I received an offer on my house... Now what?

By
Real Estate Broker/Owner with Providence Group Realty TREC# 0608931
https://activerain.com/droplet/4DgC

FSBO: For Sale By Owner

Way to go, Mr. FSBO! You have now made yourself a target for exploitation by a savvy Buyer who knows better than to go into this transaction unrepresented.

While you were busy 'scouring the interwebs' for 'free' answers to next steps, your Buyers were leveraging information about everything you DON'T know...

You don't know the process. You don't know the paperwork. You don't know what is legally required of you to get to the closing table or what you are liable for after closing.

Your Buyers are exercising their rights to representation, and while you are relying on their agent to facilitate the entire process (because you don't know what you don't know),  their agent represents THEIR interests -- not yours!

Do you even know what your home is worth?

Granted, the above testimonial describes a Seller who poorly selected representation -- which is exactly what you were doing when you hired yourself for this job. It is the same as going into a court of law and saying "I'll represent myself to save the attorney fees, thanks."

You are outnumbered, outgunned, and outmaneuvered. Your pleas for assistance are publicly visible on the world wide web.  In the words of a very wise man, "There is SO much more to selling a property than just putting it in on a website and getting an offer." (John Steeby, 4/10/2014) 

The good news is YOU STILL HAVE TIME. You have time to do what you should have done in the first place... hire a Realtor® to represent YOUR interests.  While it is true, you may still have to lay in the bed you made -- according to the legally binding offer you already accepted without the benefit of professional advice. But, the right hire, right now, can implement damage control and possibly save your bacon from any additional errors or exploitation.

Mr. FSBO, you don't need internet advice. You need a Professional to guide you through this process and represent your interests.

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Topic:
Home Selling
Location:
Texas Collin County Plano
Groups:
"Whacked"!!!
Bananatude
Bartender, Make it a Double
What's Got Your Goat?
Texas Independent Broker Network
Tags:
paperwork
representation
disclosure
process
risk
mistakes
selling mistakes
errors
fsbo
threats
seller problems
dangers

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Rainmaker
817,222
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Another GREAT post, Amanda!  I have also seen the flip side where a buyer goes in unrepresented with a FSBO and accepted the internet portal estimate at face value!  In most cases, representation by a local real estate professional would save either side of a FSBO the real estate commission and potentially thousands down the road for not knowing what to do.

May 16, 2015 11:07 AM #1
Rainmaker
162,030
Amanda Thomas
Providence Group Realty - Plano, TX
​Broker, SRES®, BPOR, MCNE, ​Certified DRS Agent™

Bruce Walter, you should write THAT blog post! Consumers simply don't understand the value that professional services bring to the real estate process. True stories (reality TV?) is the only way the message will ever get to those who need it (outside of the school of hard knocks).

May 16, 2015 11:11 AM #2
Rainer
25,344
Mari Armstrong
ArmsLink Realty - Murrells Inlet, SC
Offering You Honesty, Sincerity and Integrity

Fortunately I'm in a market that there are very few FSBOs. Most everyone here values the help of an agent. Wasn't the same when I was an agent in Ohio for many years. There were FSBOs on every corner and they all felt they knew what to do, all for a few extra bucks. 

Thank you for sharing this!!

May 16, 2015 11:23 AM #3
Ambassador
3,168,617
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Great local listing agents are worth what they bring to the table.  Not hiring one is not just as simple as saving what you would have paid them.  You are truly going it alone and hoping for the best.

May 17, 2015 03:30 AM #4
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Rainmaker
162,030

Amanda Thomas

​Broker, SRES®, BPOR, MCNE, ​Certified DRS Agent™
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