Destroy 4 Common Myths About For Sale By Owner Real Estate Transactions

By Lucille R. Church 4 years ago

A For Sale by Owner type of real estate transaction has several common misconceptions. If you are looking for a place that talks about the myths and facts associated with this type of house sale, you have come to the right place. We are going to address some of the more common misconceptions and misinformation about this type of transaction and show that it can be a positive experience for all parties involved. Look at sell my house fast jacksonville website for more information about trusted home buyers in Jacksonville.

Myth 1: 

I have to know a lot about real estate to sell my house on my own. I should be licensed as a real estate agent or at least take some classes.

Truth:

While it can be beneficial to know the laws about real estate in your area, you do not have to know it all. Many times you can hire an experienced real estate lawyer for much less than the agent’s commission, and you are legally covered. These lawyers can provide you with the necessary contracts so that the sale is legal and binding. You may benefit from real estate classes or some simple online training, but you don’t have to be licensed to sell your property. Legally, any owner can sell their property without having a real estate license.

Myth 2:

I need to be celebrated with people to sell my house.

Truth:

You shouldn’t be scared of people. Some people have a natural aversion to people and would consider themselves a hermit. Most people, however, can talk to other human beings on a one-on-one basis. If you are nervous in crowds, you can limit showings to one person at a time. You never have to host an open house, and you can ask to only speak with the actual buyer, not their entire family. If you work and interact with people daily, limited, or not, you can perform the necessary talking that will sell your house.

Myth 3

I’ll make a more significant profit when I do an FSBO.

Truth

While many sellers do report making a more significant profit, many experience the benefit of merely not paying money out of their pockets. In this current housing market, the competition is plentiful, and you may need to lower the asking price to compete in the market. You have to be willing to compromise to have a successful sale. When you reduce the cost, you may not have the leftover money from the sale to pay an agent and concessions. An FSBO will let you skip that part and lower the price enough to sell, but you may not make a substantial gain on the house.

Myth 4

People will call and stop by at all hours of the day and night.

Truth:

You will get phone calls, emails, and even drive-bys. Don’t think of them as a nuisance, but rather as money in your pocket. These are potential buyers, and the faster you can get them to buy, the sooner you can be done with the hassles. It may be a pain to have the showings and distribute the info. Still, in reality, when you use an agent, they don’t clean for you, make the decisions for you, or even create a budget for you. Those are all items you will do on your own, so why pay an agent to do that.