Columbus Ohio is a wonderful real estate market and you happen to have a house you want to sell. All the cable shows and advice gurus tell you it is possible to sell the property yourself without the use of a real estate agent. Hey, why not? No reason to pay a commission for doing a job you can do yourself, right? Well, you can try “For Sale By Owner” as you put your house on the market. You do run the risk of crashing in the process.
This Quickly Becomes a Nightmare
Think of it as walking into a dark room. You may stumble around quite a bit before you find the light switch. The same happens if you attempt to sell your property by yourself. Columbus real estate typically sell for hundreds of thousands of dollars. It is no surprise that the paperwork involved is a sizable hill. You are going to be doing all the listing and marketing alone. FHA financing is the way most people purchase their first home. The property has to pass an FHA inspection and many require some improvements be done prior to approval. You will be responsible for scheduling any improvements prior to showing, and if you don’t know any contractors things get difficult.
What is Your Marketing Strategy?
It has to be more than putting up a sign on the lawn. Most buyers surf the Internet to find the home of their dreams. Lack of an Internet presence is going to hurt you. Real estate agents have website displaying the available property. If you are not on one of those sites, you are competing against them. Odds are the other side will win.
This is in addition to scheduling showing of your home and doing advertising elsewhere. You will find the marketing consumes a lot of your time, because you do not have immediate access to those outlets which a real estate agent calls on immediately.
Nasty Surprises at the Closing
A buyer may interested but this person wants to haggle. Expect some negotiations on the closing price. This person may want certain considerations for doing home improvements or a reduced sales price. You can expect some back and forth which can get a bit heated every now and then. The negotiations can wear you down to the point where you make concessions you do not have to do. The give and take on the closing costs are matters you might not be familiar with. There are papers which have to be signed, and you are going to need an attorney. This person has to have some experience with real estate or legal issues may arise later on.
You may not know of any lien on your property or prior claim to it. It is why real estate agents help with a title search. If you forget this part of the closing, you may be dealing with a property lien you do not even know exists. It can stop a transaction dead in its tracks and drive a buyer away.
You can Make More Money Using an Agent
This may sound a bit strange but it is true. Agents first of all will develop a value on your home and the figure could be more than you initially thought it might be. The real estate agent knows what to bargain over, and how far the trading can go. Little things like the gas utility budget do not escape this expert’s notice. When it is all said and done, you may discover you have a net profit which is more than you could hope to receive by yourself.
Going solo means dealing with the buyer’s agent, home inspection people, appraisers, the bank, and maybe a few more parties. Do you have the time or the patience? If you have neither you might end up selling low just to end the madness. A real estate agent has been through the process more than once. He or she can guide you through all the process of selling your home at a good price. Being your own real estate agent is like being your own legal counsel in a court case. You might win but the fight is going to bloody you. Worse than that, you could lose more money than the agent commission. It is more cost effective to use a real estate agent than trying to sell the property yourself.