FSBO: Getting an Offer is only HALF the Battle Won
For anyone considering selling their home on their own (FSBO), please take a few moments and read this informative post written by Loreena Yeo. Although Loreena is in Frisco, TX the location in this instance does not matter. The same holds true for Boca Raton or Delray Beach.
There is far more to closing a transaction today than meets the eye. So many ins and outs to be familiar with. Weigh your options carefully.
As I tell my seller clients (non-For Sale By Owners), even if we receive an offer on the house, it's only a battle HALF WON. Some many times, sellers get super-excited about the offer and start planning their next move. Deservingly so. But those who do enough real estate transactions understand that Getting the offer is only HALF the Battle WON.
So now, you have an offer. What does this mean?
Here in the State of Texas, the sales contract is a promulgated form by the Texas Real Estate Commission. Only members of the Texas Association of Realtors(R) are allowed to use these forms. Assuming you are willing to pay a buyer's agent for bringing the buyer to purchase your home, here are some of the issues you ought to be aware of:
- Familiarity with the sales contract
Experienced real estate agents work more transactions per year than a typical consumer would in a lifetime. They are very familiar with the contract, understand what those contracts or blanks mean. The buyer's agent that will present you with the offer understand what's the best offer to write for his/ her clients. Do you know how to protect yourself?
Let's assume you are willing to pay an attorney for legal counsel, aren't you defeating the purpose of saving some money in the transaction?
- Sales Contingencies
The real estate contract is written with many contingencies within the contract. Typically, these contingencies give buyers a way out of the contract: Financing, title objection, HOA, etc. Do you understand the ins- and the outs?
- Negotiations
Negotiation is a honed skill. Skillful real estate negotiators know how to get parties what they want. Often times, sellers concentrate on their bottom line numbers. They forget to evaluate other terms of the contract that could possibly make or break the contract.
It is also in my opinion that it is difficult to negotiate for yourself when many aspects of your life depend on the sale of the home. Also, to an untrained negotiator, sellers "volunteer" information about themselves or the transaction that could hurt their negotiation position. A smart buyer's agent representing your buyer picks up on information you casually leave behind.
- What's kosher, What's not?
Do you know what's required? what's expected and what's customary when buying and selling a home? Are you giving away more than you should, or are you not doing enough to keep the sale going? Something to think about.The biggest reward for a seller to endure a For-Sale-By-Owner FSBO sale is the financial gain. Weigh your pros and cons about selling on your own. Good luck!
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This information is provided to you by 3:16 team REALTY with a commitment to support the Frisco TX community.
3:16 team REALTY is a locally-owned Frisco TX real estate brokerage that serves buyers and sellers in and around the Frisco TX areas.
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper & North Dallas area communities.
3:16 team REALTY - Loreena Yeo, Realtor® in Frisco TX
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FSBO: Getting an Offer is only HALF the Battle Won
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