There are a few myths about selling your home yourself.
Myth #1: "I can sell it myself and pocket the REALTOR commission".
Myth Buster #1:
The bottom line in any real estate transaction is YOUR bottom line! The general thinking of buyers looking at "For Sale by Owner" homes is, 'this house will be a bargain'. In the Jacksonville market For Sale By Owners leave 14% to 22% on the table! The variation relates to the market condition. In a super-heated market it's closer to 14% because sellers have far less competition. In a slow market the competition is fierce, with sellers offering help with closing costs and other incentives and a huge inventory. This is the classic example of supply and demand. The result is a greater loss to the "Do-It-Yourself" home-seller. The following table will show you the difference:
Source 1: Northeast Florida Multiple Listing Service and Public Records. Source 2: Surveys conducted by the National Association of REALTORS®.
Myth #2: "If I need help with the contract I will take it to my attorney".
Myth Buster #2:
Does your attorney specialize in real estate or is the practice geared more to another area of the law? Most attorneys specialize in one or two areas of law. All are qualified by licensure laws to "draw up" a contract. If you use an attorney it is imperative they specialize in real estate. While the others can review a contract to make sure it is "legally sufficient", there can be many subtle nuances that you need to know about and to make sure they are only in your best interest. Has your attorney gained experience in negotiating on behalf of the client? Experienced REALTORS®, have been trained in negotiation techniques, trained in current real estate law, and above all it is in the REALTORS® best interest to avoid litigation. Can your attorney make that same claim?
Myth #3: "I can market my home myself as effectively as a REALTOR®".
Myth Buster #3
Can you really? Do you have access to wide area advertising? How many web sites will you use to advertise your house? Do you have economic access to television advertising? Do you know HOW to write the proper text and adhere to Department of Housing and Urban Development (HUD) regulations? There are many words that cannot be used in an advertisement. How often do you plan to advertise your home? The truth is the more your home is exposed to the marketplace; the more likely you will put your home in front of the right buyer. REALTORS® are experienced marketers of properties. You need experience to stay in front of buyers. The name of the game is EXPOSURE EXPOSURE EXPOSURE!
Myth #4: "I'm not a REALTOR® so I'm not covered by the same regulations"
Myth Buster #4
Not true! There are several disclosures that are required regardless of who handles the transaction. Do you know what they are? Do you know which disclosures the Federal Government requires and which are required by Florida Statutes? Your REALTOR does? What about finance rules...such as "Regulation Z”?
All of our team members are well versed in what it takes to have a successful transaction in a manner that matches your time frame, for the most money, with the least inconvenience. When it's time to sell any property contact The Weisenburger Group. It will be worth thousands more in YOUR pocket.
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The Weisenburger Group
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