May 2015 | O'Neal Real Estate

Category: (2)

For Sale By Owner

I once sold a house “For Sale by Owner” and it went as well or better than most transactions. I put a sign in the yard and 2 days later a couple showed up with cash money so we closed 2 weeks later. website tech information web domain Why would I pay someone 6% to stick a sign up in my yard? That is a question I get asked often and the answer is not a simple one line response.  The real estate market is extremely complicated and constantly changing.

Getting back to my sell and why it was the wrong decision. Both sides were at risk with no representation and neither one of us had a clue how much of a risk we took.  First neither one of us even looked over the contract. It was given to us by a title company and was only one page compared to most states using 10-15 page contracts which clearly spell out the agreement.  Second the purchase was cash and no attorney read the abstract nor was there any title insurance purchased. This could cause major problems when the buyer tries to sell their home.  Last of all the buyer took a huge risk without hiring a licensed home inspector. It amazes me how many people think they understand how homes are built but misjudge the condition of the property.  A trained home inspector can find costly problems on the front end.

The reasons for selling a home by owner just do not add up and the risk is too much.  Buyers expect discounted prices when buying direct and most of the time the sellers are priced higher than most agents would recommend. Homes are the largest purchase most families make and learning as you go can result in tough lessons.  Some of those decisions cannot financially be overcome for years.  List your home with a professional that can market the home through different websites, social media sites, etc.

I find that most times sellers and buyers of all products use people they know.  This is great when buying shoes or other small tangible items.  A bad decision can be overcome fairly easy.  This is not the case for real estate because it is often the largest purchase that families make over a lifetime.  Often times people will use a friend out of obligation with no regard to their personal skill. domain  Getting a real estate license is like buying a fishing license. webhosting information  It is not tough to obtain a license but not everyone catches fish.  It takes skill, knowledge, and determination to both sell and catch.

So what should I look for in an agent?

  • Ethics- They either have them or don’t
  • Training- Lifetime learners
  • Referrals- Ask, Ask, Ask
  • Past Production- The numbers don’t lie

Don’t be afraid to ask others about certain agents. The term “Hang a license” has become a familiar word in real estate offices with 20% percent of the agents producing the bulk of sales.  Find an agent that takes pride in every aspect of the transaction. Do you really want a poorly trained agent representing you in one of the largest decisions of your life?

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