Surprisingly even in a slow market you still see homeowners trying to sell their home on their own. I guess some of these property owners are forced to go this route because they are just about upside down and can't pay a professional Realtor to do it for them but I am sure many are just trying to save some money, but will they?
The answer is most of the time they will lose money. Only about 9% of property owners are electing to give this a try these days with most of those hiring a Realtor after they get no results.
When the property owner sells their own property big money is usually lost because of the points listed below.
1. The property is priced wrong to start. They don't know the real value.
2. They lose money in the negotiations by not seeing the deal objectively.
3. The property sits for sale forever because nobody sees it causing the homeowner to keep putting money into the house for taxes, repairs and upkeep.
There are other pitfalls of trying to sell yourself including getting sued after the deal and not handling the paperwork correctly. Considering that most brokers usually bring in around 13% more than the property owner would have received for the property by doing it themselves and a broker would only cost around 6% its amazing why anyone would want to try to sell on there own.
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