With any good piece of advice on house selling, there is always some sort of evidence behind it that shows that it can work. Spend two thousand dollars on gardening and you will increase your sale price by $15,000!; Sometimes you will. Other times you will just blow through $2,000 and still have to settle for below market rates on the sale. I sold my house by auction and got $20,000 over asking!; That person probably did just that, but did they mention what happens when the auction doesnt fetch a high price?
The one piece of advice that we, as real estate professionals, always hear is I am going to try to sell it myself and save the realtor commission and sometimes, wouldnt you know it, such a tactic actually works.
But other times, it doesnt, and the homeowner is left watching the value of their home drop, while the mortgage ticks up.
So what is the inside scoop should you try to sell by owner? Is it worth it to save a 6% commission? The honest truth is, sometimes but there is very little chance of actually figuring out when that sometimes is going to happen.
Real estate agents do provide a valuable service for all the money they take off you. They will guide you through the sales process, tell you what the weaknesses in your property are, they will run ads for you online and in print, they will handle the paperwork, negotiate a price there is a reason they take as much cash for their time, and that is that they are good at what you are not the inside info.
Added to that, more than a few property owners have found their sale harpooned at the last moment because they didnt have all the paperwork done, or the buyer hadnt been properly checked out and backed out late, or the property inspection revealed something was wrong that would require big money to fix. At the same time, there are plenty of happy sale by owner sellers for whom everything went great, but do you really want to take the chance on something going wrong, and do you really want to give all those thousands of dollars to a realtor driving a Lexus, while you are getting by on a 14-year-old Toyota?
There is another way. More and more, home sellers who know they are going to make a profit on their sale are deciding to forego the realtor route, as well as the sale by owner option, and are choosing to sell instead to companies that buy properties fast, for a slightly lower price than a realtor would be looking for, and have money in your hand today instead of in six months time.
These companies look at what your property is worth as is - give you that price for it, and then they spend the thousands of dollars and months of time, and weeks of labor and sweat, to bring the property up to its maximum value. For companies like these, they have the resources to sit on a property for months of even years waiting for the house to reach its potential; something that many home owners simply cant afford to do.
So if your property price is not moving like you would like it to be, and your house requires a lot of money spent to bring about a decent price in return, think about exploring that third option, and get the money you need today, so you can upgrade to a new home tomorrow.
For Sale By Owner Automobiles
When advertising your home for sale by owner, you will undoubtedly come into contact with a variety of people. All of these people, simply put, will not look just like you. You may come into contact with people of different ethnic groups or nationalities, people of different race, or even people with disabilities or handicaps. Situations can arise where discrimination against different types of people can be a violation of law, particularly regarding housing. Most types of housing are covered under these laws with the exception of those dwellings that operate under shelter laws, for example exclusively for battered women or for the hearing impaired.
Under the Fair Housing Laws, it is illegal to, based on someones color, creed, nationality, sexual orientation, handicap, etc; refuse to sell or to rent housing; refuse to negotiate for housing arrangements; make housing unavailable; deny a dwelling; set different terms, conditions or privileges for sale or rental of a dwelling; provide differing housing services; claim falsely that housing is not available for rent, sale, or inspection; persuade owners to sell or rent - this is known as blockbusting; or deny access to membership in a service and / or membership related to the sale or rental of housing. All of the above, if violated, will result in prosecution and criminal charges being brought against the violator. The same, or similar criteria exist for mortgage lending for the purchase of a home.
There exist clauses in the laws that state it is illegal to threaten or coerce, to intimidate or interfere with anyone exercising a fair housing right. Also, you may not advertise or in any other way make any statement that indicates a limitation or preference based on race, color, national origin, religion, handicap, etc; This prohibition against discriminatory advertising applies to single-family as well as owner-occupied homes that are otherwise exempt from the Fair Housing Act.
Housing discrimination is not always characterized by the slamming of the door in someones face or a bigoted remark being hurled at a potential homebuyer. However, it can be just as ugly and just as hurtful to the would-be buyer. Even without this as deterrence from the act, it is against the law. As a seller, it is important to treat each and every person interested in your home with dignity and respect. It helps to think of everyone as being a member of the human race instead of seeing them as being undesirable if they do not look like you.
With the legislation that exists, it is best to conduct the sale of your home in a business-like manner and treat the transaction with all seriousness and gravity without allowing personal preferences to interfere, as this is counter-productive to the ultimate goal: the sale of your home.
Your newspaper as well as other advertisements should be directed to the general public with the only descriptive language used being the language that describes your house alone. You must describe the demographic of your neighborhood and especially do not describe what type of person you would like to become interested in your house. If these guidelines are followed, there should be only the technical difficulties of closing the transaction rather than the complex ones dealing with offensive and discriminatory practice.
Both Kris Koonar & T J Madigan are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.