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Oleg Potemkin (RA)
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Oleg
Potemkin (RA) Hawaii Realty Associates, LLC
Honolulu, Oahu, Hawaii
Direct:
(808) 398-9987 Fax: (808) 538-8081 E-mail:
info@hawaii-realty.com
Attention:
For Sale By Owners!
Why People Are Afraid To Buy From You!
Many homeowners believe
that to maximize their profit on a home sale they should sell it
themselves. At first glance, they feel selling a home is simple and
why should they pay a broker fees for something they could do
themselves? In fact, close to 25% of all the homes sold last year
were sold for sale by owner (FSBO).
However, close to half of the FSBO’s said that they would hire a
professional next time they sold. Thirty percent said they were
unhappy with the results they achieved by choosing FSBO. Why?
Many FSBO’s told us that the time, paperwork and everyday
responsibilities involved were not worth the amount of money they
saved in commissions. For others, the financial savings were even
more disappointing. By the time they figured the amount of fees paid
to outside consultants, inspectors, appraisers, title lawyers,
escrow and loan officers, marketing, advertising... they would have
been better off having paid the broker’s fee which would have
included many of these charges up front.
Selling a home requires an intimate understanding of the real estate
market. If the property is priced too high, it will sit and develop
a reputation for being a problem property. If the property is priced
too low, you will cost yourself serious money. Some FSBO’s
discovered that the lost money as a result of poor decisions
outweighed the commission.
Before you decide to sell FSBO, consider these questions and weigh
the answers of assuming the responsibility versus employing a
professional. A little time spent investigating up front will pay
off tenfold in the end.
Questions To Consider:
- Do I have the time, energy,
know-how, and ability to devote a full forced effort to sell
my home?
-
One of the keys to
selling your home efficiently and profitably is complete
accessibility. Many homes have sat on the market much longer
than necessary because the owner was unwilling or unavailable to
show the property. Realize that a certain amount of hours each
day is necessary to sell your home.
- Am I prepared to deal with an
onslaught of buyers who perceive FSBO’s as targets for low
balling?
-
One of the
challenges of selling a home is screening unqualified prospects
and dealing with lowballers. It often goes unnoticed... how much
time, effort and expertise it requires to spot these people
quickly. Settling for a lowball bid is usually worse than paying
broker commissions.
- Am I offering financing
options to the buyer? Am I prepared to answer questions about
financing?
-
One of the keys to
selling, whether it’s a home, a car... anything, is to have
all the necessary information the prospective buyer needs and to
offer them options. Think about the last time you purchased
something of value, did you make a decision before you had all
your ducks in a row? By offering financing options you give the
home buyer the ability to work on their terms and open up the
possibilities of selling your home quickly and more profitably.
A professional real estate agent will have a complete team, from
lenders to title reps for you to utilize...they’ll be at your
disposal.
- Do I fully understand the
legal ramifications and necessary steps required in selling a
home?
-
Many home sales have
been lost due to incomplete paperwork, lack of inspections or
not meeting your states disclosure laws. Are you completely
informed of all the steps necessary to sell real estate? If not,
a professional would be a wise choice.
- Do I have the capability of
handling the legal contracts, agreements and any disputes with
buyers before or after the offer is presented?
-
Ask yourself if you
are well versed in legalese and if you are prepared to handle
disputes with buyers. To avoid any disputes it is wise to put
all negotiations and agreements in writing. Many home sales have
been lost due to misinterpretation of what was negotiated.
- Have I contacted the
necessary professionals....title, inspector (home and pest),
attorney, and escrow company?
-
Are you familiar
with top inspectors and escrow companies? Don’t randomly
select inspectors, attorneys, and title reps. Like any
profession there are inadequate individuals who will slow, delay
and possibly even cost you the transaction.
About the author: the
author of this article is not known. Article reprinted courtesy of
Total Real Estate Solutions http://www.totalrealestatesolutions.com
Your
Hawaii Real Estate Specialist
Oleg Potemkin (RA) Hawaii Realty
Associates, LLC
4211 Waialae Avenue, Suite 1020,
Honolulu, Hawaii 96816 USA
Tel: (808) 398-9987 Fax:(808)
538-8081 E-mail: Oleg@Hawaii-Realty.com
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