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For Sale By Owner Risks

Aug 23, 2007
It is often a good idea to intensely analyze a situation before delving right in. Selling your home for sale by owner is one of these types of situations. Thorough preparations must be made in order to minimize cost and to ensure as smooth a transaction as possible. Mistakes are at times unavoidable, and in most situations they are inevitable, but the important thing to remember is to use caution so the costly mistakes are at least minimized if not completely eliminated.

As with all situations involving a high reward, there is a high risk involved in attempting to sell your home for sale by owner. Caution must taken during each and every step of the way in order to ensure a successful sale with the satisfaction of all parties involved.

When utilizing a real estate agency to sell your home, it will be listed continually on what is called the Multiple Listing Service so the exposure will be constant albeit not attention grabbing. However, when selling your home for sale by owner, it is completely up to you to keep your advertisement fresh and exciting in order to constantly draw potential buyers into showing an interest in your for sale by owner home.

The risk involved here is one where would-be homebuyers might not interested in what your for sale by owner home. This could be due to a number of reasons such as the advertisement is not in a high traffic area and therefore is not getting the type of exposure it could be getting or the ad in the newspaper is not as noticeable as it could be. Maybe this is because of the language used in the ad. Quite possibly the verbiage is simply not captivating enough. This in itself perpetuates your risk of not being able to sell in the time frame you need to sell in.

Usually, a for sale by owner home will sell in about 60-90 days depending on a number of factors, but this is a pretty safe estimate to go with when using a real estate agency. There is no such guarantee when selling your home for sale by owner. It depends solely on the methods you are using to advertise and how much effort you are putting into advertisement.

Oftentimes, if a seller is trying to save money, there is some sort of time constraint as well. This can put unwanted and unneeded pressure on the seller and can cause a lowering of the asking price. A domino effect of inconvenience can easily be created in order to make up for the last inconvenience and this can be a snowballing process!

It is a very worthwhile idea to sit down and seriously look at the risks associated with selling your home for sale by owner. The reward can be great but if this is the case then it must go without saying that the risk is going to be equally great.

Risks, whereas they cannot be eliminated, can be prepared for. It can be a really good idea to sell your home for sale by owner, depending on your specific circumstances and your needs but it is important to remember that risks are present and should be seriously considered before a decision is made.
About the Author
Home-Sale.com.au is a For Sale By Owner Real Estate Listing Directory which offers free listings for vendors wishing to sell their property by private sale
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