Barbara's Blog - For Sale by Owner vs. For Sale With Agent

Yes, it’s possible to sell your home without a real estate agent saving money on commission fees. But if you do, it’s a good idea to make sure you know what you’re getting into. Education yourself on the real estate process, learn the pros and cons of selling without an agent, is selling without an agent good for your situation? Do you know where to get help if you run into issues selling on your own? And most importantly, do you know the local market well enough to know whether your are selling your home for less than it’s worth.

What FSBO Sellers Need to Know:

Sellers will need to learn and be pretty well-versed in the legal real estate rules and regulations of their state. Specifically the minute details such as who signs the papers, who conducts the actual transactions and the details on transfer of ownership. It’s also important to learn about state mandated real estate disclosures.

Even though there are no laws that require you to use a real estate agent, it can be beneficial for several reason, including the fact that they already know the legal real estate rules and regulations you will have to leave, they will already know what disclosures are needed as well as know your local market very well and can help you price your home to sell.

Here are some of the tasks a real estate agent usually takes care of for you, but that you would now be responsible for if you chose to sell a house without an agent.

·         Evaluate the local market and comparable home values

·         Suggest appropriate listing price

·         Provide staging advice

·         Help prepare and coordinate disclosures and other needed forms and documents

·         Handle the majority if not all of the marketing, advertising and listing materials such as photographs, listing your home of multiple MLS listing sites and using personal resources such as real estate contacts.  

·         Arranging and facilitating property visits with potential buyers, other agents and holding open houses.  

·         Answering questions and providing documents such as disclosure packets to potentially interested buyers and their agents

·         Being the moderator for accepting offers, checking the validity of potential buyers  

·         Reviewing and evaluating each offer and providing valuable insight on issues like whether to accept or reject an offer outright or make a counteroffer

·         Potentially provide experience and knowledge to help with the negotiation with the buyer's agent until the purchase contract is complete

·         Work with the buyer's agent throughout the escrow period, being there in your place during an inspection if necessary  

·         Strategize with you over requests made while in escrow and negotiating such requests or issues with the buyer's agent (unless any attorneys are still involved)

·         Attending the closing.

It’s a lot of work and not always glamorous; some agents have been known to re-clean your home right before showing or taking marketing pictures. Being available and marketing your home is a full time job and not always the easiest to do on your own.