Sell on Your Own … But May the Buyer Beware
For Sale by Owner sites sometimes seem rabid in pointing out that Realtors like to frighten home owners and buyers into hiring them when they sell or purchase a home. I had one pro-FSBO’er actually write a comment once, “More scare tactics from a Realtor…”
I’ll be the first to admit that not every seller needs an agent. Sometimes they’ve done their research, they’ve sold homes before so they know the process, and they’ve got plenty of time and energy to do the work themselves. The parents of my daughter’s best friend from way-before-I-was-a-Realtor sold on their own - sold it the first week it was on the market! I was amazed at their good fortune and even considered selling my own home by myself. Then the nanosecond passed!
Scott Daniels of Florida Real Estate reminds me why I hired a Realtor those six years ago when he wrote Mr. and Mrs. FSBO doesn`t care about you! Buyer learns the hard way, why they need a Realtor! Scott says,
Apparently, the home never appraised for the purchase price, after several attempts of going back and forth with the Seller to no avail the Buyer wanted out of the contract!
No such luck!
The seller and the attorney holding the escrow were adamant about keeping the $7500. They explained to the buyer “The Loan Commitment” expired and they have to “Buy The Home” regardless of appraisal issues.
Unable to secure a loan the buyer is in a huge bind!
Again, I won’t argue that sometimes it’s okay to sell on your own. You’re probably a stubborn, determined person who works well on your own. BUT I would absolutely always recommend that buyers find a licensed real estate agent to represent their best interests. If the FSBO is unwilling to pay your agent’s broker a commission for bringing you - the buyer - to them, then you can (yes YOU!) pay for the services of a Realtor yourself. Commission is negotiable, so it could be as simple as contacting a real estate company and asking for limited services (like explaining and filling out a contract). Or you could take a contract to a real estate attorney.
Caveat emptor has been around for a long time - for good reason. May the buyer beware!
