Selling your home “For Sale by Owner” has its pros and cons. When you sell your home, you’re taking on the biggest financial risk of your life. But if you have the necessary skills, experience, and support, it could be a lucrative move, as well. Selling your home by owner means that you’ll have to do most of the work to get your home ready to sell. That can be stressful if you don’t know what you’re doing.
Moreover, you’re going to need to schedule a time to meet with a property inspector to determine the condition of your home. While this is a common move for sellers, you need to be prepared for what the property inspector may find. Since you’re selling the home yourself (“by owner”), it’s likely that your home will sell for less. And this is especially true if major problems are discovered during the property inspection.
It’s best to get the inspection out of the way early so that you know what you’re up against. To meet with a property inspector, contact Guardian Angel Inspections today. We proudly serve the Palm Beach County area and will help you discover the worth of your home.
As you consider listing your home “For Sale by Owner,” it’s important to think about what that means. Below, we discuss the pros and cons involved with selling your home this way.
Getting Less for Your Home
When you decide to sell your home “by Owner,” you will likely get less money for it than if you were to go through a real estate agent. That’s because you’re taking all the risk and doing all the work. Plus, homebuyers feel more comfortable going through a licensed agent rather than the seller directly.
What’s more, homes that are sold FSBO can for as much as $50,000 less than those sold through a real estate agency. As such, you need to be prepared for the potential loss. The plus side of selling your home on your own is that homebuyers might jump on the opportunity to get your home for a lower price.
But keep in mind that if no one buys your home, you’ll still be responsible for paying your mortgage and any additional fees needed to keep your home maintained, such as a leaky roof.
You Are Responsible For The Sale
When you decide to sell your home, you are responsible for finding a buyer, marketing it, showing it, and then closing the sale. That’s a lot of responsibility. And, with the average home selling price now close to $500,000, if you get it wrong, you could lose a lot of money. That’s why it’s important to hire a real estate agent to help you sell your home. You’ll also have a professional who will do all the work for you, thus saving you money and time in the long run.
Getting Preapproved for a Home Loan
If you want to sell your home, you’ll want to get preapproved for a home loan. That way, once the sale is approved, you’ll have a loan, and you won’t have to wait to close. There are many lenders, such as banks and mortgage companies, who will work with you to get you a loan. Getting preapproved for a home loan can be complicated, but you don’t have to do it alone. There are mortgage brokers and agents who can help you get a loan. You can even hire a real estate agent to help you get preapproved for a loan.
Cons to Selling Your Home for Sale by Owner
The Duties You Have to Do Yourself: There are a lot of duties that come with selling your home by owner. You have to research the market, get your home ready, post it on the MLS, find a buyer, negotiate the purchase, and close the transaction.
Some of those things may be worth it to you, while others may not. The more you enjoy doing, the more fun selling your home will be. If you hate researching the market, preparing your home, or negotiating major deals, you’ll likely hate selling your home by owner.
You Might Not Make Enough Money: If the current economy is what’s keeping you from selling your home for cash, you may not make enough money to cover your expenses, pay your mortgage, and put away some cash for a down payment on a new home.
Selling your home may not be enough to get you out of your current situation. That’s not a good reason to sell. You can come up with another plan that gets you out of your situation faster.
Call Guardian Angel Inspections if You Need a Property Inspector
An experienced property inspector can help you determine the value of your home, whether there are serious problems that need to be addressed, and more. Guardian Angel Inspections proudly serves South Florida and will provide the information you need to make the best decision about selling your home. So give us a call today at (561) 512-7854 and let us know how we can help.