Real estate transactions involve one of the biggest financial decisions most people make in their lifetime. According to NAR (National Association of Realtors) statistics, FSBOs (For Sale by Owners) accounted for 9% of home sales in 2012. The typical FSBO home sold for $174,900 versus $215,000 for agent-assisted home sales. Based on an additional $40,100 in the sales price, this equates to an increase of almost 23%. Most people think that Realtors are paid too much in commission. However, there is a lot to do in buying and/or selling a home. In most cases, the seller pays the real estate commission. So why would you not use a real estate agent to buy an existing or new home? All my services are free to buyers of existing and new homes (builder’s pay the real estate commission). Additionally, I was able to get new home builders to pay for things like vinyl fences and other concessions include $10K in closing costs. A Realtor acts as a general coordinating the marketing to ultimately the closing on the transaction.
Most real estate agents use some form of marketing to get buyers and sellers. According to 2012 NAR (National Association of Realtors) statistics, information sources used in home search:
- Internet: 90%
- Real estate agent: 87%
- Yard sign: 53%
- Open house: 45%
- Newspaper ad: 27%
- Home book or magazine: 18%
Your real estate sales agent can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports like the following:
Property Inspections: Depending on the area and property, this could include inspections for termites, dry rot, Chinese drywall, asbestos, faulty structure, roof condition, septic tank and well tests, etc.). A real estate agent also provides a final walk thru prior to closing on the real estate.
Title Company: You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be confusing with the status of past owners. The title to most properties will have some limitations, which could include easements (access rights) for utilities. A title company or attorney can help you resolve issues that might cause problems at a later date. Some title companies are also completing lien searches (i.e. past due utilities). A real estate agent also reviews the HUD statement for errors prior to closing on the real estate.
If you still want to try to sell your home yourself, you have to consider that someone will have to do the sales contract. Regardless of whom sells real estate (a real estate agent or yourself), you have to provide a seller’s disclosure to a potential buyer. A seller’s disclosure tells the potential buyer any material facts about the property that the property owner knows about.
If you are interested in buying a new home or any other home, please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida 33511) and I can help you find a new home in the Tampa Bay Area. I can also sell your existing home. My email address is firstname.lastname@example.org or call me at 813.205.9280. If you are just starting your search, you can search the MLS for homes on my website at this link.
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