Considered selling your home “By
Owner”? First look closely at some
possible consequences. Each can
result in a “no sale” at great cost in
time and money.
First, consider the personal safety of
your family. A “By Owner” sign in
the yard is an open invitation to
strangers. When you answer the
door, how can you know the
intentions of the person who
enthusiastically says, “I’d like to see
your home!”
Another scenario involves the
“buyer” who wants to quickly sign a
contract to buy at full price. You’re
thrilled. You pull out the contract,
and you both sign it. Now you’re
obligated to a total stranger, even
though you have no idea whether
the individual has the financial
ability to complete the sale. What’s
more, it may be 30 or 60 days before
you find out.
Two sub-plots can occur with this
buyer. First, the purchaser may not
have the down payment required or
may not qualify for a loan. Second,
having agreed to buy at full price,
the appraisal may not justify the
agreed-upon price. In either case, the
loan won’t be approved, and you
lose the sale.
Finally, you will find it quite difficult
to compete with the pros. They’re the
ones who sell 90-95% of all homes.
You can avoid selling pitfalls by just
asking. Before selling your home
alone, be informed.
