Yay! I Found My Own Buyer!
In this current market with low inventory and rising pricing, we are hearing more and more tales of those who have been approached by buyers to purchase their homes privately.
Many times this is happening when the seller hasn’t been actively considering selling. This is typical in a market where inventory is low in certain price ranges, and likely will continue throughout this year.
The possibility of saving the real estate fees is attractive to many, which is typical and understandable.
However, there are numerous pitfalls unsuspecting home sellers should be aware of, and are outlined below.
Selling Too Low:
In a rising market, a seller not in tune with the current market may easily undersell. The current market is changing daily, especially in key locations. Relying on a tax assessed value, or even an evaluation done by a real estate salesperson a few short months ago, is likely already behind current market values.
Contract law has become extremely complicated when it comes to real estate. Having a poorly written contract can lead to a lost sale at the eleventh hour or worse, a trip to the courthouse after the fact.
Negotiating on one’s own behalf is a difficult endeavor, and even more so when their largest investment is on the line. If you are not a trained negotiator, it is tough to get top dollar for your home, especially if the buyer is a tougher negotiator than you are.
Having a third party to negotiate on your behalf is invaluable when it comes to real estate.
Although saving the fees is an attractive option, if one ends up netting less in their pocket while doing all the work themselves, their mission has not been accomplished well.
There is always turbulence in real estate sales, and navigating through it is not for the faint of heart. Always contact a professional for advice when dealing with the equity in your home – the risk is just too high.
Hiring a real estate professional who knows the day-to-day activity in the immediate market area will almost always bring a better result.