Should You Try to Sell Your Home by Yourself?

Orange County, CA Real Estate Podcast with Torey Severino

Should you try to save yourself from having to pay real estate commission by selling your home on your own? There are a few reasons I recommend you don’t.

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Why selling For Sale By Owner might actually cost you to lose money on the sale of your home! Are you aware the average For Sale By Owner home sells for between 87% and 90% of asking price? On Fizber, 94% of all homes originally listed as for sale by owner wind up listing with a broker within 63 days.
The reality is that selling on your own puts you at a huge disadvantage here in California.
Here in California, there are more than 55 pages of disclosures and contracts just to list a property. Agents like us have all the protection we need, but if you sell on your own and fail to disclose issues with a property, you put yourself at a huge risk.
Secondly, you need to consider the types of buyers looking at properties listed For Sale By Owner. First, it’s investors who know you’re not paying a real estate commission and want to absolutely steal the property from you. The second type would be buyers who can’t get traditional financing.

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Buyers looking to For Sale By Owner homes think they can get a steal of a deal.

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Thirdly, you might be working with a lease-to-buy tenant purchase, which generally doesn’t work out for the seller. If the market changes and your home goes up in value, you’ve locked yourself into a contract. If the market goes down and the buyer walks away, you’ve wasted all that time when you could have found a qualified buyer.
Also remember that if you’re thinking about selling your home online, if it was that simple and easy, I wouldn’t have a job! It takes an agent to showcase a home’s features and benefits to the market. Sites like Zillow and Trulia can be helpful, but it takes an experienced and composed salesperson to be able to negotiate for you.
Finally, remember that buyers looking at For Sale By Owner listings are looking for a steal of a deal. The owner of Forsalebyowner.com even had to use a real estate agent to sell his property in Manhattan, the hottest market in the country.
If you have any other questions about this topic or you’re thinking about selling your home, give me a call or send me an email. I’d love to help you get the most out of your home sale.