As a real estate professional in Aventura, Florida, I can tell you that some of the most difficult deals to do, are those where you take a professional out of the equation. This is the case with For Sale By Owner properties, also known as FSBO's. This process diminishes the value of the "arms length transaction" and gets buyers, sellers and selling agents uncomfortably close in situations where there is no professional to communicate with on the seller side. Instead, a buyer or their agent communicates directly with an emotionally charged and very often unreasonable seller, who doesnt understand the process at all. Just because you own a scalpel doesnt mean you can perform surgery, and just because you own a home, doesnt mean you should practice real estate!
Besides for the good old fashioned red and white "For Sale By Owner" signs, corporations have been formed to try and capitalize on this business. One such company is a Florida based company called Buy Owner. Unfortunately for them, the market has spoken and shown that real estate professionals are valued and needed in the transaction. Nothing could prove this fact more than the fall of Buy Owner last month, who filed an action similar to bankruptcy in state court and is now liquidating the company.
During this difficult period in the housing market, I feel that we have no place for additional hurdles, and the professionals need to be utilized in order to get the market back on track. So, I say "Bye Bye Buy Owner" and hope that other FSBO promoting companies follow suit!
Written by:
James L. Katz- Broker
Katz Realty Group, Inc.
305.932.KATZ(5289)
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