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For Sale By Owner – A Possible Lawsuit
While we all wish to save money, none of us are experienced in all professions. Very few of us will go into court without legal representation, but many will take a chance trying to sell their own pro
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Many home owners attempt to sell their homes on their own in hopes of saving commissions paid out to a REALTOR® only to find out they have bought into a lawsuit.
Below are only a few reasons why you should enlist the aid of a professional when selling your property of home.
Many states now require various disclosures. These mandatory disclosures are often unknown to home owners attempting to market their own home or other real estate.
States frequently change the wording and nature of these disclosures that are required by law. REALTOR® and real estate professionals are kept abreast of these changes by Continuing Education, Trade Associations and publications that the general public does not have access to.
Legislation for these required property disclosures are often as not generated as a result of previous real estate transactions that resulted in a lawsuit in an effort to reduce litigation from future real estate transactions and to protect the “General Public”.
By retaining a licensed real estate professional, home owners can transfer or reduce their liability in a real estate transaction in much the same way car insurance reduces your liability. While none of us want to pay our car insurance premiums, few of us are brave enough to leave our driveways without our coverage knowing of the possible financially devastating consequences.
Real estate professionals are just that… Professionals. They are trained in the laws and practices of the state in which they operate.
They can also assist you in receiving the maximum amount of money for your home or property. A REALTOR® or licensed real estate professional deals with local market conditions on a daily basis whereas the average home owner does not. A REALTOR® can help you price your property to sell at the current market conditions in the shortest amount of time. This is usually accomplished by generating CMAs (Competitive Market Analysis) or COMPS. This is properties retrieved from a computer database that are similar to yours that have sold in your area.
A REALTOR® or other licensed real estate professional works and generally builds a relationship with other professionals that the home owner seldom comes into contact with. By having a relationship with these other professionals, problems in a transaction can be avoided or eliminated altogether and real estate transactions can be greatly accelerated. Just a few of the other professionals that may be needed for a real estate transaction are:
a) Appraisers
b) Inspectors
c) Title Companies
d) Loan Officers
e) Escrow Companies
f) Real Estate Attorneys
The relationship between these other professionals and your REALTOR® have developed over time and your Agent will generally work with individuals that are best qualified to make the sell of your home or property smooth and expeditious. After all, most Agents are on a commission basis and are not paid until the close of your real estate transaction. Naturally, these other professionals are more receptive and cooperative with an Agent than a home owner since the Agent controls multiple transactions annually whereas the homeowner may only require the prospective services only a couple of times in a life time.
While we all wish to save money, none of us are experienced in all professions. Few of us will go into court without professional representation by a knowledgeable attorney, but a growing number will take a chance selling their own property without professional representation and taking an unnecessary risk inviting unwanted litigation.
-Rhonda McMillan
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