I recently wrote a blog entitled "For Sale By Owner - Do You Have a Marketing Plan?. I wrote the article because I see a lot of For Sale By Owner signs when I'm driving around town these days. And believe it or not, I worry about these homeowners that have chosen to sell by themselves. (Honest, it's not about the money.)
What concerns me is that there is a lot of legalities to selling and purchasing a home. In this day and age, it's so easy to get sued for something. As a Realtor, I have to pay for E & O coverage insurance much like the medical profession. Even homeowners selling on their own have to fill out and have available a "Lead-base Disclosure" and a "Seller's Residential Real Estate Disclosure." I wish I could put my finger on an artivle that was in the Indy Star this past summer (2006) about a homeowner that was getting sued about not disclosing that the home they rented had lead-base paint. (Any home built before 1978 has to fill one of these out. That was the year that lead base paint was pulled from the market.) Then there's the legal issues with the contracts. Wording has to be precise or it could cause a problem down the line. Title has to be clear. Pay-off procedures need to be filled and ready to pay-off a mortgage if there's one on the home. How will you address the Home Inspection if it comes back with issues? Is the prospective buyer really "ABLE" to purchase a home? Are these people really who they say they are? (Idenity Theft)
I hope to write more articles about the different items needed and faced when selling For Sale By Owner as time goes on. I encourage people to come back from time to time and check for more articles. If you would like my assistance on a real estate matter, visit my site www.cyndisloop4indyhomes.com and send me an email. I have offered to help many a For Sale By Owner.
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