Yes! You can sell your home without involving a realtor. In real estate terms, we refer to this as for sale by owner (FSBO), and it involves you taking up all the responsibilities and tasks typically handled by an agent. While it sounds great, at least in terms of not paying commissions, it comes with several downsides.
Here are a few cons of selling a home without a realtor.
Hard To Get Top Dollar
Going the for sale by owners route has its pros, but one of its top cons is that you might get a lower offer. Price negotiation for a home takes skill, and your potential buyers want to spend as little as possible. Buyers will often try to talk you down to a point where it’s simply insulating. You could say no at first, but if you continuously get low offers, you might give in and sell for cheap.
On the other hand, working with a realtor guarantees that you get the highest price possible. Firstly, negotiation is their daily job, and they are excellent at it. They will only accept what they set out to achieve and won’t settle just because they are exhausted. Secondly, they, too, want the highest commission possible and will do anything to make that happen.
Limited Market Access
Selling a house involves much more than putting up a for sale sign and listing on a few websites. Attracting serious buyers requires experience, knowledge, and a vast network within the local market and beyond. While you may have an extensive personal or professional network, these people may have little interest in telling others your house is up for sale.
If you take the for sale by owner route, you might only draw in about 5% of the views your property would have garnered had you hired a realtor. That is a poor percentage if you want to get the best offers and sell faster. Realtors have specialized in this trade. They have access to many listing services (MLS) and connections with other realtors, giving them a wider reach and exposure to potential buyers.
Exposure To Legal Risks
Selling a home involves legal paperwork and a lot of intricacies that you might not be aware of as a homeowner. You need to fill everything in correctly and provide the necessary disclosures. For example, the law requires that you disclose everything that impacts the value and desirability of your property. (1)
Failure to do so could lead to legal action or, even worse, a voided sale. Materials for disclosure change depending on the state in which you live. However, you can avoid all those legal troubles by hiring a realtor. They adhere to strict professional codes of ethics and are well-informed about the legal requirements for selling a home.
Sell Your Home With Us
Bridlewood Real Estate is your trusted real estate professional with years of experience. We understand the local market, have a vast network, and are skilled negotiators to ensure you get the best deal. We are proud to serve Clermont, Mount Dora, Minneola, Groveland, and Orlando with our industry-leading service. Contact us today and let us help you sell your home without a hassle.
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