Should you sell “For Sale By Owner” in a hot seller’s market?
“Since the market is hot should I sell my home for sale by owner?” This question has come up a few times with people I have spoken with this week. Can you? Sure. Should you? Only if you can do the things below:
-Know how to stage your home to sell for top dollar
-Know how to price your home to sell. Yes even in a seller’s market you can mess this up.
-Correctly complete contract paperwork to minimize for your liability for non disclosure. It doesn’t matter if it is intentional or not, you are responsible.
-Complete a property disclosure agreement correctly. Non disclosure of material facts is a big issue and can be done easily if you do not complete the forms accurately.
-List the home at the prime date and time to ensure maximum market exposure.
-Be ok with letting strangers in your home.
-Be ok with taking calls at all hours
-Negotiate a contract. With multiple offers you need to screen each offer, get a pre approval letter, compare loan programs to see which deal is the strongest, etc.
-Be willing to negotiate repairs, get quotes and decide which items are the most important to resolve.
-Check in periodically with the other agent to make sure everything is on track for closing so there are no last minute surprises.
-Consult the closing attorney to make sure all of the paperwork has been completed so there are no closing delays.
If you are competent and skilled in all of these areas then you do not need a real estate professional. If not, you are leaving a lot to risk along with your money.