Attention Newport Beach, Costa Mesa and Orange County homeowners thinking of For Sale By Owner (FSBO) – According to the National Association of REALTORS® 2012 Nationwide Profile of Home Buyers and Sellers, the typical For Sale By Owner (FSBO) home sold for 20 percent (or $46,000) less than homes sold with the assistance of a REALTOR®.
While many owners may have success accomplishing a home sale by themselves (and a buyer is likely to get the better end of the deal via reduced price), California has daunting disclosure requirements and legal complications, not to mention marketing, marketing, marketing to get the maximum exposure of your property.
Sure, deals can get closed, and perhaps money is “saved” via skipping a real estate professional, but that’s not the whole story. What could a real estate professional have brought to the table as far as marketing, exposure, price setting and negotiation, paperwork, showing preparation and more? A strong agent on the other side is likely to win concessions from an owner lacking representation, hence why typical FSBOs go lower than REALTOR® sold properties.
Solution / Suggestion – At least explore your options – interview three or more local REALTORS®, ask about pricing and what they bring to the table for the commission; If you want to handle your own marketing, at least consider an attorney for the significant legal paperwork, proper disclosures to protect yourself, and perhaps even involvement in the negotiation aspect.
While FSBO sounds intriguing, a good real estate professional will almost always more than pay for themselves via stronger marketing and negotiation on your behalf, not to mention assistance throughout the complex paperwork process.
Author Devin R. Lucas is a Real Estate Attorney, Broker and REALTOR®, specializing in Newport Beach, Costa Mesa and Orange County, serving individual, investor and small business interests in real estate. Active with the Newport Beach Association of REALTORS® and Costa Mesa Chamber of Commerce, Devin R. Lucas Real Estate is an independent real estate brokerage and law practice located in Newport Beach, California.
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Newport Beach | California | 92663-4023