For-Sale-By-Owner Questions and Answers
Sequim For Sale By Owner (FSBO), Port Angeles For Sale By Owner (FSBO)
Answer: First, it's apparent to me that you want to make wise decisions. Your question here proves that you continue to seek knowledge to make the best possible decision. Second, I also appreciate the fact that you are asking with a sense of humility. In my experience, it is pride and arrogance that gets us in trouble, and it's humility that leads to knowledge and wisdom. Third, to answer your question, "Are we missing something?, the answer is "yes." Let me explain.
I'm 53 years old, and I've spent the past 30 years intensely involved in real estate from real estate sales to real estate attorney, and thousands of transactions in between. I'm still learning! It isn't what we know that ensnares us but what we don't know. The answers you get are only as good as the questions you ask. There literally are many Traps for the Unwary [read a few here]. Consider how many attorneys there are, and consider where they get all their business. It's not because people do everything right.
For example, if I pick just one of the dozens of Traps,
which involves inadequate legal descriptions, I can drill down to tell you
many problems that sellers make all the time with legal
descriptions. And many of the mistakes that are made with
legal descriptions are what a buyer uses to get out of the contract
the day before the scheduled closing. How would you like to be
involved in that kind of nightmare? It would take 20 or 30
pages here to describe adequately what problems I have personally
litigated on legal descriptions, but if you really are serious about
selling your own home, you are welcome to call me
[360-457-4587] or email me to
discuss this further, or if you are a Sequim or Port Angeles
homeowner, just call me to schedule your free consultation with me
in the comfort of your own dining room table [see
I am not trying to scare you into hiring me as your Realtor. I'm being absolutely honest with you. I made a living for 20 years as a real estate attorney, because people kept making messes of their real estate transactions. I had enough of that, the contentious disputes, the litigation, and billing clients thousands of dollars in legal fees on top of the losses they already had suffered. Now I really enjoy helping people before they get into trouble. I could write and talk for hours about problems and how to solve them, but I won't. I tried to give you the short answer here, but much more is available on my websites, including the audio Traps for the Unwary, and you can talk to me or email me if you want to.
Not Save The Real Estate Commission?
Question: I'm interested in selling my own home for one reason--to save the real estate commission. What's wrong with that?
Answer: Nothing. That's a
good American reason to be a For-Sale-By-Owner. The question
is, can you? In other words, do you know how to price your
home? Do you know how to collect accurate information on fair
market value? Do you know how to make adjustments in the
prices of the comparables? Do you know the most and least
effective ways to advertise and market? Do you have experience
developing compelling sales scripts that will attact buyers?
What about negotiating? Can you negotiate for top dollar while
not killing a transaction with a good buyer? Do you know all
about terms that change your net proceeds? Are you aware of
the top mistakes that FSBO's make regularly? Do you know about
tax implications? Are you a competent document
draftsman? Can you include all relevant terms and language
without ambiguities? Do you know what legal documents are
required by law in Washington and Clallam County, and in Sequim and
Port Angeles? Can you help your buyer get a loan (there's much
more to this step than 99% realize)? Can you provide the kind
of attention and focus needed from the day there is a written
agreement with your buyer until closing? In other
words, do you know how to be a transaction coordinator?
If your answer to all of these question is an intelligent "yes,"
than I encourage you to sell your own home. But if you can't
talk for 20 minutes on each of these issues, you may
be unprepared. It takes many of us a lifetime to really
begin to get good at many or most of these steps. No one is
naturally good at all of these things. There are too many
details that must be learned on the street. If you have
gained the knowledge and experience to competently handle all these
questions and all the issues within each question, I would say,
"Go for it, and God speed."