For Sale By Owner Problems
Problems with selling your own home
There are many people who decide to sell their own home, rather than paying an agent or one of the other options available to people selling their home. The many steps that are involved in selling your own home each have advantages and disadvantages that come with the territory, and covering every one of them is impossible. There are a few that are easy enough to talk about, and that is what we are going over today.
Getting the word out – not as easy as a sign on the corner….
When you choose to sell your own home, you are therefore responsible for every aspect of the sale. Advertising these days is primarily performed online, and you need skills to be able to create an eye-catching online ad for your sale. You will need to include lists of the details about your home, pictures of your home’s features, and maybe even a video tour of your home. All of these things, for quality results, will require significant inputs of either time or money.
When you have potential buyers interested, it is also your responsibility to show them your home. You will need to schedule and host open houses, as well as private showings. You will need to be knowledgeable of how to best stage your home for maximum effect. This may include numerous costly repairs and renovations, and it all has to be completed quickly to achieve the fastest sale possible.
You will need to know how to weed out the unlikely buyers and narrow down serious buyers. You will have to be aware of scam artists that attempt to offer you what seems like a great offer, maybe more than what is reasonable, and then rush you through the sale process. You will have to know how to spot these scammers, and how to extricate yourself from a potentially harmful “sale”.
You will need to be able to juggle negotiating with multiple parties at ones. You will have to deal with an interested buyer and their agent, but possibly also their attorney. Your bank and your buyer’s financial backer also must be included in the process. Add in your inspectors and appraisers, as well as your buyer’s inspectors and appraisers, and you have the makings of one extraordinarily impressive migraine headache.
Paperwork makes your stress levels work.
Industry regulations require significant amounts of varying types of paperwork. A disclosure statement is something that must be available to any potential buyers looking at your home. It outlines any defects or dangers of your property, and provides a written document detailing your experience living in the property. You will also need to have:
- Property surveys
- Floor plans or blueprints
- Permits
- Plans
- Warranties on renovations
- Property tax statements
- Proof of homeowner’s insurance
- HOA covenants or agreements
- And a certificate of occupancy.
That may not be all. There may be local or state regulations regarding other necessary paperwork before the sale can move forward.
The contract itself poses problems all its own. If anything is incorrect or wrongly worded on the contract, your whole sale could go belly-up in a blink. A house sale contract generally includes, but may not be strictly limited to:
- The details of the property
- The financial details of the sale
- Closing information
- Closing costs
- Contingencies
- Title clearance
- Financial responsibilities of each party
- Assessment of taxes and fees
- And the borrower’s financing
Your profits can be significantly lower if you choose to sell your own home
You have to be knowledgeable about the current data in your local real estate market. You have to be able to price your home appropriately. But since you are responsible for the your own home’s sale, you must also pay all of the up-front expenses. Many estimates posit that a home owner selling their house will receive, on average, nearly $50,000 less than they would have if they had sold directly to a real estate investor.
There is a better way, if you want to sell your home.
Real estate investors have cash on hand to pay for your home. You don’t even have to put out for all those repairs and remodels. Real estate investors want to offer you cash, for your home, as it is right now. They also want to buy your home just as fast as you want to sell it! There is literally no reason for you not to contact a real estate investor, as part of your decision-making process.
Give WeBuySaltLakeCityHouses a call today, and see how much your house can make for you!