Does For Sale By Owner Really Save You Money?

When it comes to selling real estate in Lynden, your options are either choosing a qualified Lynden realtor, or selling it yourself. This is also known as a FSBO, or For Sale By Owner. Most of the time if someone is doing a FSBO, they are doing it to save themselves from parting with 5%-6% commission. Which adds up to a lot when it comes to hundreds of thousands of dollars so it is understandable why some sellers of Lynden, WA Real Estate would want to take on the task at hand themselves. However, you likely have heard local Realtors in Lynden strongly advise against handling the sale of your own property. You also likely probably assume it is because they simply want to sell your home and net the commission. While selling Lynden real estate is what Realtors do, we actually have your best interest at heart.

Negotiating Terms

In Lynden real estate, there are plenty of people you will need to negotiate with during the process of your transaction. It isn't simply the buyer. Although that would make it easy! On top of dealing with the buyer who wants your home for the best price, you have their Lynden, WA realtor whose main job is working in the interest of their client. Which is not you. In some states, you may even have the buyer's attorney to deal with. So if you are thinking that your negotiations skills are strong enough to handle those two (potentially three) people, the list of folks you will be negotiating with isn't quite finished.  Once an offer has been accepted, the buyer will likely want to do a home inspection to see if there are any repairs that need to be handled before they own your property for sale in Lynden. You will also have to deal with the appraiser. If their value doesn't match your selling price, that is another set of negotiations you will have to deal with. After all, the bank won't give a loan for larger than the value of the home. Speaking of banks, if you have a short sale that is another set of negotiations that, contrary to the name, take a long time to hash out. Buying and selling real estate in Lynden, WA goes way beyond simply dealing with the other party. 

Paper Work

If you still think that you can handle all the negotiations, let's chat about the paperwork. Due to mandatory disclosures and regulations, the amount of paperwork has dramatically increased. Enough that it has become difficult for those that are not experienced with the forms and contracts that FSBO has actually dropped down to 9%. A missing form, or signature, could change the deal and a seller of Lynden, WA real estate could end up out thousands if they accidentally miss something. It is advisable to work with someone who knows the ins and outs of these contracts as they are used specifically to protect the financial interest of both parties.

Exposure

Not let's chat exposure. Sure you can throw a sign out front and share your FSBO on social media like your neighborhood realtor, but you are missing out on tons of exposure. So what can a Realtor do for you that you can't? Well, it starts with the MLS. When you work with a Lynden real estate agent, your property goes into the Multiple Listing Service. This is a website for Realtors that feeds listings to major home searching sites world wide. Where do you think Trulia, Zillow and Redfin get their search feeds? It all starts with the MLS. Not to mention, properties listed in the MLS are showing up on other Realtor's websites and search results due to what is called an IDX feed. You may be old school when it comes to how your search for items to buy but 92% of buyers are searching on the internet for real estate for sale in Lynden, WA. When you align with someone who has a strong marketing plan, you are ensuring your home is getting maximum exposure. The more exposure your home gets, the more showings you get and hopefully offers. You may be ok with your home sitting for an extended period of time, but did you know that a property that sits longer naturally gets looked over for properties that are shiny and new? People assume that if there isn't an offer by now that there is something wrong with the home and they keep it moving. Letting a professional market your home from the start ensures the right buyers are seeing your property.

More Money

So the most important reason behind doing a FSBO was addressed above: A seller thinks they will net more money if they keep a realtor out of it and can net that commission. You may save a little money on commission, but only on the seller side. After all, the buyers agent still gets their commission. Studies have also shown that a Realtor can actually make you more money as a FSBO typically sells less than a home for sale in Lynden, WA. How much? On average, around $30,000.

If you have been thinking of selling your home in Lynden and have been wondering whether or not to do it yourself or work with a qualified realtor, I urge you to sit down with a professional and ask questions. Ask what they offer their clients, what their communication plan is, what their marketing plan is. At the end of the day, choosing a Lynden real estate agent to represent you during the sale of your home is going to likely be less stressful on you and will likely net you more money.  If you have more questions on this topic, or general real estate questions, give me a call at 360-410-0848. I would be happy to help you!

Posted on May 27, 2016 at 5:22 pm
Karen Timmer | Category: Uncategorized

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