In our previous post, we shared a few words of advice for Colorado Springs homeowners looking to sell their property without the help of an agent. You can read part one before continuing below.
Here are a few more things all homeowners should know before deciding to sell by owner:
4. Whose is Liable for Correct Paperwork?
It’s scary to think about, but a small mistake in the legal paperwork of a FSBO-listed home sale could result in the loss of a buyer adding weeks to the selling process. And even worse, lack of knowledge can result in an earnest money dispute and other legal disputes. Being fully versed in seller disclosure laws and being knowledgeable enough to navigate the legal jargon of real estate contracts and paperwork is paramount to a successful transaction. A seamless selling process is the goal the buyer expects. Many buyers won’t consider a FSBO-listed property because of that concern.
5. Price Negotiation Experience is Limited
Unless a former real estate agent, the FSBO seller probably doesn’t have a lot of experience when it comes to negotiating the residential home purchase price, inclusions, repairs and other complex purchase terms. And in the sizzling and competitive Colorado Springs market, this is crucial.
Working with an agent can alleviate some of the stress involved with negotiating offers. This is especially true when there are multiple interested buyers (which will most likely be the case for homes in the Pikes Peak region). An experienced agent can also help get the best price for a home and ensure a prompt and smooth closing.
6. Network is Limited
Real estate agents in Colorado Springs know one another. We talk. And we know when a home is perfect for one of our own buyers—or a buyer that is working with another agent in the area.
Unless a FSBO seller also has an extensive network of real estate contacts, it can be challenging to make sure the home gets the visibility it deserves. While listing it online and putting a sign in your yard are both excellent places to start, these tasks will not get a FSBO home noticed like working with an experienced and connected agent.
If you are thinking about selling your home without an agent but want to discuss the pros and cons with one of Colorado Springs most experienced real estate agencies, give our Woodleaf Realty team a call. Again, we don’t want to dissuade you from selling on your own, but we do want you to be prepared and aware of the challenges that may occur. Give us a call, and we would love to talk to you about it!