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For Sale By Owner: Why FSBO’s Take Longer Time To Get Sold

Posted by iSell Properties on July 11, 2016
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Why Private Sales Can Take Longer To Get Sold?

Selling you home alone with zero assistance from a pro ha its own disadvantages. Sure, it can mean being able to save on commission once you get that home sold, but the question that remains is: how long will it take for you to sell that home? In fact, will you ever be able to sell it at a price that you expect?  We can just assume that things will be harder for sellers who lack the experience in selling property. But if you’re wondering what the reasons are behind the difficulty of private house sales, here are some solid points:

 

  1.   Private sellers may not be able to list their property.

 

Private sellers may not have access to listing sites that were primarily made for licensed agents. This alone shuts the door for opportunities to be considered by buyers’. Most buyers go through agents, and if you are a seller, you need to target these agents if you want to get your home sold in a short time.  If your property is a private sale property, you may not be able to list it in listing sites that are only accessible to agents, thus making your property inaccessible to the web (where most buyers initially search), and invisible to buyers’.

 

  1.   Pricing can be an issue.

 

If you aren’t a property expert, you may not be able to put an appropriate price on a property. Home pricing depends on a variety of factors, and though you can find your way through the process, there will always be a chance that you end up pricing your property inaccurately. Property professionals can give an estimated price for a home by just looking at it. With enough time and thorough assessment, experts can price a home with accuracy. Aside from giving a property a price that it truly deserves, agents are also good at considering factors such as marketability and competition.

 

  1.   Owners do not have the sense of ‘being neutral’.

 

If you are the home owner and you’re selling your home privately, you probably aren’t as neutral as an agent. It’s difficult to be neutral if you are the home seller because you simply want to be the winning party. In such case, you are most likely going to overprice and are less likely to be open for negotiations. With the presence of an agent, the buyer will be accommodated more and since it’s the agent who is going to transact, you won’t feel the stress of hearing people offer your home a lower price. Usually, it’s the emotional attachment and ego of the seller that can get in the way of the transaction. With an agent, you’d have someone who can deal with the buyer in a more professional way.

 

  1.   Complicated matters may confuse the seller.

 

When it comes to selling a property, there’ll be a lot of documents that need to be taken care of. If you’re not an expert, these things may confuse you and you may even not know where to start. With an agent, smoother deals can be achieved. Whether it’s about the transfer of rights or about the mortgage on the buyers’ part, an agent will help you go through things without stumbling. Besides, everything can be handled easily if you are not alone.

 

  1.   There are risks involved.

 

Legal matters are a complex thing, especially for people who aren’t exactly in the legal business. You can learn as you go, but the problem is that there is little to no room for errors. When it comes to legal matters, errors can result to expensive penalties. Failing to submit requirements or even just overlooking a documents can expose you to complaints after you close on your transaction.

For Sale By Owner properties are a possibility. It’s not illegal to sell your own home, it’s just not recommended for the  inexperienced. Besides, if the only con in getting an agent’s assistance is the commission they’ll be getting, it must be better to just prepare for a budget on this so you can have your home sold in no time. The decision is simple – if you want convenience, then an agent is needed, if you are willing to do it the hard way, then you can give the private sale a chance. Just be prepared to spend a lot of time in finding buyers and in dealing with the paper work. It is also possible for you to be able to sell your property in a short time, although the chances for this to happen is not very high considering the amount of buyers that won’t be able to access your property due to your lack of agent who is has a database of buyers. Nonetheless, you can rely on your luck on that one.

 

Overall, the choice is yours. You can go ahead and do things the hard way or get assistance and relax. In the end, you’ll understand that the property business is just like the other businesses, you will always have options. However, in selling your own properties, it would probably take alot of properties to sell for a person to gain enough experience to do things their own way. Estate agents have gone through this process dozens of times already and they are most likely reliable to handle these matters for you. Besides, if you have trust issues, you can always check on agents’ reviews online. There are dependable websites that are solely for estate agent profiles and reviews. You can also ask friends for recommendations so you’d have first-hand info. You can also be hands-on on all the transactions if you want to. You are not required to put everything in the agent’s hand. It is just an option for busy people who are selling their properties. If your agent is trustworthy, you can have him/her meet buyers on your behalf and have him/her show your home when you are too busy with your own schedule. Estate agents are pretty much very useful for sellers who have their own lives to tend to. With an agent, your schedule won’t be very much affected, and the home selling process will be finished in little time. – iSellProperties.co.uk

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