Real Estate Experience You Can Count On in the Richmond Area

Many Real Estate agents will try to convince you not to attempt to sell your own home. Our personal philosophy is just the opposite. If you are convinced that you can sell your home by yourself, are willing to put forth the effort, then you have a reason to try For Sale By Owner for at least 30-45 days. Not only will I not attempt to talk you out of it, but I will actually help you. Why? Here's the honest truth. One of three things will usually happen: 1- If I do help you, and you are successful in selling, then you will keep us in mind when you hear of someone else selling or buying in the Richmond area. 2 - Since less than 20% of the people trying to sell their own home are actually successful, if you do indeed get fed up, or you decide to go ahead and hire a Richmond Realtor®, then hopefully you will remember me and call me for a free consultation. 3 - If you do sell your home on your own, and you're staying in the area, you may work with us in buying your new home and let us work for you as your buyer agent. It's a good idea to place your home on the market as far in advance as possible of purchasing a new one. If you find a new home first and then try to sell your present home, you may wind up with two mortgages.

Homeowners and Realtors are being urged to take precautions when houses are being shown during open house events. Remember, that as a FSBO, you are literally inviting strangers into your home! Homeowners can protect themselves and their property during a showing by following a few simple rules: When at all possible, have a family member or friend be present with you during showings. Without 'hovering', one of you can accompany the prospective buyer through the various rooms while the other stays in a central area. If they split up, so can you. Remove or store all valuable items such as cash, jewelry and small but expensive knick-knacks. Do the same with weapons and prescription drugs. Homeowners also should secure pets for the protection of the pets and potential homebuyers. If you host an Open House, remember not to leave the potential homebuyers unattended

For Sale By Owner, Fisbo or FSBO is generally used to describe a homeowner who is selling property without the service of a Real Estate Agent. - When the home owner enters into a listing contract with a Real Estate Agent, it's still a "For sale by owner." The Brokerage is actually contracted or hired as an employee by the seller/owner under South Carolina statutes to represent the best interests of the owner/client in a fiduciary relationship. The owner is still the seller and only being represented by the Agent Another misconception is that if an Agent represents a seller. A buyer will assume that commissions are always added into the asking price and therefore the additional commission inflates the price. Also, many buyers think that the asking price will be lower if there isn't a Real Estate Agent representing the Seller. Many Buyers assume they can generally save 6 or 7%. by buying directly from a FSBO. That assumption is generally incorrect. There is no set commission rate. In fact, it is illegal under the Sherman Anti-Trust Act and South Carolina Real Estate Law to fix or conspire to set a fixed commission rate. Some Brokers /Agents offer their services for low commissions and also flat rate structures. Many times the discounted commission is tied to discounted services. All sellers have the right to discuss any fees, commissions, and services before entering into any listing agreements. Trying to sell your home yourself to save the real estate commission? This may work for you if you are prepared to place your own ads, answer phone calls, schedule appointments to show your home to strangers, have strangers show up at your door when you least expect it, negotiate with potential buyers, comply with all the disclosures required by South Carolina law, schedule required inspections, and secure necessary title services to close the transaction. If you choose not to use a professional Real Estate Agent, representation by an attorney is strongly suggested. The transfer of ownership of a home is a major transaction for both buyers and sellers and legal and tax implications should be thoroughly checked. For most people, a for-sale-by-owner (FSBO) transaction is more difficult than it seems. Owners must research and understand the law and the legal ramifications to protect themselves. Remember, this may be the biggest investment and most complicated transaction in your lifetime. Some people are able to sell their own property without the services of a real estate agent. Some are experienced home sellers. Some are transferring ownership of their property to a family member or a tenant who's already living in the home. Some are just plain brilliant. Those circumstances are the exceptions. Here are a few things to contemplate. In a typical real estate sale, the buyer's agent receives a percentage of the commission that the seller pays the listing agent. Without a listing agreement, there's no guarantee that the buyer's agent will be paid for services, unless the buyer has signed a buyer's brokerage agreement that provides for a fee for services. Even if a FSBO offers to pay the buyer's side of the commission, many agents won't enter a transaction with an unsophisticated seller. FSBOs aren't permitted to put their home in the Multiple Listing Service (MLS) because these membership organizations are only available to licensed real estate brokers and agents. FSBOs cannot get visibility in many big search engines and Real Estate Web sites and must market independently at their own expense. (Yard signs, local newspapers, web pages, visual tours, digital photos, flyers, etc). They must also answer calls and make appointments, many times with unqualified buyers. Pre-qualifying a potential buyer is just another job skill to learn for first time sellers. FSBO's get a great deal of day and night "just looking appointments." Most FSBOs believe their own home is worth more than comparable homes in the same neighborhood. Many times they are wrong. A real estate agent can provide a comparable market analysis for the likely selling price of the home, an update on local market conditions, tips for improving the home's selling appeal, information on lenders. Overpricing a For Sale By Owner Property is the number one complaint of Potential Buyers. Potential buyers usually spend less time in a for-sale home if the owner is present during the showing. They are usually wary about discussing their opinions even with their own agent, if the owner is within hearing distance. Buyers generally are less inclined to make a legitimate offer when negotiating directly with the seller. FSBO's generally are not adept at negotiating and often take a low offer as an insult. They lose a sale because they are personally attached to their property and fail to understand the Buyers motives. An agent is the buffer between the seller and buyer. You must have a strategy to overcome this obstacle. Real estate transactions are fraught with potential liability for unwary sellers, particularly in states that have extensive disclosure requirements (lead based paint, radon, asbestos, seller disclosure, etc.). A FSBO who overlooks a required form or legally mandated disclosure could face an expensive buyer lawsuit after the transaction closes. If you are a FSBO always consult with a Real Estate Attorney or Licensed Real Estate Professional before entering into verbal or written agreements. Your goal is to sell your home for the most money, and in the shortest amount of time. And for the least amount of hassles and distractions. Unfortunately, the way many sellers go about selling their property leaves them wide open to the very problems they were trying to avoid. I sincerely hope my free seller tips will help you in your endeavors.