Problems with for sale by owner

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Updated: 4/13/2007 7:49 am
The most common way to sell a home is to list it with a professional realtor. Sometimes, however, people choose to attempt to sell their homes themselves. The logic in 'for sale by owner' is that you'll be able to save the percentage that normally would go to a realtor. While this is certainly attractive, there are many problems that come with selling your house yourself. The first problem is determining what a fair and reasonable market price is. Realtors are obviously the best people to assess the value of a home because they work in the real estate market everyday. If you set your own price, you risk either undervaluing your home or overvaluing it so that no one is interested. The second problem is marketing your home. If your home isn't listed in the huge databases that realtors keep, you're at a distinct disadvantage because prospective buyers might never see your home. Finally, selling real estate requires detailed contractual agreements and sales documents which you should have professionally done. Additionally, each state has their own laws which regulate such sales. For these reasons it's best to seek professional help to sell your home.

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