a few other steps that can definitely complicate the transaction in many ways.
After you find your buyer you will be faced with the necessity of using legal forms to capture your agreement in writing. This form is usually called a Purchase Agreement, a Real Estate Sale Contract or some other related terminology. The particular name of the form is not what's important to you, but the contents of the form itself are very important to you. Each state has different requirements, and if you choose to download a form off the internet without giving consideration to whether it is created for your state you may find yourself with a contract that is invalid or simply problematic. Obtaining a sales agreement from a local attorney is a really good idea when you sell a home by owner.
Once you have a sales agreement signed and you have collected the earnest money from the buyer to secure the sale (the earnest money is actually part of the legal contract) then you will have to make a decision about what to do with the form, meaning take it to your attorney or to a title company to do the title search and prepare the closing documents. While this part of the sale process is going on the buyer will be deeply involved in a mortgage application in order to get financing, and that can be quite an adventure these days. You are not really involved in your buyer's application process, but you will find yourself very much involved in waiting out the process because your transaction cannot close and your home cannot be sold until all these steps are completed.
The value of a good real estate agent shows up in these later steps in the process of closing a sale. He or she helps the buyer through the financing requirements, as well as home inspection and appraisal. As the seller, you are only required to make your home available for inspectors and appraisers to view it, but a buyer without an agent to assist them may find themselves somewhat overwhelmed by the process and you, the seller, are not really in a position to help them. So, these are some of the reasons to give serious consideration to whether it's worth the challenge when you decide to sell by owner.
Summary: When you sell by owner you have to remember that there is more to the process than simply locating a buyer. The steps involved in closing a sale can be quite complicated and will require professional assistance.
Selling Your Home Without A Realtor Requires Doing Your Homework
I have noticed an increase in the numbers of homeowners with signs in their yards, a sure sign they have decided to sell by owner. This is not a bad thing at all, but I often wonder if they know what they are getting into when they start the process of locating a buyer. That is only one part of a much longer process, and as challenging as it may be it is not the most complicated part of selling a home. There are quite a few other things that must be considered the day you go out and stick a For Sale By Owner sign in your yard.
Here are some examples of what I am talking about, the things a homeowner needs to consider up front to sell by owner: a) where and how to advertise and promote the home for sale, b) where and how to get the proper legal forms needed for a purchase agreement and accompanying disclosures required by the state, county and city where the home is located, c) when to be available to show the home to property inspectors and how to deal with the results of an inspection, d) when to be available for a property appraisal and how to deal with the results of the appraisal, e) where to take the purchase agreement and associated documents for a title search and preparation of closing documents, f) where to turn if the buyer is turned down for financing.
That list may seem long and involved, but it is actually rather concise because many other things may come up and require the attention of the seller once the buyer shows up and signs a purchase agreement. The signed agreement is only the beginning, really, it is not the culmination of the sales process at all.
Real estate agents are well-versed in all these parts of a sale transaction and therefore they know who to call and when things need to be happening along a timeline of sorts. The value of a good real estate agent really shows up after a purchase agreement is signed, in my opinion. That's when his or her expertise can pull a transaction out of a derailment and put it back on track. About the time there are inspector recommendations for the seller to make some repairs to the home prior to the buyer obtaining financing, well, that's when you might find yourself needing some help. When you sell by owner you don't really have that kind of help available. It's not part of the job description of an attorney or a title company, either. You're just basically on your own.
by: Leo Kingston
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