Selling Your Home Yourself - FSBO
Sounds great doesn't it? Go to Home Depot, stick stab a sign in the lawn
and viola! Someone comes by to beg to take that home off your hands. Right?
Unfortunately, the process of selling your home is not that easy. Your
home is a huge investment with many different legal ramifications. When
you go to sell it, there's a zillion issues to consider and things can
go wrong if left in the wrong hands.
Do You Really SAVE MONEY when you sell your home yourself?
According to the National Association of Realtors, "the typical
FSBO home sold for $145,000, compared to $175,000 for agent-assisted home
"Most Difficult Tasks for FSBO Sellers:
Getting the right price 19%
Understanding paperwork 30%
Preparing / fixing up home for sale 26%
Attracting potential buyers 7%
Having enough time to devote to all aspects of the sale 14%"
A Realtor can help in more ways than one:
While it may seem clever to pocket the commission fees of a Realtor and
sell your home yourself, be aware that there are risks involved in doing
so. Realtors are experts who know how to...
- Differentiate your home from other homes in your neighborhood.
- List your home in such a way that it will sell.
- Show your home to prospective buyers better than the average person.
- Market your home in a variety of ways available to licensed Realtors.
- Rely upon their license training to handle legal situations that may
- Help you to avoid pitfalls that they've learned to avoid through experience.
- Serve as the middle-man during the negotiating process, which goes
along way towards easing buyer - seller relations.
- Access network of professionals that are reliable for the home selling
process such as painters, inspectors and plumbers.
- Help you overall make the process smooth.
And if that weren't enough reason not to sell your home yourself, ask
yourself the following questions:
. Who will be completing the contract forms, negotiating the offer, and
looking out for
. The eight-page contract (and many addenda attached thereto) contains
the agreement of
Buyer and Seller, stating representations and promises to be performed
by each of the
. Do I need earnest money?
. What happens to the earnest money?
. What if the check does not 'clear'?
. What if the Buyer changes his mind, after signing?
. Why an option period?
. How much should be deposited?
. How many and what kind of inspections?
. What are the time limits for all inspections?
. Once inspected, what are the parties' choices?
. How do I know what financing options there are?
. How do I get qualified and approved for a home loan?
. What if the Buyer is not loan qualified?
. What if the Buyer does not have enough money?
. What if Buyer's Credit Report reveals credit issues?
. How long will it take to obtain financing?
. What is the interest rate/points?
. What happens if the Lender cannot provide the
interest rate stated in the contract?
. How much are the Closing Costs?
. What if the Lender's appraiser does not substantiate 'value' of the
. What if the Lender requires "repairs?" over, please
. Who will pay for these repairs?
. How will these repairs be made?
. What if the Lender rejects the property?
. What if the Buyer's verifications are not returned?
. What if "conditional" approval is issued and these
conditions cannot be met?
. What if the Lender does not approve of the survey?
. What happens if flood insurance is required?
. What about easements on the property?
. What if the loan is not approved within the time stated in the contract?
. What happens if a title commitment is not issued to Lender?
. What if the title search discovers 'title problems?'
. What if property insurance cannot be found for property?
. What happens if Buyer objects to the title exceptions of insurance coverage?
. What happens if the lender objects to the title exceptions of insurance
. What happens if the Closing Date is not met?
. What if the Buyer is unable to provide information needed?
. What if the loan documents are not acceptable to Buyer?
. What if the loan documents are not acceptable to Buyer's attorney?
. What if the Underwriter has requirements?
. What if termite certification is required?
. What happens if the Lender delays the closing?
What is Your Home Worth?
(c) Mays Realty Group 1998 - 2004 All Rights Reserved
SHARON MAYS, CRS, ABR, GRI, e-PRO
2442 Forest Park Blvd. || Fort Worth, TX 76110
Business: (817) 927-5357 || Fax: (817) 923-3242
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