Common Obstacles Encountered By For-Sale-By-Owners
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The FSBOLaw(SM) Solution
Almost by definition, the typical for-sale-by-owner seller does not have a real estate professional by his/her side for advice, counsel, and representation. Additionally, an attorney is often not brought on board until after a buyer is found and after an offer to purchase is signed- which often is after mistakes have been made and after rectifying the mistakes is possible.
Our clients have by their side a law firm headed by an experienced Massachusetts real estate attorney, real estate broker, and author of the nationally-published “Sell Your Home Without a Broker” from their decision to sell by themselves through the closing. We have a passion in helping individuals successfully sell their homes while allowing them to potentially save thousands in broker fees. We are partners in the process.
The Price is Not Right
Many home sellers fail to use objective, methodical procedures to best determine their property’s fair market value and corresponding listing price. Sellers are often less-than-objective when determining their home’s value. A home priced too high will not sell and will likely take on a “staleness” aura that will affect the public’s perception of the home.
Depending on the package selected, we are able to provide our clients with an appraisal from a licensed appraiser or current comparative sales data to help identify the fair market value. Then, with knowledge of the market’s current conditions, we can best advise our clients of a smart listing price.
Warning Signs
Unfortunately, many home sellers use small, amateurish-appearing “For-Sale” signs with their telephone number unclearly handwritten in. The signs are difficult to read and do not give the interested passerby the confidence that the purchase and sale transaction will be done smoothly, honestly, and correctly.
We provide professional, broker-quality interactive lawn signs. They are large, clear, easy to read, are modifiable to include your telephone number, and come with both traditional and innovative rider signs to best get attention. They have boxes attached to insert listing sheets and direct passersby to the FSBOLaw.com website for additional photos and all necessary information. Click here to see our lawn signs.
File Not Found
As a result of the impracticability of registering, designing and promoting their own websites, home sellers lose out on the immense power of the internet to showcase their homes.
Our FSBOLaw.com website efficiently interacts with our lawn signs and our client’s advertising. The lawn signs direct interested passersby and prospective purchasers to the site where they can quickly see photos of the home and learn all pertinent details. The information provided on the site cuts down on calls from those merely seeking basic information. The site also provides really interested purchasers with an offer form with helpful, pop-up prompts so that they can make an offer and submit it directly to our office to receive on our client’s behalf.
Underexposed?
For-Sale-By-Owner Sellers, by themselves, can market their homes to buyers, but lack the option of marketing their homes to real estate agents working with buyers. An agent would be very hesitant to bring a buyer to view a home if there was not some security that the seller would compensate him or her for procuring the buyer.
We are able to host a client’s listing on the Multiple Listing Service (MLS) to open up the seller’s marketing to brokers working with buyers. While an MLS listing will obligate our client to pay a broker’s commission- usually about half what a listing agent would charge- it may be a valuable option for a seller. The MLS listing discloses what commission our client will pay to the agent procuring the buyer, which provides agents with the security to bring their buyers.
Unchartered Territory
The home sale process is governed by principles of contract law and is also affected by statutory requirements. Private home sellers unfortunately are often without the proper counsel to ensure: 1) they understand and use the proper contracts and documents; 2) they understand the ins and outs of the process; and 3) that their rights will be looked out for and protected. Unfortunately, many simply sign what they consider to be the “standard” contract and expect that it will “shoe-horn” for their own particular situation. Others may run afoul of the disclosure laws. Often these mistakes are made before the seller thinks to hire an attorney.
We are with our clients from the start- from the very moment they decide to sell their home themselves. We counsel our clients on the law of disclosure so that they are informed before they greet their first interested buyer. We provide our clients with legally-required disclosure documents. Further, we prepare and negotiate custom-tailored legal contracts and protect our clients interest throughout. Additionally, we are always there to counsel our clients through the sale process, so they know nothing is left to chance.
Too Close for Comfort
As the for-sale-by-owner concept is still in its infancy stage, it is natural for prospective buyers to feel apprehensive in dealing directly with the owner throughout the sale process. The buyer may feel awkward in trying to negotiate the home’s price directly with the owner. Quite understandably, the buyer may feel uneasy giving a $25,000 deposit to the seller for the seller to hold until the closing. This uneasiness may mean that an otherwise interested buyer may shy away from making an offer.
A by-product of our representation of the seller is the buyer’s confidence in the process. With our involvement, the buyer knows that the seller is serious about the process and that the transaction will proceed in a professional manner. Additionally, at our client’s request, we negotiate the terms of the deal with the buyer or the buyer’s agent and eliminate this task for our client. Furthermore, we hold the buyer’s deposit in escrow in an attorney’s IOLTA trust account and provide peace of mind for the buyer, as well as for our client.
Please visit the package comparison to review our various plans and their prices.