While hiring a Real Estate Attorney in Hagerstown MD can seem like an unnecessary expense, it can be beneficial to those trying to sell a home. Some homeowners try to sell their homes without assistance in what is known as a FSBO (for sale by owner) transaction. Here, sellers can learn why FSBO may be a bad idea.
Too Many Involved Parties to Negotiate With
If a homeowner decides to sell without help, they must negotiate with a variety of parties, such as:
- The buyer, who’s looking for a deal
- The buyer’s real estate agent, who serves as their advocate
- The buyer’s Real Estate Attorney in Hagerstown MD
- The home inspector, who works for the buyer and will focus on even the most minor flaws in the home
- The appraiser
- The bank (in the event of a short sale or foreclosure)
It’s Becoming Harder to do FSBO Transactions
The paperwork involved in a home purchase or sale has dramatically increased as regulations and industry disclosures have become stricter. Because of these tighter rules, FSBO rates have dropped by over 10% over the past two decades. However, hiring an attorney from Bonnie A. Winders LLC. can make the process easier.
Using an Agent Can Result in Higher Profits
Many of today’s homeowners believe they can save on real estate agents’ commissions by selling without help. However, most buyers look at FSBO homes because they think they’ll save on commissions as well. According to various studies, the average FSBO house sells for $184,000 while the average agent-sold home goes for $230,000. Studies show that homeowners in lower-value markets are more likely to go the FSBO route, but the statistics show that selling without the help of an agent and an attorney may not make much sense.
The Bottom Line
While a for sale by owner transaction can help a homeowner save money when it’s time to sell, it can come with its own difficulties. Before an owner decides to take on the challenges of a FSBO transaction, they should speak to an agent and an attorney to see how these professionals can help.
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