Why you shouldn’t go it alone
I was driving to a job site this week and saw a for sale sign in front of a house on the same street. As a Real Estate Agent who purchases homes frequently, I’ve owned two properties on this street before and I am very familiar with the properties. I would love to buy more homes on this particular street, so I called the number listed on the for sale sign. Spoke for almost 30 mins with the owner and learned the story behind the house- there is ALWAYS a story because homes aren’t just property, it’s where people live and have memories (plus, it can be emotional due to the amount of money involved). The story was that the house had belonged to her parents since it was built in the late 70’s and she inherited it when her folks died. After having several bad tenants, she decided she wanted to sell, and she wanted to do it alone. However, she wanted to get every dollar out of it that she could, she didn’t want to list it with an agent and didn’t want to fix it up. However, even though the house was in largely original condition, she wanted 200% of what it was worth! It needed a lot of work, including a new roof, kitchen, bathroom, floors, HVAC, you name it, it needed it! But because she was stubborn and wanted to do it alone, she thought that by putting it as a for sale by owner, she would get the most money possible. I’m here to tell you that as appealing as it sounds, at a crazy price, and with no agent, she could be sitting on that house for the next year without any interest. And once someone does come by to take a look, they will be very nice and she will never hear from them again. Unfortunately for her, the house is in a 55+ community. She won’t get any showings this summer because all of the buyers will have gone back up north. Also, buyers these days want to buy something that’s turn key, but more importantly, a home that’s fairly priced. The lesson is: I could end up getting a call from her 6 months or a year down the road after she’s realized that her house wasn’t worth nearly what she had hoped and that at that point she would be willing to take any offer she could get!