There are many reasons why a for sale by owner is a big mistake, but the main one is because there are experts who have worked their whole life selling houses like yours and have been successful at it, so here are some facts that will make you consider forgetting about selling your own house and realize that yes, for sale by owner, big mistake!
Money = time!
This is key with any business, and that’s exactly how you should be treating the sale of your own house! So in this case, a for sale by owner property spends way longer in the market as it takes longer to sell, and that in itself it’s a waste of time and money, because the property might lose or increase its value and how could you know all of that if you don’t have the access to the tools an expert has in hand! So don’t make that mistake and get the best deal you can by hiring a real estate agent!
Selling a home, it’s actually quite hard, there are tons of specific process that take time and require attention as well as money, and for those exact process, real estate agents have studied and learned throughout their careers while in a for sale by owner, the seller might not know what to do or expect from it and become stuck it a really bad deal! go for the expert and avoid making a big mistake with a for sale by owner!
Scams happen more often than you think!
There have been many cases throughout the years in which people will trust their money and put it into a house in an earnest deposit, and lose it as the seller goes backwards on them! To be clear, this kind of situations can happen to both buyer and seller, and it can be quite a hassle as more commonly they can include fraudulent paper such as appraisals, loan documentation, having a fake attorney to make a purchase as a third party and even foreign buyer deposits with really bad check and asking for a refund! So be careful and go in with an expert to not make a for sale by owner big mistake!
Errors and omission insurances!
If you are in the real estate world you know what this means, but as a quick recap, it’s a professional liability insurance that can protect you from claims made by clients for mistakes, inadequate work or negligent actions, and it help you out in case you encounter an unhappy client who is looking to take you court by covering court costs or settlement up to the limits on the liability on the policy! This is something a Real Estate agent will know and will make sure it’s included in any document that needs it and will protect you against any issues like this one!
In Real Estate, marketing is the end all be all of if the deal is going to close quickly, so when it’s a for sale by owner it can become very much limited as they often don’t have the resources needed to make the deal work, and they also lack in connections that a real expert has to actually get it sold quickly so you can get on with acquiring a new one! I think this is the main reason why for sale by owner take so long in the market, and why you could be stuck with a pretty bad deal!
I’d like to know what you think about this topic; do you think a for sale by owner is a big mistake that can be avoid? Why do you think they happen? Let us know and follow us throughout social media for more good content like this one!
Remember this Thursday we have another IRGChat on our Twitter account, it’s about the Best Places to Buy on South Florida, hope to see you there, at 2pm (EST)!