“A penny saved is a penny earned…” an old cliché but not always applicable. This past spring we decided to sell our home ourselves. Like most people, we have sold numerous vehicles, trailers, livestock, and other miscellaneous items over the years without any difficulties. So why not our house? After crunching the numbers it seemed that the money saved by proceeding with a house sale ourselves was a wise and frugal decision: money well saved. Everything went smoothly at the beginning. We had a written agreement with no subjects. Perfect. The buyers did have a number of items they wanted left, which was fine, but as time passed they started asking for more. Their mentality was that since it was for sale by owner and we were saving money by not paying a Realtor, naturally, we wouldn’t mind throwing in a few extras. This progressed into problems with proper procedures for payment and move-in dates. How does a Realtor deal with the legalities? We weren’t sure. How could we be confident that the money would be transferred as promised? How could we protect ourselves if something like the roof failed soon after they took possession, and the purchasers determined we knew about the problem and as a result a lawsuit ensued? You are probably thinking that all these issues are easily dealt with. I would agree except for people often assume that because it is “for sale by owner” shortcuts are acceptable. For instance, the prospective buyers did not want to get a house inspector because it cost too much. Instead, they got a friend to do it. They wanted to use a notary because it was less expensive than a lawyer. We found ourselves being badgered by phone and e-mail on a continual basis. This was not what we had thought it would be. The journey to sell by owner was supposed to be a money saving deal, but the potential for making very costly errors became startlingly apparent. As we found out, a good Realtor shields you from the emotional onslaught of greedy buyers, protects you from making costly legal errors, and mediates a deal fair for both sides. The unforeseen risks of selling the biggest asset we had was not the illusion of savings a few bucks. Find yourself a good Realtor®; you’ll be glad you did. |