Selling Your Own House
Many homeowners decategory_IDe to sell their houses themselves, i.e. without the assistance of a realtor. They are under the impression that that will save money and that they have an edge over the other sellers who have their homes listed by reputable realtors. Before you make a decision to get involved with this legally complicated process, there are some things that you must consider. Remember, most real estate lawyers also advise against people selling their houses themselves in the market today.
1. You are drastically limiting the exposure of your home to potential buyers. Real estate agents have contacts. They are well aware of how to go about the business and they have experience in the business, which you greatly lack. By selling your property yourself, you are cutting down the possibility of its sale by almost 90 percent. You house will take much longer to sell and you will most likely sell at a lower price than you anticipated.
2. The longer a house takes to sell, the lower its selling price will be. This is because most buyers will assume that the house must have something wrong with it which is why it hasn't sold for so long.
3. It is important for homeowners to understand that the actual buying/selling process starts after the potential buyers have left the home. Sellers who are on their own think that showing these buyers around the house is all it takes to sell it. They should know that after the buyers leave the house, they begin to discuss the house among themselves, often discouraging themselves from buying the house by talking about its negative aspects. If they had hired a realtor, he or she would have guided these buyers to overcome their remorse as they have been trained to deal with such situations.
4. Most people who are looking to buy a house find it awkward to talk or negotiate with the actual owners of the property and hence avoid such houses.
5. It is a fact that the majority of buyers prefer to work with real estate professionals who are experienced in their field.
6. The lack of experience in negotiating and pertinent information also leads to lower selling priced, possible lawsuits and bungles contracts.
7. Because most buyers now hire real estate salespeople with experience to represent them, you will find yourself bargaining against a professional.
8. If you are intending on hiring a lawyer to guide you with the negotiation, then you should know that the lawyer's fee will be much higher than the realtor's.
9. Only a real estate agent has access to the latest market information. Additionally, these representatives are involved with selling houses much more and are hence familiar with the procedures and precautions. This is why they have an edge over the average homeowner in negotiation and successful selling.
10. You only have to pay commission to the realtor if you are satisfied with the price at which they have sold your house.