For Sale By Owner Dangers In Virginia

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When it comes time to sell real estate, sellers sometimes consider not using a real estate agent. Similar to home repairs, taxes, and other tasks, it can be possible to do it yourself but often it may end up costing more due to mistakes made in the process. Technique, resources, and experience are important, especially with selling such a high-priced item. Below are for sale by owner dangers in Virginia that homeowners should consider.

Proper Pricing

Establishing the right price will mean the difference between your real estate selling quickly or not selling at all. Many sellers make the mistake of referring to past values, the value of a nearby house, or overpriced listings that are currently for sale to determine their price. Incorrect pricing can result in wasted time and a lower sale price when it actually sells. Realtors monitor changes in the market and understand the complexities of pricing. This is critical not only when your home is first listed but also as time passes and the market fluctuate.

Increasing the Pool of Buyers

Listing agents can expand the reach and exposure of your listing to a larger group of buyers. Most home buyers, especially first time home buyers, use real estate brokers to assist them through the home buying process. For-sale-by-owner marketing avenues may not access the network of Realtors. The selling price is based on inventory, demand, and time. By wasting time and minimizing exposure (the demand), the end result may be a significantly lower selling price.

Evaluating the Quality of Buyers

Not all prospects are created equal. There are various elements of an offer and pre-approval that must be evaluated beyond price. Taking your home off the market for an unqualified buyer can cause you to lose time, miss out on other offers, or leave your property unfairly stigmatized. Real estate agents can ensure you properly qualify buyers and reduce your risk.

Creative Strategies

Contracts sometimes stay together or fail over minor terms. There may be methods of keeping them together that homeowners may not think of simply due to inexperience. Real estate professionals accumulate a wealth of knowledge over the years and often find alternate terms to bring buyers and sellers together or to accommodate problems.

Keeping Deals Together

Emotions play a role in almost all real estate transactions. It is expected given the large investment that buyers make and the attachment that many homeowners have to their property. Listing agents act as a cushion between buyer and seller to maintain civility and communication. Believe it or not, this is essential in most property transfers. Your listing agent can keep clear thinking and advise you on matters while promoting your best interests.

For Sale By Owner Dangers In Virginia

Realtors help you start at the right price based on the current market, reach the most buyers, qualify buyers, find ways to bring deals together, keep deals together, and achieve successful closings. Sellers who take the for-sale-by-owner route to save commission may find themselves faced with lengthy market times, commit mistakes, and eventually save less money than they estimated. The for sale by owner dangers in Virginia detailed in this article are just a few of the many reasons not to go it alone.


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Comments (1)

Jayne Esposito
Coldwell Banker - Morgan Hill, CA

Great post!  I have had sellers "try it on their own" who inevitably call me a month or two later.  Often they had a buyer who ended up not being qualified.  Something else a FSBO seller should be aware of is that FSBO buyers are looking for a deal!

Jan 14, 2015 02:43 AM