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Blog How To Sell Your Home For Sale by Owner: Pros and Pitfalls
For Sale by Owner: Pros and Pitfalls
How To Sell Your Home
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There are both pros and cons when hiring a real estate agent to help you sell your San Diego home. These will need to  be considered, as they will factor into how easy or difficult it is to sell your home. The majority of sellers do choose to work with a real estate agent. However, some do decide to tackle the task of selling the home on their own. Currently, FSBO properties account for around 20% of home sales.
for sale by owner signFSBO - good for some people but you need to do your homework!
 
Why would one choose to sell their home without assistance? The simple answer is: money. Those who are able to sell the home without an agent stand to save quite a lot of money. However, the process of marketing your home on your own can be difficult. Most sellers find that they need to learn much about how to market the home, as well as how to navigate through legalities once an offer has been made.
 
Southern California is not much different than the rest of the country, with agents typically earning 6% of each sale. This percentage will be based on the total amount the home sells for, and will be split between the agent of the buyer and agent of the seller. Many feel that this amount is too high. Particularly if the agent invests very little time in getting the home sold. The money that would normally be used to pay agents can be kept by the homeowner who successfully completes the sale of their San Diego property on their own.
 
Psychological aspects may also come into play. Some sellers prefer to be in control of the outcome. Some sellers fear that the agent, motivated by a fast commission, may want to accept a purchase offer that is low. A difference of a few thousand dollar may make little difference in the total commission amount, but may be a big deal to the seller. This is especially true if the seller is not in any rush to complete the sale.
 
Sellers who are unable to successfully sell their home may choose to hire a real estate agent after all. Some do this because they have not been able to draw enough attention to the home, while others begin to fear the actual property transaction. The legalities of selling the home can be complicated. Should the correct paperwork not be completed, there could be legal repercussions. Agents know what needs to be done once an offer to purchase has been made.
 
One of the main benefits of hiring a real estate agent is to ensure that the home is priced correctly. A home that is overpriced will likely never sell, while one that is under-priced may sell quickly, with the seller losing money. There will be fees associated with hiring various professionals to ensure the home is sold legally, and agents may absorb some of these costs. For these reasons, it may be wise to hire an agent despite the need to pay a commission.

Should you decide to sell your home on your own, consider the following tips:

  • Be sure the home is prepared to be shown. Real estate agents guide clients through the preparation process. Your home may be in direct competition with these agent assisted prepared homes
  • Know the law in regard to disclosures. Knowing what information you need to disclose to potential buyers may help you avoid being sued at a later point
  • Become familiar with the paperwork that will be required to complete the sale. Consider hiring a real estate attorney to oversee the paperwork portion of the sale
  • Make use of advertising tools online. There may be several places online that will allow you to place your listing, complete with photos, on their website. Video tours are another option to consider
  • Be prepared to negotiate. It is possible that a buyer may attempt to gain an edge once they know you are conducting the sale on your own. It may be necessary to turn down several offers
  • Have a home inspection completed so that the home may be considered move in ready. Buyers want to know that the home is in good shape. A home inspection report will provide them with the information they seek in regard to the condition of the home.
 

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Darin Redding
Written on Saturday, 03 July 2010 20:18 by Darin Redding

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Last Updated on Thursday, 17 May 2012 17:51
 

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