HOMES FOR SALE BY OWNER
Are you looking for homes for
sale by owner in North NJ? Exclusive Properties Realty offers exclusive
listings of homes for
sale by owner in North NJ.
Have you ever considered selling your home for sale by owner
or FSBO? You can do it if you have the right knowledge and skill set. Many
homeowners believe that to maximize their profit on a home sale, they should
sell it themselves. At first glance, the home selling process seems simple. Why
should a homeowner pay 6-7% to a real estate professional for something they
could do themselves? Pretty straightforward, right?
Take for a moment if you have ever had an opportunity to ask
someone who has tried selling their home by owner. They will most likely tell
you that the phone starts ringing almost as soon as the sign goes up in the
front yard. Unfortunately, most of those calls are not from potential buyers,
but rather from Realtors wanting to list your home. Frankly, the idea of not
paying the commission is attractive to any home seller. However, because of all
the issues and pitfalls that can and do occur, selling a home on your own can
present many unexpected problems.
For the adventurous at heart if you choose to go it alone,
here are a few things you may encounter on the road to selling on your own:
Lackluster negotiating skills. For Sale By Owner properties
usually attract bargain hunters, speculators, and "tire kickers".
Most FSBO buyers are merely curious, but some are real buyers looking for a
steal. Right or wrong, many of these opportunists believe homeowners are
uninformed about the marketplace. They can often be tough negotiators and
submit lowball offers on FSBO's because they think they have an advantage in
dealing with an amateur homeowner. As the seller, you are selling on your own
to save the commission. Even serious buyers will almost always deduct thousands
off your list price plus another six percent discount due to lack of Realtor
involvement.
Complete strangers in your home. "Stranger
danger!" This is what we teach our children yet at the thought of saving
the Realtor compensation, our sense of reasoning can become clouded. Ask
yourself a few important questions: what do you know about the potential buyers
coming into your home? Have they been pre-screened and pre-qualified by a
lender? Do you know how much they can afford? Even more importantly, do you
know if they have a criminal history? Are they sincerely interested really in
seeing the home? Keep in mind, by inviting complete strangers into the home,
unsuspecting homeowners place themselves and their children in harm's way all
to save a few bucks. Theft of valuables, robbery, home invasion, or worse ---
murder --- have occurred in these situations. Most Realtors have trained
professionals know who their buyers are, their true motivations, and whether or
not they can afford to purchase your home before they arrive on your doorstep.
Potential liability. Many home sales have been lost due to
incomplete paperwork, contract misinterpretations, property surveys and
encumbrances, survey affidavits, title policies, third-party financing, HOA
bylaws and restrictions, lack of inspections, appraisal issues, or not meeting
the state's disclosure laws, and the list goes on. Ask yourself how you plan to
handle a dispute with the buyer if one arises. What is your Plan B if the home
doesn't close? Even worse than a failed home sale, many lawsuits have occurred
in For Sale by Owner transactions after closing due to non-disclosure of
existing or previous latent defects. Are you completely informed of all the
steps necessary to stay out of court? Before you venture into unknown
territory, make sure you understand all the details essential to successfully
completing a real estate sales transaction.
Lost free time, nights and weekends. Complete accessibility
is one of the key components to selling your home profitably and competently.
You must be available to answer the phone calls, answer questions, and provide
property tours at any given time. Many homes have stayed on the market much
longer than necessary because of an owner's unwillingness or inability to show
the property when potential buyers wanted to see it. Recognize that a given
number of hours each day are vital to selling your home.
Lack of enhanced marketing skills. Unless you are an
incredibly skilled marketing specialist, most earnest buyers will never know
your home is up for sale. Statistics show that approximately 92% of buyers buy
a home that was presented to them by a real estate agent. While sometimes not
initially, individuals searching for homes almost always end up working with a
qualified Realtor. The process is much easier for the buyers because the agent
does all the legwork, the service costs them nothing, and the contract is
negotiated on their behalf by their real estate professional. The key to a
successful FSBO transaction is to be fully prepared, knowledgeable of the
contracts, and understand the pitfalls. Some FSBO's discovered that the lost
money as a result of poor decisions outweighed the commission.
To see our homes for
sale by owner in North NJ, fill out the form on this website, or call
Exclusive Properties Realty at (201)796-7777.
Exclusive Properties Realty – Your trusted source for homes for
sale by owner in North NJ.
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