Buying a For Sale By Owner Property? 3 Reasons You NEED An Agent
Debe Maxwell has done a superb job of outlining the risks of buying property that is listed For Sale by Owner. This excellent advice applies anywhere in the United States and it's certainly applicable to the second home market and to our Madeline Island marketplace. Protecting your interests when you purchase is essential and the assistance of a real estate professional is the best way to ensure that those interests are considered, from the beginning of the process through closing.
Buying a Charlotte Home for Sale by Owner: 3 Reasons You Need an Agent
Why on earth would you want to hire a real estate agent when you’re buying a Charlotte home for sale by owner (FSBO)? You may have a common misconception that real estate agents can’t work for you if you want to buy a FSBO. That’s not true at all.
Real estate agents can represent your best interests when purchasing FSBOs, just as they do when purchasing homes which are listed with a real estate agency. You get the same exact service from your real estate agent, whether he or she is helping you buy a traditional Charlotte home for sale or a FSBO.
Here are three benefits to working with a Charlotte real estate agent when buying a FSBO:
1. The biggie – It could save you thousands of dollars
Most people typically consider buying a FSBO because they fall in love with the house, not because it’s a great price. In fact, the vast majority of FSBOs are priced at or above the actual market value of the home. Why is this? Home owners are novices at pricing homes, their information is typically out of date, or found online, which is highly inaccurate. These sellers either don’t have access to the sales prices of all homes in the area or they don’t have the technology needed to accurately process the data. Many FSBO sellers interview real estate agents and think that the agents are simply too far from their desired price and decide to go-it on their own. As well, some have even been turned down by real estate agents because they cannot successfully sell their homes at the seller’s expected price.
When you hire a real estate agent, you gain a considerable advantage over the seller when negotiating the price. Agents are experienced negotiators, and they have the sales statistics to support their requests.
Some proponents of selling your Charlotte home for sale by owner argue that you’ll pay more because you have to pay the agent’s commission. In this buyer’s market, all homes including FSBOs take longer to sell. If a homeowner is serious about selling, and the home has been on the market for a while, the seller will most often agree to pay all of part of the real estate agent’s commission.
2. Keep a handle on your sanity.
Sellers have emotional and personal attachments to their homes. They frequently take it personally when buyers want to negotiate. Without an agent, it’s you and the seller pitted against each other. Emotions often flare, which could prevent you from getting the best deal possible or could cause you to lose the opportunity to buy the house altogether. Many buyers will also ‘cave’ to the demands of the seller–after all, they’ve got something YOU want!
3. Is this legal? All legal issues and paperwork will be handled by your Charlotte real estate agent.
The process of buying a house is quite complex. Your agent will guide you through the entire process including the negotiation, inspection, re-negotiation (based on findings during the inspection) and closing. He or she also will make sure all legal issues are considered and handled appropriately, and all paperwork required to buy the home is properly completed.
When you think about it, as a Charlotte real estate agent, I’ve sold hundreds of homes. Most home buyers have purchased fewer than 5. Even if you’ve purchased 5-10 in your lifetime, chances are you haven’t done so in the past year. Things change. Documents change. The law changes. Have your own representation when buying a Charlotte NC For Sale By Owner–you’ll be glad you did!
If you’re interested in buying a home, whether or not it’s a FSBO, I’d like to help you. Phone me at (704) 491-3310 today or email me at Broker@TheCharlotteScoop.com for more information.
Originally posted at www.iCharlotteRealEstate.com
(THE best Charlotte home search available - no kidding!)
Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310
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