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4 Common Mistakes made by “For Sale By Owners”

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4 Common Mistakes made by “For Sale By Owners”

1. Not Having a Full Understanding of the Process.
Small mistakes can be extremely costly. Understanding the loads of paperwork that goes into selling a house is essential to be successful. For example, if the seller accidentally forgets one contract, or checks one wrong box, it can lead to thousands of dollars in fines and legal issues. The bottom line is, a professional will help the seller prevent potential lawsuits, while saving time and money.

2. Limited Resources Available
Professionals have access to the MLS, which is a huge database of listings that contains all the details on a home, such as address, year built, bedrooms, bathrooms, square footage, upgrades, school district and more. MLS contains 100% accurate information, whereas the sources that homeowners may use are often outdated, inaccurate, and limited. Real Estate Agents are also able to easily get potential buyers financial information to make sure they’re realistic, while homeowners will have a tougher time collecting this information.

3. Pricing it Right
For the most part, homeowners selling themselves don’t know the market value, consider their house to be more than its really worth, and don’t have enough time to devote to selling their home. This often causes homeowners to walk away with a lot less than they would have if they considered hiring a professional. Homeowners also don’t know how to properly negotiate, which a crucial step in buying AND selling a home.

4. Marketing the home
Real Estate Agents are able to market homes to a wide audience through websites, emails, open houses, and other forms of social media. Real Estate Agents are also able to get professional photos which makes the home way more appealing to buyers. Homeowners typically take low-quality photos with their phone, which makes it very difficult to compete with top notch professional photos.

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