Are You Thinking About Selling Your Home For Sale By Owner (FSBO)? Making the decision to sell your home is one that requires a lot of thought, research and careful planning. Selling your home is also not free, regardless of whether you choose to do a for sale by owner or use a Realtor, there will be always be title and escrow fees and other expenses involved such as HOA transfer and disclosure fees, certification fees, etc. Experienced sellers may be comfortable trying to sell their home by owner, however, even the most experienced sellers can run into difficulty navigating the ever-changing real estate process. Granted, you may be able to save some money in real estate transaction fees by doing a for sale by owner, however, you may not be saving as much money as you think when you look at the big picture…in fact, you may be leaving money on the table by not hiring a real estate professional to represent you and your best interests.
Here are just 5 reasons why a for sale by owner in Arizona may not be all it’s cracked up to be in today’s real estate market:
- Marketing Matters: Most home buyers turn to the internet to find their next home and a majority of home buyers will also be using a Realtor to walk them through the home buying process. As a seller, using a Realtor will maximize your exposure to prospective home buyers and will ensure your listing is seen by the masses via internet marketing, not only on the MLS, but your listing will also be posted to all of the major home search websites. Quality listing pictures and presentation are also of great importance because if the home does not show well online, then many buyers will simply “skip” over your listing and go on to the next one that is more appealing. Home buyers will often judge a home based on the listing pictures and will make their decisions based on what they see online before evern going to see a home in person.
- Piles of Paperwork: There will be stacks of paperwork involved when selling your home, and if you are doing a for sale by owner, then you will likely be on your own or at the very best, relying on the buyer’s real estate agent to walk you through the documents. It is important to remember that in this second scenario, the paperwork may be handled properly by the buyer’s agent, but the key word there is buyer’s agent…the Realtor in this situation is representing the buyers best interests and not yours. That’s comparable to being a defendant on trial and instead of hiring a defense attorney, you decide to go the bargain route by hiring the plaintiff’s attorney to represent you! Definitely not a good idea in a court of law and I would also argue that it is not a good idea in a real estate transaction.
- Navigating the Negotiations: Typically, you will experience multiple negotiations during a real estate transaction. The initial negotiations are important to establish agreement on a purchase price, closing date and other terms related to the sale of the home. However, there is the potential for additional negotiations surrounding the home inspection and the appraisal. Each of these steps may affect the seller’s bottom line and without a detailed knowledge of the process, timelines and “rules,” it will be difficult to navigate on your own.
- Time is Money: Evaluate your goals and establish an expectation for when you would like to move and how much time you would like to invest in the process of trying to do a for sale by owner. If you need to move quickly, then do not waste your time doing a FSBO.
- Knowledge is Key: Are you familiar with the terms escrow, earnest deposit, inspection period, title, recording, SPDS, BINSR, CLUE and the list could go on? Do these terms cause you stress or anxiety? These are all very key components of any real estate transaction in Arizona and they will have meaning to you as a seller. Do you know your rights and responsibilities as a seller? Knowledge is absolutely key in a real estate transaction, there are endless documents and timelines to manage, and many different people involved…lenders, title companies, agents, inspectors, appraisers and more! It is so important to work with someone who is familiar with the process and extremely knowledgeable about the transaction to ensure a successful closing.
Considering For Sale By Owner? It certainly can be done, but will it be worth the hassle in the end? A professional real estate agent will add a lot of value to your real estate transaction and if you would like to discuss the possibility of listing your home for sale with an experienced Realtor, then I would be happy to talk with you.
I am an experienced, local real estate specialist serving the entire East Valley of Phoenix, Arizona. It would be my honor to assist you on your real estate journey and help you to navigate the process of buying and selling Arizona Real Estate. From start to finish, I will be there to guide you and answer your questions with no pressure, only support!
Keely Semon, Realtor®
East Valley Real Estate Specialist
United Brokers Group