Resources & Articles - RE-Leesburg.com

Before deciding whether to attempt to sell your home and keep the commission you would pay a real estate agent, consider these important details.

Consulting a Real Estate agent about placing your home For Sale By Owner will probably result in their advising you against it, and they will tell you that it will take you twice as long to sell the home than if they helped you do it.

However, remember when you bought your house. If you're like most home buyers, the Real Estate Agent walked you through the house, had you fill out a few real estate forms, and then you sat in the Escrow office while they did the rest, and the Agent pocketed the 5 to 6 percent commission (or more).

Granted, the Real Estate Agent does not have a job that requires no effort, but if you are willing to work at it, you will have a good chance at succeeding to make a quick sale using the FSBO method.

The first step is to decide: is it a buyers or sellers market? The presence of more buyers and fewer sellers result in a buyers market, and houses sell faster. Sellers markets, however, may require the seller to make two or three extra mortgage payments during the time that it takes to locate a buyer, and the faster process of using an Agent might be a more desirable alternative.

Consider other homes for sale in the immediate area. For what length of time have they been listed? If homes are not selling quickly, it may be wiser not to move until after a buyer is found, which gives you longer to locate a buyer, but less time move out of your home.

Secondly, do the necessary research. Potential buyers have numerous questions, and knowing the answers is important to minimize your frustration - and theirs! Locate a Broker online to do a valuation of your home, which is usually free, to offer proof of your home's worth. A Real Estate Attorney can identify the required legal papers and assist with the closing process. Check with the State Real Estate Commission to determine what documents are required to complete the transaction.

Locate a reliable Escrow company that can be recommended to hold the good faith deposit, and initiate negotiations with a Title Company. Although the buyers are responsible for locating a Mortgage Broker, as well as a company that will perform Escrow and closing functions, they may not be familiar with any companies who offer these services. Being able to make these suggestions is a kindness that will further your likelihood of appearing experienced, as well as of closing the sale.

To cut costs, advertise only when Real Estate Ads are most prominent in the newspaper, and if other open houses are going on in the immediate area, show yours concurrently.

If, despite your bests efforts, potential buyers are not appearing, consider investing money in the services of an economical Real Estate Broker, or a Discounted or Medium Service Broker (these may service contracts primarily through the Internet). Utilizing these resource may assist you advertising in a Multiple Listing Service. The additional charge of uploading a photo of your home is money well spent. Mere words are inadequate to effectively advertise your home.

As a last resort - You might also consider working with a Buyers Agent. These Agents work for a buyer, and normally split the commission with the Sellers Agent. Since you are sellers agent in this case, you may get some help, and a quicker sale for 2.5 to 3 percent of the selling price.

To reiterate, compare the cost of paying an agent with that of an extended time required to sell the house. Three percent of $300,000 is still $9,000 in the perception of a Buyers Agent; however, considering that most agents will charge you 6 percent, you still save an extra $9,000.