Many sellers and buyers believe that they can sell or buy real estate properties without the benefit of professional real estate agents. By taking the For Sale By Owner (FSBO) path, these adventurous individuals look to save money to make more money. After all, some sellers and buyers believe professional real estate agents are just door openers and do very little to earn their compensation fee.
This past week I received a call from a past potential buyer. I had physically toured several vacant land properties with these buyers though none exactly met their criteria. During this recent conversation, I learned these buyers had purchased a FSBO land and now wanted to sell it.
I said I would undertake research of competitive properties in Golden Valley. AZ and send that Competitive Market Analysis (CMA) to them. Unfortunately, I immediately saw the FSBO buyers overpaid for the property. Also, it appears either the FSBO seller was not truthful with all information and/or the FSBO buyers did not undertake their due diligence.
The FSBO buyers were not happy with my CMA. At DIRT ROAD REAL ESTATE, we do things differently. The goal is to sell properties at the competitive market value based on recent sales along with market activity (days on market). DIRT ROAD REAL ESTATE is not in business just to list properties. Of course, professional real estate agents will follow the direction of their clients.
Also, the FSBO buyers did not receive the Vacant Land Sellers Property Disclosure Statement (VLSPDS) which is through the AZ Association of REALTORS® (AAR) and available only from AZ REALTORS®. The seller is still responsible for disclosure though often with FSBO “deals” that is often missing.
Vacant land buyers as well as those seeking residential properties would be wise to exercise caution when working with a FSBO property. Often the current real estate facts and information are not present and the buyers do not know where to find the information.
Hiring professional real estate agents helps to guide both buyers and sellers. These agents know far more about ancillary issues that many buyers or sellers do not know or understand. Additionally, professional real estate agents have access to resources such as local MLS which buyers and sellers do not have. Finally, most importantly, as a buyer why pay more than current local real estate market conditions and as a seller why not sell for a higher price?
#LetsGetBackToRealConversations #WeDoThingsDifferently #FSBO #HomesAcresLots #ArizonaAcreage #RealEstateBuyers #RealEstateSellers
Leanne M Smith, The Grit and Gratitude Agent Who Goes the Extra Mile Because Life Begins Where the Pavement Ends.
Feature Photo Courtesy of Leanne M Smith
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