7 Real Estate Myths About Selling On Your Own

When it comes to selling real estate, homeowners are beginning to realize that there is a better way to sell their homes. However, a recent survey commissioned by ComFree reveals that there are still other homeowners who need a little more information before venturing into selling their home on their own.

Real estate myths about selling on your own

Real estate myths about selling on your own

That said, allow me to dispel some common real estate myths that are still floating around in the real estate world.

Real estate myths about selling on your own #1

I won’t understand the legal papers

Fact: The 2011 survey commissioned by ComFree revealed that 52% of respondents expressed concerns over making a legal error, but the truth is that there is no reason why you would not understand the legal papers.

If, per chance, there is something you do not fully understand, help is just a phone call away. For more information, you can find the required documents on the right-hand side of the ComFree Offer to Purchase page.

Real estate myths about selling on your own #2

It’s too much work

Fact: While 55% of survey respondents revealed that time commitment is a hindrance for selling their home on their own, it was discovered that an almost identical time investment (average was 29.7 hours) is required regardless of whether a home is being sold by the owner or not.

When you consider the commission you could be paying, however, you are essentially paying yourself upwards of $500 an hour to sell your own home (30 hours x $500 an hour = $15,000).

Real estate myths dispelled

Real estate myths dispelled

Real estate myths about selling on your own #3

Open houses are intimidating

Fact: Open houses help to create buzz about your home and show other potential home buyers that yours is a hot property that is in demand.

When you plan on setting up an open house, ComFree offers directional signs that you can place in strategic locations to effectively drive traffic to your home. Also, it would be incredibly beneficial to market your home online.

It might serve you well to have a friend or relative on hand to help out by assisting prospective home buyers and answering their questions.

Real estate myths about selling on your own #4

I won’t be able to manage visits

Fact: No one knows your home better than you, so what is there to be nervous about, really? When people call to visit, make sure they’re serious by asking them a series of questions including whether they have been preapproved, when they plan on moving, and if they also have a home to sell or other conditions.

Finally, tell them that you will take their name and number down and return their call to set up an appointment.

Real estate myths about selling on your own #5

I won’t know how to negotiate with a buyer

Fact: Negotiating the sale of your home is not complicated. The buyer makes a formal written offer, you can either accept or reject it, and you take it from there.

The offer will include the following:

– The legal names of the purchaser and seller
– The legal address of the property
– The amount of the deposit and the amount to be paid on closing – paid in trust to the seller’s lawyer
– What items are included – e.g. fridge, stove, washer and dryer, fixtures
– What items are excluded – e.g. satellite dish, wood stove, etc.
– All rental items – e.g. hot water heater
– A deadline for acceptance date – this is the date and exact time that the offer will expire if not accepted
– Any other conditions

Common real estate myths

Common real estate myths

Real estate myths about selling on your own #6

I won’t know how to price my property

Fact: You can do an internet search and find out how much homes in your area have sold for, what they contained and then come up with a reasonable dollar amount to sell your home.

The bottom line is this: there are three important things you must consider when pricing your home:

1 -The market conditions
2 – Your time constraints
3 – The lowest selling price you are willing to accept

Once you have established these three things, you will be able to price your home with confidence and sell it with ease.

Real estate myths about selling on your own #7

I won’t know when to accept an offer

Fact: If you have priced your home based on fair market value, it won’t be difficult to assess if a home buyer’s offer is fair. The beauty of selling without commission is that home buyers are usually well-aware that the price has not been inflated to cover commission costs.

Look over the written offer and any initial clauses and contingencies carefully. This document will include the price, conditions, deposit, and closing date.

You can accept, reject or counter the offer until you and the buyer find a happy medium you can both agree upon.

Dispel the myths about selling your home on your own

So if you think that devoting some time to selling your own home is worth it and are confident that you have what it takes to do it (by the way, I am incredibly confident that you have what it takes – ComFree has already helped homeowners sell over 100,000 properties and save over $1.5 billion in commissions) – ComFree.com is just a click away.

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7 comments

  1. Abusaa says:

    I think that using a REALTOR or not should be looked at in a case by case basis with no generalizations. There are many factors that affect this decision. We can always counter argue this article with some “ugly examples” of FSBOs and present statistics to support the argument. I believe it simply boils down to the specific situation of the seller. So I don’t disagree with the article but caution sellers to properly take the time to understand what they want to do. I am in agreement though with the saying “you get what you pay for” and if sellers are not skilled enough to negotiate a “good deal” from a REALTOR then they will most likely face challenges selling their property. The 5% commission is not a fixed number!!

  2. Daniel says:

    Hi Rosy,
    Great article. Hit all points on the money.

  3. Carolin says:

    The only down-side to selling with comfree is that even though your listing is on MLS, realtors for potential buyers will discourage the potential buyers from your house. Realtors do have an influence. This has been our experience.

  4. Barry says:

    It seems Ben (the realtor) disagrees.

    I have sold two homes FSBO before ComFree even existed. I had no trouble showing, selling or signing the contracts. I even sold my second home for $20,000 more than any realtor wanted to list it for. Realtors will list a home at a discount in order to sell it quickly and put as little work as possible into the sale. Today’s buyer knows the market very well. With the internet and MLS listings online (ComFree is on MLS now) why do you need a realtor? If your home is priced correctly and a good home, they will buy it sans Realtor.

    Sorry Ben. Make your high commissions on someone else’s back.

  5. Pingback: ComFree Blog » Can Your Kitchen Appliances Sell Your Home?

  6. Rosy Saadeh says:

    Hi Ben, Sorry you feel that way, but this article was thoroughly researched and, in Canada, rings completely true.

  7. Ben says:

    One of the most misleading articles I have ever seen. The writer is obviously brainwashed.

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