Real estate transactions can and will be tricky these days. All parties are stressed, and that includes banks. The widespread myth that the services of a competent Realtor can easily be replaced by a few pre-printed forms downloaded off the internet and a sign stuck in the yard has lured many home sellers into making expensive mistakes by trying (and failing) to sell their own home. I still see the FSBO's popping up everywhere, and although I want to, I simply cannot bring myself to shake my head in disbelief. The reason is because in many cases I don't know the story behind the sign in the yard. Maybe the seller IS competent and able to get their home sold. What I do know is that statistically, this is not in their best interest, especially now.

Many people assume that all you need is a sales contract, a classified ad and a "For Sale" sign. But even the most basic step -- setting the correct sale price -- depends on a number of factors. The location, size and condition of your home, the relationship between the local supply of homes and the number of qualified buyers, and the recent selling prices of comparable homes in your neighborhood all affect the market value of your property. Bring in the potential of short sale issues and you're looking at a complex transaction from start to finish. Homeowners who sell without a professional Realtor often misread the local market. The media talks a lot about real estate these days. It's really, really tough to make sense of it all or to even know what information applies to you. It's not just that. The information available to you through most publicly accessible websites, which is what most sellers use, is incomplete. And don't forget the fact that the very basics of lending have changed substantially, even in just the past few months. This can and will affect the purchase of your home in fundamental ways.

Sellers might also mishandle contingencies, home inspections, title clearance, deadlines and disclosures, etc. The advice and guidance of an experienced real estate agent is essential to ensure that you avoid the risk of expensive litigation and ensure a successful home sale. Here's the thing: I'm actually a big advocate of the DIY mentality. I employ it myself. I fix things around my house and in my rental property as necessary. I've built my own guitar and my own websites. I love being hands on, and I respect the need to be involved.

When it comes to real estate, I suggest working with a Realtor who is cool with you being involved with the process. Don't skip out on being involved with the process, but don't skip out on representation either. If your goal is to "save money", it's not going to happen by doing everything yourself. Sorry. Every endeavor has a point where the complexity necessitates professional help. Real estate has reached that point. It is too much for most people. It's even too much for most Realtors, who are quitting daily in this business. Partner with a competent and experienced Realtor. You may think the market is bad and you need to save every penny you can. That's why you need someone on your team to make sure things go as smoothly as possible. Let's get it done the right way the first time.