Home Selling in 18902>Question Details

ldeo98, Home Owner in 18974

What are the disadvantages of selling my house myself?

Asked by ldeo98, 18974 Wed May 9, 2012

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23
If you think of going FSBO as hiring yourself to be the listing agent, you're essentially giving the job to someone without experience to market your most valuable possession.
2 votes Thank Flag Link Thu May 10, 2012
FSBO,

The question asked for disdvantages of " selling my house myself "so I read the question and answered it, naming some of the disadvantages.

I never said that FSBO cannot be successful: so neither did you read the question, nor read my answer.

Please don't accuse me of bias where I offer an educated answer to a simple question.
Some Realtors here provided the pros and the cons, which certainly was more than what was required and certainly not requested. Clearly in those cases there was no bias and in other cases it was merely an opinion. The bias my friend may just be yours.

Alan
2 votes Thank Flag Link Wed May 9, 2012
Your Time. Acting as your own Realtor takes time. You will need to arrange showings, learn how to use the contracts and disclosures, deal with a low ball offers, take phone calls from buyers and Realtors who will be asking questions, and spend time on marketing. Is this the best use of your time? One of the biggest lessons I have learned in life, is that you should focus your time and energy on what you know, are good at, and what you enjoy.
0 votes Thank Flag Link Fri Dec 18, 2015
The biggest drawbacks are not pricing it correctly or marketing it effectively.
0 votes Thank Flag Link Fri Oct 10, 2014
Most For Sale By Owner (FSBO) house sales fail to utilize the local Multiple List Service (MLS) resulting in poor visibility and a lower sale price.
0 votes Thank Flag Link Fri Oct 10, 2014
The world of real estate is changing right before our eyes. With all the new technology and information available to consumers. The internet has open the flood gates for home buyers and seller. However there is no exception for a knowledgeable realtor/agent in their respected market.
0 votes Thank Flag Link Fri Mar 14, 2014
Most homes sold by owner sell for less.
0 votes Thank Flag Link Thu Dec 26, 2013
You will also have to be available for all showings answer your phone to answer questions that your Realtor can always answer. Buyers are also a little hesitant to deal with the owner themselves as they probably do not know exactly what they are signing or what steps to take. Save yourself the time and trouble and hire a local Realtor.
0 votes Thank Flag Link Thu Dec 26, 2013
You should try http://www.FlatMlsListing.com They have home selling options for FSBO. Easy to use and FREE marketing tools....
0 votes Thank Flag Link Tue Dec 24, 2013
The fact is homes sold by owner on average sell for 13% less than homes sold by an agent. Did you also know that roughly 50% of all sales by owner fall through due to the buyer not qualifying for a loan? The truth is most home owners don't appreciate or understand what goes on behind the scenes of a sale. If you would like to learn more about the pit falls of selling your own home go to http://www.HomesInPhoenixHQ,com or feel free to give me a call.

Andy Boubel
Realtor
480-215-4961
RSS Realty
0 votes Thank Flag Link Fri Dec 14, 2012
If you can have a limited service company to list it in the mls you can try to sell on your own. You should get an appraisal so you know what it is worth nd be a good negotiator. Hire an attorney for the contracts.
0 votes Thank Flag Link Wed Dec 5, 2012
Can you Stage?
Can you Price?
Can you Negotiate?
Do you understand the forms?
Can you fill out the forms?
Can you evaluate a Credit report or a Pre-approval?
Can you evaluate a Mortgage Commitment? (do you know what they are and what to ask for?)
Are you good with deadlines?
Can you negotiate a home inspection?
Are you available 24/7?
Are you willing to take between 3 to 6 % from your asking price? (did you think that the buyer would let you have those commisions just because?)
Do you have an advertising and marketing budget?
Do you have Realtor connections?
Are your Sundays free?
Can you deal with rejection?
Can you deal with knowing that people will be polite and never tell you what is wrong with your home, and you will never know what you need to do to remidiate it?
Do you have a saleability check list?

I can go on and on.
It's a crazy market and statistically, For Sale By Owners sell for less than what you would have gotten with a Realtor but I wish you the best of luck.
Regards
Henri Gutner
0 votes Thank Flag Link Fri Jul 27, 2012
The largest disadvantage is marketing. Many sites claim to be "FSBO SItes" for people to market their homes. No real estate agents and no buyers use these sites. They are more for your peace of mind and for the sites to make a profit. Think back to when you purchased your home - did you go to a specific For Sale By Owner site to see if an individual had purchased an ad?

Typically, almost 89% of buyers utilize the internet in their home search process according to a National Association of Realtors survey in 2011. Utilizing a real estate agent will allow mass marketing through the local Multiple Listing Service that all local agent utilize for their buyers as well as having the listings filter to most major search engines that buyers use.

Short of this marketing to capture both local buyers and relocating buyers, people will only see the home when driving by. So the right buyer has to be looking on your street to see the home. Typically this makes most FSBO sales very, very long. Also, when a buyer sees it, you have to be home when they ring the doorbell unless they call. A real estate agent can set up showings through a scheduling service so buyers can look when they are available instead of looking when you are available.

Lastly, utilizing an agent will streamline the contracts, disclosures, timelines, etc. and allow them to capitalize on their network of related colleagues as needed for mortgages, home warranty's, escrow agents, insurance agents, inspectors, etc.

If you choose to sell yourself, I wish you the best, but I think there are more advantages with utilizing a real estate agent in your area. Good Luck.
0 votes Thank Flag Link Fri May 11, 2012
Only disadvantage is more work - instead of paying a company and a broker to do all the work for you.
0 votes Thank Flag Link Fri May 11, 2012
here's already a lot of information to consider below. I guess your real question is why does it make sense to hire a real estate professional instead of going it alone.

Here's my take on it.

It used to be easy to be a backyard mechanic. Over the years the number of things that you could easily fix on a car has declined to almost zero these days except for light bulbs and maybe a flat tire and then again that's why I have AAA.

You could try and sell your house yourself and every now and then someone does. But in this market it makes less sense than it ever did. And statistically it's been shown that the money the seller gets in their pocket at settlement is higher even after paying a commission than doing it yourself.

The intricacies of the deal, the cost to promote it, the tougher requirements for buyers to qualify for a mortgage and the risk you run by making the property stale before handing it over to a realtor later like so many do suggest using a real estate professional from the start pays.

If you live in Bucks, Montgomery, Mercer or Hunterdon Counties and you're open to talking to someone you can trust and feel comfortable with, I'd be glad to share what I know and hopefully earn your business.

Jim Brand
Associate Broker licensed in PA and NJ
Keller Wiliams Real Estate
2003 South Easton Rd, South Bldg, Ste 108
Doylestown, PA 18901

Office: 215-340-5700 x 166
Mobile: 215-454-9909
http://www.thebrandxteam.com

jim@thebrandxteam.com
0 votes Thank Flag Link Fri May 11, 2012
There are probably many.... let me mention just a few
You need to price your home RIGHT, i.e. not what you think you want for your home, nor what YOU think your home is worth..... it is worth first of all what a ready and willing and approved buyer is ready and willing to pay for it, and you can accept or reject that offer, But more importantly your home needs
to be not only priced right, prepared right, but also marketed and advertised in all kinds of possible venues, which a Realtor and his or her Brokerage can provide....

Staging is another efficient way to get a home sold faster and at a better price....

And then remember that you are emotionally involved in your home, it is not just a house to you it is your home and when it comes to negotiating with a Buyer your home has value to you as YOUR HOME, to the buyer though at this point of negotiation is not yet a home, just a house / a commodity
he or she wants to pay a certain amount for.....

And in today's market it could take a long time to find the right buyer for your home, you really want
a Realtor to be on your side, to make the entire process easy for you and at the end successful.

Take this into consideration~!
Good LUck to you
Edith YourRealtor4Life! Working always in the very BEST interest of her clients! Buyers and Sellers and relocating buyers alike....
Your Chicago / Northern Illinois and North Shore Connection providing all clients with the very BEST
services, detail oriented, pleasant to work with, and honest when pricing a home for sale, or showing you a home to buy, once you make an offer Edith will provide you with the best Comps to make a
reasonable and competitive offer
EdithSellsHomes@gmail.com htttp://www.tinyurl.com/MeetEdithHere
0 votes Thank Flag Link Thu May 10, 2012
You can sell your home yourself. Here is how to do it.

STEPS TO SELLING YOUR OWN HOME
The best way to sell your home is to hire a professional but if you insist on doing it yourself here are some tips to help you along.
1.Research
Carefully research the local real estate market. Look for recent sales prices in your neighborhood for properties similar to yours. Then set a realistic price for your home based on that information.
2. Evaluate your property
Make a check list of all the items that need repair or replacement. Look at your home the way a buyer would. Paint, clean the windows, refresh the landscaping, replace anything worn or broken.
3. Fix It
More than ever buyers want properties in move in condition. Don’t wait, fix it before you begin marketing your home.
4. Advertise
Determine which internet sites, newspapers and real estate magazines will best advertise your property. Call them for rate and deadlines and set up a schedule.
5. Attract the right buyers
Prepare a professional attention getting ad that will attract the right buyers to your property. Place your ad in the newspapers. Upload your information and photos to the internet. Remember with photos, more is better.
6. Post a Yard Sign
Purchase an eye catching and weatherproof yard sign, install it in front of your property.
7. Conduct an Open House
Purchase special “open house” signs and position them on streets that lead from the main roads through the neighborhood and to your property. Put these signs up each time you hold an open house (and be sure to take them down after each open house). Be certain that they conform to any local sign ordinance.
8. List Key Features
Prepare a fact sheet outlining the specific features of your home and the benefits to prospective buyers.
9. Be Available
Be available at all times to walk through the property with prospective buyers, answer their questions and offer information about the community explaining why it’s great to live there.
10. Return Calls Promptly
Respond to telephone and e-mail requests for information promptly. Learn how to separate the “lookers” from legitimate buyers. Ask for contact information (names, address, e-mail, telephone) and be sure to follow up with telephone calls. Request feedback as to how they found the condition of the home and their opinion on the price.
11. Keep it Professional
Be prepared to negotiate with the buyer as though you were an independent third party. Do not be upset about criticism of your home. Remain calm and refrain from any emotional outbursts.
12. Cover the Details
Negotiate with the buyer all final terms of the sale including price, deposits, financing, inspections, date of closing and other pertinent considerations. Don’t forget that you will need to move. While marketing this property, locate and negotiate the purchase of your next home. Schedule both transactions so that they close simultaneously.
Good luck with your endeavor and when you get tired or fed up call a Realtor.
0 votes Thank Flag Link Wed May 9, 2012
And by the way, you can get on the MLS by paying a reputable firm a fee to be there. Do some internet research and then decide if it is something you want to tackle. Keep in mind that some agents are going to be very negative about it while others will give you honest information and let you decide.
0 votes Thank Flag Link Wed May 9, 2012
So sorry, Alan. But a person can be a very successful FSBO, if they educate themselves and learn the process. How did you learn the business? You educated yourself.

Is it impossible to do a FSBO, absolutely not. Do you have be be smart, educated and have a thorough understanding of the process, absolutely!

As far as no one showing FSBO's, also untrue. Ladies and gentleman, you are really showing your bias. I have used three agents within the past 13 years. None (and I repeat NONE) of them did anything that I could not have done myself and saved myself A LOT of money!
0 votes Thank Flag Link Wed May 9, 2012
All of the answers below are FANTASTIC! I have one more to add.. safety for you and your family if you are still living in the home.

I subscribe to an electronic lockbox service, meaning that the lockbox I put on your front door is going to ONLY be able to be accessed by other agents showing the property. It will track who comes in and out of your front door at all times. In addition I subscribe to a centralized showing desk, which allows other agents to book appointments online and via the phone. If you are coordinating your own showings, you may not realize but you are indirectly telling potential criminals when you will and won't be home.. if they call and want to come by on a Tuesday at 5pm and you say that won't work, now they know that the house will be empty and it's the prime time to break in! I know this sounds a bit extreme, but personally the safety associated with the electronic lockbox and the centralized showing desk are two very key things to keep you safe in your home while coordinating showings.

Good luck!

And of course, if you reconsider selling yourself.. I'd be happy to meet with you!
Web Reference: http://www.kimberlyrock.com
0 votes Thank Flag Link Wed May 9, 2012
Most serious buyers today have a Buyer's Agent and those buyer agents are not researching & showing FSBO's. There is plenty to show them in the MLS. If I were to list your home tonight, by tomorrow morning it is showing up on several hundred realtors emails tomorow, because it meets the saved criteria for one of their clients.. It will also go out to over 20 other websites that buyers may be searching on their own.
I put a free 1-year home Warranty on every home I list.
I wish you the best of luck, no matter what you decide!

Nancy McCann
RE/MAX Centre
(215) 570-4443
http://www.NancyMcCann.net
0 votes Thank Flag Link Wed May 9, 2012
Hello Ideo98,

As a Real Estate Professional i can list a few.
Here are several Articles to read it will go into detail why you should or should not do it.

http://www.sellingmyhousetips.com/SellHouse_Articles/Disadva…
http://voices.yahoo.com/for-sale-owner-advantages-disadvanta…
http://www.fsbosellbuy.com/article_advantages-and-disadvanta…

To Sum up:
Advantages

* There is no commission to be paid.
* The proceeds are all yours.
* You are in total control of the process. You can sell it at your own leisure.
* You have full control of showing your home and can pick and choose who you want to show.
* If your equity is low, you may be able to sell your house without having to write a check.

Disadvantages

* You must rely solely on your own instincts.
* All marketing and advertising costs are your own.
* You have to advertise yourself and find prospective buyers.
* Without the knowledge, you may under price or overprice the house.
* If you are not skilled in negotiating you might not get the full value of your property's price.
* All of the paperwork, legal forms, etc. are your responsibility.
* This will take up a lot of your free time.
* You must become knowledgeable in legal and financial issues to be most effective (and to protect yourself).


If you change your mind and decide to hire a real estate agent please consider me as your option.
You can read my reviews on Trulia and Zillow.

Best Regards,

Alexander Shulzhenko
Realty Mark Cityscape
267 738 0886
realexs@gmail.com http://www.eRealtyFind.com
0 votes Thank Flag Link Wed May 9, 2012
You miss out on having your home listed on the MLS - multiple listing service - that ALL Realtors use when they are working with buyers to try and find them a property. That is a lot of missed opportunity! Your home also will not be listed on realtor.com - one of the other major online sites that home buyers go online to look for homes on!

If you have more questions or would like a free market analysis on your home, feel free to contact me directly:

Rebecca Utermohlen
REALTOR
Coldwell Banker Realty Corp
rutermohlen@cbrealtycorp.com
215-896-1935
0 votes Thank Flag Link Wed May 9, 2012
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