Many home owners feel they can save the real estate commission and sell their own home.

When I was first licensed in 1985 we had a one page sales contract.  Legalities and the protections of participants rights have expanded that document to 20 pages, plus numerous disclosures and legal notices which have to be signed by both parties.

The purpose of these voluminous documents is not to make the transaction more complicated, but to bind legally both parties to their respective responsibilities and duties, at the same time protecting the interests of each party.

If a home owner feels they have the expertise to secure all these documents, explain them to the buyer and represent themselves I'm all for it. 

What most Home Owners do not realize is that under Pa Law there is one document they must supply the buyer, and it must be truthful.  This is the only document a seller can be sued for.  Years after the sale, the buyer can take the seller to court if they failed to disclose pertinent and material facts about their home. 

Via WebTech Dezine, Gabrielle Jeans Real Estate:

People Dislike Negotiating

There’s one thing that’s truly indispensable about real estate professionals and why we’ll always be needed: our negotiating abilities.  Most people hate negotiating.  Many also assume that a FSBO won’t allow the buyer to have a real estate professional negotiating on their behalf, so they won’t even want to make an offer, even though they’re interested in the home.  They would rather look at homes where they can have a professional doing the negotiating for them.

A FSBO’s Legal Liability

When the buyer and seller are acting alone, they usually won’t have a lawyer.  So they both subject themselves to legal issues and liability.  FSBO sellers nor their buyers usually don’t know a sound legal contract from a bad one.  One party may take advantage of the other, getting them to sign to conditions they don’t understand and will regret later.  For instance, some real estate investors can be very savvy in putting clauses into the contract that are unfair to the seller but which can be easily overlooked.  But when FSBOs work with real estate professionals work they seldom face these sorts of problems.

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8 Comments on Why FSBO's will always need a Realtor

OCT
06
2011
712,458 Points 118 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Bonnie,

We've had three FSBOs on our street in the past year, and each one of them ended up listing with a REALTOR.

Mike in Tucson
12:14am • #1
477,696 Points 15 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Bonnie -- It's a VERY common misconception that navigating through a real estate transaction is easy. Many FSBOs are of that mindset and they think they will be saving a commission.  They quickly find out they're not the only ones who want to save the commission -- the buyer does also. 
9:43am • #2
240,244 Points 5 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp

Mike:  Eventually reality hits them.  Negotiating is not a strong set with most people.  Negotiating on your own home can be very emotional
6:02pm • #3
240,244 Points 5 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp

Barbara,  The buyer also thinks he is getting a deal because the seller obvioulsy (in his mind) lowered the price of the house to reflect the commission he is saving.  Surprise folks.
6:03pm • #4
OCT
07
2011
137,386 Points 8 Featured Posts Called Shot Master

Thanks for the re-blog Bonnie
10:48am • #5
240,244 Points 5 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp

Thank you for the posting Gabrielle
11:58am • #6
OCT
18
2011
1 Featured Post

I just had a buyer the other day tell me they were going to go with a FSBO and didn't think they needed me...

I told my client the reasons to keep me and she was surprised with how much us Realtors actually do for our clients!  FSBO owners don't realize it either until they have their home listed for months with no offers.

Many people believe that a Realtor just shows a home and collects a check, they don't actually know all of the background "stuff" we do for them.  That is why when I meet with clients, buyers or sellers, I have a list and give them of all the duties that I am responsible when I handle their real estate transaction.  Each and every person is always so surprised at how much more there is to our business.
11:04am • #7
APR
25
2012

 Most people hate negotiating.  Many also assume that a FSBO won’t allow the buyer to have a real estate professional negotiating on their behalf, so they won’t even want to make an offer, even though they’re Clarks Shoes interested in the home.  They would rather look at homes where they can have a professional doing the negotiating for them.
elizath
12:19am • #8


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Bonnie Vaughan CNE SFR - Buyers/Sellers Lackawanna & Surrounding Counties

Scranton, PA

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