In this Hot Atlanta Real Estate Market, many home sellers have begun the selling of their home as For Sale By Owners. Many are being successful in securing a buyer for the purchase of their home. However, as a Real Estate Professional in the Atlanta Market, I have some concerns that you need to be aware of.
Here are 5 Things You need to know if You are Selling your Home as a For Sale By Owner:
So you have put the sign on the front yard and have even possibly listed your home on ForSaleByOwner.com or Zillow.com. People are calling, knocking and even showing up at your doorstep asking to see your home. Since you are selling your home on your own, I am going to make the assumption that you have a Real Estate background and know the criteria that needs to be followed in order to screen potential buyers. You accept a Purchase and Sale Contract on an offer that you think is the best. Now what?
- If the contract brought before you was provided by a Real Estate Agent representing the Buyer, keep in mind the Agent represents the Buyer and their Best interest ONLY. This means that unless you (the seller) and the buyer agree to Dual Agency representation in writing, the Buyer’s Agent owes Fiduciary duties to the Buyer.
- If you are dealing with a Buyer’s Agent only (with no dual agency) throughout the transaction, no one will be looking out for your best interest, no one will be making sure inspection findings benefit you as much as the buyer, no one will follow up with the lender on your behalf to ensure all contingencies are being met, no one will provide you (the seller) with an update, no one will be managing the transaction on your end to ensure closing.
- Real Estate contracts in the State of Georgia update yearly and are issued by the Georgia Association of Realtors. These contracts are not available to non-members. There are other real estate contracts available out there that do not necessarily update as frequently. Are you aware that a Real Estate Contract is a legally binding document? Do you know how to read a Real Estate contract and how to interpret it when presented to you? Do you know what your rights as a Seller are?
- Since you have decided to sell as a For Sale By Owner, hiring a Real Estate Attorney to represent you in the Selling of your Home will be recommended. Keep in mind you do not have a Real Estate Agent guiding and protecting your interests. It is crucial that you have legal representation to ensure you understand the documents presented before you. The Real Estate Attorney hired by you to represent you will have nothing to do with the Real Estate Attorney that will be handling the closing.
- Let’s just say for the sake of previous statistics, the Buyer’s financing doesn’t come through or perhaps the appraisal comes in too low from the Purchase Contract. Do you know what happens next? Do you know what could or should be done? Will there still be a closing?
I hope this blog post provided some insight on the Home Selling process and what to expect as a For Sale By Owner.
Do you have Questions or Comments? Please let me know!