Simple Answers: Why For Sale By Owner in This Hot Market Is A CRAZY Idea
In this fast-paced market where inventory levels are at an all-time low and prices are climbing higher and higher many people feel that for sale by owner is as easy as putting up a sign on the front lawn and poof it’s sold. But…. wait, what do you do when 50 people come through your open house and 20 would now like to make an offer? Do you find yourself in a representation conflict with bully offers? Hmmm….what’s a bully offer? A sales representative would be able to handle this situation comfortably for you.
Below are some of the many aspects of the listing and negotiation process we handle for our sellers with ease and years of practice. Let us make this exciting time in real estate prosperous and enjoyable knowing that we are working harder than ever to protect our clients:
1. What price should you set your asking price to draw the most people to your property without scaring away great potential buyers or leaving money on the table? Remember as well that your home needs to appraise out by a bank for the buyer to be able to mortgage the home. A heavily inflated price may backfire if the home doesn’t appraise out.
2. Will you know who is representing each buyer and what the difference will be between those represented by other agents and those without representation?
3. When will you accept offers? Do you have to hold off until a certain date or can you take the first offer that comes in? And what about a bully offer that comes forward before you even finish all of your booked showings?
4. How to handle represented buyers with varying commission amounts?
5. Did you disclose the same information to all potential buyers and accurately advertise your home? Material latent defects, renovations, title to the home and zoning information, taxes, and square footage of the home. Any discrepancies can have major consequences.
6. How will you process and review all offers presented to you? Can you sign them all back!
7. How will deposits be handled?
8. Do you know what information you can’t disclose to buyers? For example, what is someone willing to pay or offer?
9. Even as a private seller are you aware of your full duties within multiple representation?
10. Do you have to accept the offer with the best price?