The Secret to Getting Over Your Fear of Contracts As A FSBO Seller
Selling your home without a real estate agent has a lot of benefits. Many homeowners, however, fail to take this path because of a fear of dealing with the real estate contracts involved. This common fear is misplaced.
When it comes to legal issues, the prudent advice in most situations is to go talk with a lawyer about your situation. The sale of residential homes, however, is a unique situation. The process is so trued and tried that it has been reduced to pre-printed forms you can buy at local office supply stores or online.
How accurate are these forms? Well, consider what happens if you retain a real estate agent to help with the sale of your home. They are going to provide you with forms for listing, making counter-offers and the final purchase agreement. All of these forms are the same ones you can buy directly! In short, you aren't gaining any legal expertise by using an agent.
This is great and all, but what if you still fear dealing with pre-printed real estate forms? After all, the transaction is going to involve massive amounts of money. What if you get it wrong? Could you end up in court and lose your home?
As you can see, panic can quickly set in. If you feel this way, there is a simple answer. Hire a real estate lawyer to look over and prepare the documents! Who better to protect you from making mistakes then the actual professionals that probably wrote up the forms you are using?
Ah, but lawyers cost money. Yes, they do. That being said, the cost of a lawyer compared to what you will pay in real estate agent commissions is really no comparison at all. Let's say you hire an attorney who charges $250 an hour. Let's assume they spend 20 hours on your transaction. That equates to a fee of $5,000. Now assume your home sells for $400,000. The traditional six percent commission for the real estate agent will equal $24,000. Now, which one is the better choice?
Selling your home without an agent gives you a huge advantage in this cold real estate market. You can use the commission savings to list your home a little cheaper than those around you, which will bring the buyers in. Don't worry about the real estate forms. They are pre-printed. If you prefer professional advice, then get an attorney. You'll still save a bundle over using an agent.
Raynor James writes about FSBO issues for FSBOAmerica.org where you can list your land for sale by owner for free for 1 month.
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