There are a number of risks of selling your home without real estate agents. It’s tempting to try to sell your home alone. You think only of the upsides: maybe you can avoid paying commissions to real estate agents, and you know your property better than anybody, right? But think twice before you put that “For Sale By Owner” sign in the front yard. From lower sale prices to legal trouble, this route is riddled with potential obstacles.
4 Risks of Selling Your Home Without Real Estate Agents
1. Not Getting Your Listing in Front of Buyers
A realtor will craft an ad for your home using an engaging description and attractive photos sure to garner attention from buyers. He or she will even play up those granite countertops, the elegant four-season room, and that newly-remodeled bathroom. You might think you can do this yourself easily enough, but what you cannot do is post that ad on the multiple listing service (MLS).
Agents pay to post listings on the MLS, which is then distributed to multiple places – including popular online sites where buyers are looking. Your listing will also be seen by thousands of agents who might all work to sell your home. When you go it alone, however, you have to rely on only yourself to make the sale.
2. Selling for a Compromised Price
Most sellers appraise their homes based on emotional value or their dreams of making money. In both scenarios, you’re simply too personally invested in the situation to be objective. It’s important to understand buyers want a deal, and they recognize when a home is outlandishly priced. Accordingly, homes with inflated prices tend to remain on the market for much longer.
Once you do lower the price, buyers are likely to ask why your home has languished for so long. Is something wrong with it? Does it need repairs? On the other hand, a real estate agent will perform a market analysis, price your home appropriately, and serve as a buffer between you and buyers to finalize a fair price. You’ll have the option of compromising when it feels right to you.
3. Encountering Legal Problems
- The presence of lead-based paint
- Nearby sex offenders
- Environmental hazards within the area
- Any known deaths that occurred in the house
4. Finding Buyers Who Back Out
Buyers back out of deals for a variety of reasons. Some cannot get mortgage financing, while others simply change their minds. If you encounter a string of these instances, you’re likely to feel frustrated – and potentially turn away serious buyers in the meantime. But a real estate agent can confirm if a buyer is pre-approved and ensure the selling process proceeds without a hitch. He or she is an advocate working on your behalf.
Don’t take unnecessary risks of selling your home without a real estate agent. Instead, partner with a licensed professional who possesses the marketing and legal expertise you need. To find a qualified real estate agent in your area, visit SearchForARealtor.com today.