While selling your home independently will save you money on real estate commissions, a large portion of the costs you will incur, such as marketing, are covered by the commission. These savings come at a cost to the majority of sellers, and we’ll discuss the costs associated with a for-sale-by-owner listing in Lexington.
Screening Telephone Calls
From enthusiastic buyers agents calling at inconvenient times to unwanted spam and phishing attempts on your phone as a result of your marketing, selling your home as an For-Sale-By_Owner listing in Lexington entails acting as a gatekeeper. Before you bite off more than you can chew, it’s critical to have a realistic view of the time commitment. You’ll need several hours set aside for answering or returning calls, as well as sorting out qualified buyers.
Emotional Attachment
Dealing with the public in general can be intimidating for those who go it alone with an For-Sale-By-Owner listing in Lexington, all the more so when potential buyers are standing in your home and being less than diplomatic. By working with an agent, you can avoid the discomfort of responding to questions that may be highly intrusive or of a private nature that the buyer should not be asking. By contrast, an experienced agent is accustomed to deflecting such inquiries with professional responses. Maintaining composure in the face of such interrogation can be difficult.
Showings
One of the primary reasons sellers put their home on the market late is their fear of the entire showing process. Strangers exploring their private domain can be upsetting and intrusive for many sellers, even when viewed via online photos or a 360-degree virtual tour. From the inconveniences associated with last-minute buyers requesting a walk-through to the necessity of rescheduling your entire life around potential buyers, having an For-Sale-By-Owner listing in Lexington can be a complete nightmare.
Marketing
Effective marketing of your FSBO listing in Lexington from the start is critical to minimizing the number of days your property sits on the market. Generally, the longer a listing remains on the market, the less money the seller will earn. Typically, this marketing strategy would include the hiring of a professional photographer and drone videographer. From minor paint touch-ups to complete redecorating, an agent will stage the property to ensure the best possible presentation. Top-producing agents are well aware of the fierce competition in today’s market, as buyers can quickly scroll through hundreds of online listings in a matter of minutes.
Negotiating Table
Because you’re attached to your home, many sellers find it difficult to negotiate for their FSBO listing in Lexington. Buyers may make lowball offers, which can feel insulting, especially for a home that is not in perfect condition. Comments made in an effort to save money on the deal can appear heartless and cold. A buyer’s emotional reaction during such critical negotiations can be costly.
Repairs
On FSBO listings in Lexington, a significant amount of upfront money can appear to vanish into the hole of repairs. Inspections are a necessary evil that benefit you as a seller by shielding you from legal action if you fail to make required disclosures. Frequently, in order for your buyers to qualify for a loan, all repairs must be completed prior to closing, which means you will bear the cost. Otherwise, your buyers may demand an outrageous price reduction for the repairs, wiping out any remaining profit on the property.
Escrow
Earnest money is a critical component of any real estate transaction. It is typically handled by the agent and their broker and held in an escrow account until the closing. When you accept an offer and remove your home from the market, your buyer will have made a deposit, typically between 1% and 3% of the purchase price, to demonstrate their commitment to the transaction. When you have an FSBO listing in Lexington, you will need to hire an attorney or arrange for a title company to hold the escrow funds.
Paperwork
The majority of sellers work with a professional, preferring not to shoulder all of the responsibilities associated with a For-Sale-By-Owner listing in the Lexington real estate market. Along with online and local marketing for the house, this position entails complex paperwork that must adhere to strict deadlines and requires a significant time commitment. Errors on this paperwork can cause your transaction to be delayed or even derailed.
Completely Omit Listing
Avoid the commissions and hassles associated with a for-sale-by-owner listing in Lexington. Selling to Bluegrass Investment Properties LLC is completely free and takes very little time! Due to the fact that Bluegrass Investment Properties LLC purchases homes in-as-is condition and pays cash for them, the process only takes a few days! Are you interested in learning more about how Bluegrass Investment Properties LLC can assist you in resolving your issues? Contact us today at (859) 321-6618 to learn how Bluegrass Investment Properties LLC can save you money and time.
