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OWM Blog – Real Estate Transactions and For Sale by Owner

Some of my closest friends, business associates, and new client referral sources, are realtors. Realtors do a wonderful job of assessing fair market value, marketing properties, finding Buyers and vetting their financial ability, negotiating real estate transactions and closing same, etc. However, some Sellers are able to find a Buyer, and sell real estate, without the use of a realtor. We work closely with Sellers, with or without realtors, in the handling and processing of a real estate transaction.

Just because you elect to try and sell a property without a realtor that does not mean that you should not involve a realtor. If you are going to pursue the sale of real estate without a realtor, I still highly recommend that you develop a relationship with a realtor and pay for him/her to provide you with a value of the property that you are selling and to give you some marketing ideas for same. Do not rely upon the Internet to establish a value for your home that you are selling on your own. Who knows why your neighbor sold a property similar to your home for the price that he did? Was he in a hurry? Did he make a mistake in the valuation? Was it an estate sale? Did the property have problems? Did he find an overly eager buyer? Pay a realtor to provide you with a comparative market analysis, or even a formal real estate appraisal, so you do not make any of the above mistakes. Moreover, hire a realtor to provide you with marketing ideas (i.e. Should you paint the interior? Should you put in new flooring? Does the marketplace for your neighborhood reward some basic landscaping or would that be a waste of money?).  Hire an attorney to help you with documenting the transaction (i.e. preparing the Agreement of Sale, negotiating the terms of the Agreement and deadline dates contained therein, vetting the financial ability of the prospective Buyer to purchase the property, etc.).

We all know why someone wants to sell a property without a realtor…to save in costs of real estate commission! However, do not proceed blindly. Work with a realtor on the above preliminary procedures and work with a real estate attorney in documenting the deal and processing the transaction to a successful conclusion.

Contact OWM Law offices if you are interested in selling your home.

— Written by David A. Megay, Esquire

DISCLAIMER: The contents of this blog are not legal advice, and are not to be used for that purpose. If you are faced with a legal matter, you should contact a lawyer immediately in order to ensure that you are protected.

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