Thinking about going solo when selling your home? You might want to read this first

For those who are looking to take it upon themselves to sell their own home, Brent Ward, CEO/Association Executive – Central West Tennessee Association of Realtors offers a few thoughts on the subject, a subject that begins where one word usually comes to mind.

“They will save on the commission … a typical thought,” Ward said, “The National Association of Realtors does a study every year and they track for sale by owner (FSBO) … houses that are sold by owners are actually sold for less than what the market value actually is on that property.

“When you list your house for sale by owner, you have to let every person who knocks on your front door in your house and you don’t know anything about them, because the minute you let one in – and you don’t let the next one in – you just broke a Fair Housing Law. You may end up losing the house … Fair Housing lawsuits are very expensive – that’s just one example I can think of.”

Ward said percentages show safety becomes the issue when an individual tries to sell their own home.

“You spend your whole life keeping your house safe – doors locked, windows locked, your family safe – that’s your castle, it’s where you live – it’s your home,” Ward said, “You list with a realtor, there’s not a single person who comes through that house who hasn’t been vetted before they walk in the front door.

“They know they can buy; they probably already have gotten a loan approval letter, the real estate agent knows who they are, they have the driver’s license, they already know everything about them before they ever set foot inside your house.”

Ward said there are 179 things a realtor does before a house is listed.

“There is so much navigation that needs to be done in the market,” Ward said, “A lot of individuals just do not have the information. Sure, you can find a house online and find out how much the home costs, but that is just a small part of it.

“With interest rates being where they are mortgage companies have had to be creative in their financing so people can still get into the houses even at a higher rate.

“Your realtor – along with your mortgage specialist will be able to help with that and help you navigate things because there are so many programs out there if you don’t know who to start with … it’s not a one-size fits all.”

Ward said it is not unusual for someone who sold their own home to tell him they had second thoughts for not using a realtor.

“They didn’t get (price) they wanted,” Ward said, “The closest thing they have to selling their house is selling their car, and if you’ve been around long enough, you know selling a house and selling a car – there is night and day difference.

“The mortgage world is different you have to qualify for a loan. There are rule you have to abide by – disclose everything that is wrong with the property, it has to be in writing. The Fair Housing Laws still apply.”