Do you have plans of selling your home without hiring a professional real estate agent? If you do, then think again. I tell you, it is not going to be an easy process. You might be successful in listing your property on the MLS but that doesn’t mean it will all goes smoothly because there are still a lot of process that you need to go through and a lot of things that you need to consider before making a decision to sell your home.
Many people believed that they can save lots of money because they don’t need to pay for the real estate agent’s commission. This is partially true, only if they knew how to do it right. However this is also the common mistakes of a “for sale by owner” make because; they do not have enough idea and don’t know the process of selling their homes. In addition to that, if you decided to sell your home by yourself you’ll have to be well prepared because it will consume a lot of your time to take care of everything including, the legal process, other forms and disclosures you needed and the financial risk might cost you the money you are trying to save. That is why a lot of “for sale by owner” end up losing their money by not hiring a professional real estate agent.
Here are some of the Top common mistakes a ‘for sale by owner” FSBO make.
Not Pricing It Correctly
This could definitely cost you a lot of money if you did not do it right. Overpricing your home might lose the interest of the buyers and might cause competing homes look like having a better values compare to your property. This might also lead to mortgage rejection once they’ve found out that you overpriced your home. This is the absolute mistake of “for sale by owner”. That is why their property does not sell successfully.
Lack of Exposure
Having an access to MLS websites is a huge advantage because; lots of home buyers are looking on the internet to look for their dream home. You need to list your property on the MLS, in order to generate potential buyers and get a good offer. It will also be easy for you to market your property. You might also use craigslist to list your property since it’s a free website.
Not Arranging an Inspection Before Showing the Property
Many homeowners do not see the defects that buyers might see in their homes. This could be one of the common mistake that a “for sale by owner” make. Let’s put it this way. Let say you are the home buyer and you are looking for a home that you like. If you will see a home that has a lot of defects or flaws on it, most probably you might lose your interest in buying that home. So as a home owner, if you don’t want to lose that opportunity, then you have to prepare for you home.