For SALE BY OWNER I Tried It Once In Boise Idaho

Dated: 12/11/2013

Views: 1214

Long before I was a REALTOR, my husband and I did the For Sale By Owner route in Boise, Idaho.  It did not go over well for us.  We ended up spending more in the long run than if we would have just hired a Realtor to negotiate on our behalf.  In our experience, deals fell thru FSBO costs kept accruing, Mortgage Payments still had to still be made, we stuck in it for months, and someone else was always savvier than we were with our inexperience.  Once we hired a Realtor, it only took 3.5 months from getting it listed to the actual closing date.  And Guess  What!?  We were still out all the money FSBO charged us.  
Our Realtor was the buffer and made everything much smoother for us to deal with.  I am not a teacher, I am not a police officer, I am not an attorney,  So why thought that we could handle selling our biggest investment on our own is beyond me even today. So below is written partly by me and partly by Martha Turner out of Houston TX.
Selling your home independently and taking the “For Sale By Owner” route is a well-intention concept. The most common reason people do it is to save money on commission — the sales fee that is split between real estate agents and brokers. That’s certainly something we can all understand. After all, who doesn't want to save money?
But the reality of realty is that a For Sale By Owner (FSBO) seller often ends up losing money — and going through a great deal of hassle and stress along the way. A home is the biggest financial investment that most people experience in their lifetime. Selling a home is a multifaceted process — a lot more than putting a “For Sale” sign in your yard and listing it online. Even if you or your trusted advisers have personal experience in real estate, you’ll probably be selling yourself short in the sale of your home without the use of a licensed, experienced agent.
 Let’s examine some of the ways how.
Exposure. It’s a seller’s market. Boise is a thriving city, and it’s not uncommon for Realtor to get multiple offers on a properly priced home shortly after it goes on the market. But that demand is created through exposure — exposure that leads to more potential buyers becoming aware of the availability of your home for sale. FSBO severely limits that exposure. A Realtor has the ability to market your home on avenues such as MLS (multiple listing services) Social Media, Direct Mail, Newspapers, Pricing. A real estate agent knows how to price the market using reliable, real-time data. Some FSBO homes are under priced because the seller doesn't realize the true market value. Most FSBO homes are overpriced — sellers might get greedy or unrealistic because they love their home for sentimental reasons or they have read too much in the press. A real estate agent takes emotion out of the equation and strives to get you the best price for your home based on current data and market conditions.
Negotiations. First, there’s the complicated issue of agreeing on a sale price or of handling multiple offers. And would you believe that’s actually the easy part? Navigating and troubleshooting the many steps that result in a successful closing is where a Realtor's expertise is vital. The most difficult part of a real estate transaction is from the contract to the close — a place where deals can become very contentious, sometimes litigious, and easily fall apart. Once you agree on price, the next negotiation is repairs. A qualified real estate agent has a wealth of experience of inspections and negotiations under his or her belt. The average seller may have only been through this process once or twice.
Time. Think about the hours a real estate agent spends showing a property, doing research for pricing, marketing, negotiating and communicating with buyers and buyers’ agents. Time is truly money? 
 Risk: With a FSBO, the buyer and seller are NOT on equal ground.  One will always be savvier than the other during a deal and emotions can run very high without your counsel by your side to put things into prospective.  Expertise. There’s a saying in the court of law: “The person who represents himself has a fool for a client.” To put it another way, if you had a cavity, would you try to fill your own tooth? Of course not. An experienced professional Realtor will guide the seller through the home selling process and avoid the countless pitfalls and liabilities that can catch a homeowner by surprise. These problems could include legal, logistical and even ethical issues that homeowners can fall victim to. Real estate agents have been educated, trained and certified to handle all of these issues.
If these factors don't daunt you, then perhaps For Sale By Owner is the route for you. If they do, then I’d say you just might want to consider hiring a licensed real estate agent. Some content used from: Martha Turner is the president and CEO of Martha Turner Properties, a residential real estate company based in Houston.

Gavin McCaleb

Gavin has lived in Boise for over 20 years. In 2003 he got his start in real estate as an investor and since then he has personally bought and sold over 100 houses. He got licensed in 2009 and is now....

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