FOR SALE BY OWNER HOMES

You have started your search for your new home, and in today's market with little inventory, you consider viewing and purchasing a home which is FOR SALE BY OWNER.

In today's market it is common for home sellers to take advantage of a tight buyers market and to try to save on the real estate commission and keep that money in their own pocket. I get this and understand that.

I think in today's market perhaps more than any other market, it is very important and wise to use an experienced real estate agent, selling or buying. I have been a full time real estate agent for over 40 years and I have seen the housing market change in so many ways and I also have seen the necessity of more paperwork and more regulations.

What are the pros for a buyer purchasing a For Sale By Owner home? Since the seller won't have to pay a commission fee to a seller's agent, often the seller can sell the home for less. Another pro can be that the buyer gets to work direct with the seller and can communicate directly.

Here are a few cons: Case in point- real estate agents have taken classes and earned a license which demonstrates they are knowledgeable about all the ins and outs of selling and purchasing homes. In contrast the seller doesn't have that knowledge and may not implement the appropriate documents for todays real estate transaction.

Perhaps the biggest concern is the pricing of the for sale by owner home. Typically a real estate agent will do a comparative market analysis (CMA) to determine the true market value of the home and a home seller selling on his own can have a difficult time seeing the home for its actual value, because of the emotional attachment of the home.

Selling and buying a home has tons of paperwork and real estate terminology. The real estate agent will handle all that paperwork, negotiations and follow it through to the closing table.

I recently had to make a decision on the selling of my in-laws home. Now, I wanted to save the commission (like most sellers) and just sell it myself. After all, I am a licensed experienced real estate agent. BUT... I knew it was not the right move, so I interviewed and hired a real estate agent in that market to handle the marketing, paperwork, and selling of the home. I have no regrets...I practiced what I preach. Sometimes it is best to not look at the dollar and clearly look at the process involved and what is the best way to proceed.

So, bottom line and last thing on this, if you are thinking about selling your home on your own, at least come by and get a free home sellers guide from me and hopefully it will be a tool to help you.

If you are thinking about buying a home and going to look at For Sale By Owner Homes, then I encourage you to come to my HOME BUYERS FREE SEMINAR, on June 22, 2024 at the BigIron office from 10:00 a.m. to 11:00 a.m. and learn about the buying process and get your own free guide of information to help you.

As always, contact me anytime on your real estate needs 785 462-5203.