Dont Sell It Yourself

Don't sell it yourself! Sometimes a "FSBO," or house "for sale by owner" can sell as fast, and for as much as it would have if listed with a real estate agent. Sometimes. Before you decide to give it a try though, consider the following ten points.

1. Most buyers work with agents, and look through MLS listings. If you don't list with an agent, most buyers will never see or hear about your home. It's hard to find that "right" buyer or get top dollar when your invisible to most of the market.

2. FSBOs get lower offers. It's only logical. The buyer thinks you'll take less because you're saving the commission! Save $10,000, get $10,000 less - where's the advantage in that?

3. You pay advertising. All the costs the real estate office normally pays are yours if you sell it yourself. How much will you spend on ads if it takes a a year to sell?

4. You don't have the resources. The agent has books of sold properties to look at, for example, to determine the best price for your home. You can get that information by digging through county records, but you do have to value your time too, right?

5. You may not know the market. What's the target market for your house? Young couples, retirees? What features are they looking for? You should know these things before you write your ads. An experienced real estate salesperson will know.

6. You may not know the laws. What about written disclosures, and who pays the real estate transfer tax? Just because you sell it yourself doesn't mean you get to ignore the laws.

7. You may not be a good salesperson. How do you develop rapport and properly answer objections? Will your defensiveness scare off a buyer who criticizes your home? Think back to your own purchases. You know a good salesperson makes a difference.

8. A real estate agent handles the paperwork. Can you help the buyer properly fill out an offer to purchase? Do you have the other closing documents ready?

9. Real estate agents negotiate for you. When is the last time you learned a new negotiating technique? Do you know how to counter-offer without angering a buyer? A good salesperson is trained in these skills.

10. You may not save a penny. Documents, newspaper advertising, signs for the yard, and more - it's all your expense when you sell it yourself. Then after your hard work, you get low offers, and negotiate poorly? The truth is that sellers often net less money from the sale when they try to save the commission.

You can see why most "FSBO" sellers eventually turn to a real estate agent for help. You can learn to do many of the things an agent does, but is it worth it to spend all that time and maybe not even save any money? Don't sell it yourself unless you really know what you're doing, and you're ready for the hassle.

Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com

More than 40 states signed onto a proposed $25-billion deal with major mortgage servicers over faulty foreclosure practices. New York, Nevada and Delaware joined California in holding out for better terms.

More than 40 states signed onto a proposed $25-billion settlement with major mortgage servicers over faulty foreclosure procedures, but California, New York and other key states were still not among them.

California has until Monday to share in a multi-state deal with banks to obtain mortgage relief and reforms. Atty. Gen. Kamala Harris, who walked away from talks last year, says the door remains open.

With a Monday deadline at hand, California officials have resumed direct talks with the Obama administration about joining a multibillion-dollar, multi-state mortgage settlement with the nation's largest banks, a source said Sunday.

The talk show host pays $12 million for the 4,088-square-foot house with four bedrooms and four bathrooms. The ocean-view home sits on 1.26 bluff-top acres with beach access.

In one of the more talked-about transactions in town, actors Brad Pitt and Angelina Jolie have sold their Malibu beach house to daytime host and comedian Ellen De Generes for $12 million.

The four-bedroom, five-bathroom house built in 1920 for industrialist James Wigmore lists for $2,875,000.

A decorative cast stone entrance opens to this restored Spanish Colonial Revival-style house in Pasadena's South Orange Grove area. Built in 1920 for industrialist James Wigmore, the house retains such original details as coffered wood ceilings and arched doorways.

They don't believe they can sell their property for what it's worth, so they're spending money on making their homes more comfortable.

Do you fit any of these descriptions?

A biennial research report by the National Assn. of Realtors indicates that a handful of real estate agents and brokers and their clients either don't know the law or don't care to follow it.

When it comes to lawsuits, real estate agents and brokers tangle mostly among themselves.

The president aims to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

 

The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.

The Standard & Poor's/Case-Shiller index of 20 large U.S. cities fell 1.3% in November from October as foreclosures continue to drag down the housing market.

Three straight months of home-price declines in the biggest U.S. cities showed that foreclosures remain a significant drag on a housing market that is entering its fifth year of deterioration.

L.A. Clipper Chris Paul may be quick down the court, but he moves pretty fast when it comes to buying multimillion-dollar real estate too.