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"For Sale By Owner" Sellers And Real Estate Agents

Feb 22, 2008
If you have a "For Sale By Owner" home, you might be wondering why you would need to see a real estate agent. The reason is that a good real estate agent can be very helpful. One thing they can do is to help you prepare a free comparable market analysis. A comparable market analysis is a list of the prices of similar homes which have been sold recently in your neighborhood. You can get similar information on the world wide web but a comparable market analysis is often a much better basis to work from and, like the information on the internet, it is free. This is a very useful document to have and can help you determine the right price.

The real estate agent can also give you some useful advice on repairs and touch-ups which you need to do before a potential buyer visits your house. They will have plenty of experience, having made similar suggestions to other clients in the past. The agent can recommend home inspectors and mortgage brokers and can help to organize the closing of your home. He or she can also be very helpful in negotiating a price for your house.

To find some good agents, don't be afraid to ask for referrals from anyone you can think of who might be able to help. Ask family, friends, work colleagues and even neighbors who have recently purchased a house. If you were pleased with the agent who sold you your current house, you might want to use them. You can also check with http://www.realtor.com to get agent referrals.

The agent will ask for a commitment from you, which gives them exclusivity in the selling of your home. Getting the comparable market analysis is not a commitment though and should not cost anything.

It can also be very helpful in certain situations to speak with a Real Estate Attorney. Nearly all states let you to sell your home with an attorney but the attorney can also hold a binder, an earnest money deposit or a down payment. The attorney can represent you at closing if the buyer's lending institution sends a lawyer to handle the closing. The attorney will host and handle the closing proceedings for your home.

You might want an attorney to calculate any complicated offers that buyers make and to file your lease with option to purchase agreements or financed mortgages. An attorney can also handle other documents which need to be filed with the courts or county.

Certain states will demand that you, as the "For Sale By Owner" seller, use the services of a title company or escrow agent to make the real estate transfer. If this happens, the escrow agent will undertake the duties of the closing attorney. You will still need an attorney to undertake the other duties as detailed above.

When you hire an attorney to help you sell your house, get referrals by asking anyone who has ever hired their own. Do not hire a corporate or criminal attorney who has probably never handled a real estate closing deal. Your real estate agent might even be able to refer you to a good real estate attorney if you ask.
About the Author
Tom Beaty offers Alaska Real Estate information for buyers and sellers. Don't buy or sell without visiting this Blog or it could cost you: Alaska real estate
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