25% of people in the last year sold their homes without the assistance of a full time real estate agent. Over the last 30 years there has been nearly a 20% increase in homes offered For Sale By Owner (FSBO) or through limited services agreements. In the internet age, the growth of do-it-yourself based web services has had a similar affect in multiple markets.
Before you market your home as FSBO or under a limited services agreement, there are a number of factors to consider.
Realtors can offer great value to a seller. They have knowledge of local markets, can offer marketing advantages and give a homeowner increased flexibility. In this day in age though, some sellers simply prefer to list and market their homes on their own. For most, listing as FSBO, the thought of paying a significant sales commission is dissatisfying.
If you find yourself determined to sell FSBO, you should seriously consider hiring an experienced real estate attorney to assist you. There are many important tasks sellers tend to underestimate during the process, and a lot of time and money can be wasted if you make a wrong decision. Food for thought:
Contracts
As the seller, you will have the responsibility of preparing many of the legal documents, necessary to initiate and complete the sale. If you do not have the knowledge needed to prepare this paperwork, you could easily make a mistake and cost yourself additional time and money.
Having a lawyer available to assist you is the smartest and easiest solution. An attorney will help you respond to offers, negotiate, draft a sales contract and trouble-shoot potential issues before they arise.
Title
An experienced attorney can also pre-check the title to a property so that all parties know that a property is insurable prior to closing. Title problems can slow down a transaction and potentially even cause a deal to fall through.
Closing
If a lender is involved, the lender will nearly always require the closing to occur in an attorney’s office. If the sale is a cash deal, all parties are better served to utilize the services of a real estate attorney. At closing, the attorney will insure that all documents are properly drafted and signed. The attorney will also have the ability to offer or obtain a title insurance policy for the lender or purchaser and record necessary documents in the Probate Office. The closing process can often be confusing and their may be last minute questions or issues to take up.. It’s best not to be at the closing table without an attorney present.
If you’re considering putting your house on the market to sell yourself, call the experienced real estate attorneys at Stanko, Senter & Mitchell today.
