If you are selling your home or business, you may be deciding if you want to work with a realtor or if you want to set up the property with a for sale by owner plan.
There are several major differences between for sale by owner and realtor that have to do with:
- The potential price for your property
- How your home will be shown or marketed
- Handling any possible legal issues
Sellers may be able to hire a real estate lawyer to help them with legal issues instead of relying on a realtor.
The Price for Your Property: For Sale by Owner vs. Realtor
Many people immediately think that selling their property on their own will save them money. It is true that if you handle a property sale on your own, you will not have to pay a commission to a real estate agent. According to Investopedia, an average realtor’s commission is 6% of the sale price.
This may save you a large amount of money right off of the bat. However, you may end up spending some of this money to:
- Stage your home
- Get your property on the market
- Host open houses
To consult with an experienced for sale by owner lawyer today, call 855-780-9986
Marketing Your Home: For Sale by Owner vs. Realtor
In order to sell your home, you must get buyers interested in making a purchase. Realtors are specifically trained to bring in interested buyers and to get your property sold for an acceptable price. Because their pay comes from a commission, they are also motivated to lock down a sale for your property.
If you do not work with a real estate agent, you must take care of all marketing on your own. You may need to set up open houses and advertise your property. You may also need to take time off work to show your property to potential buyers.
Resolving Legal Issues: For Sale by Owner vs. Realtor
Buying or selling a home may be a complicated process legally. In order to sell your home, you may need contracts and other legal paperwork. If you are selling your own home, it may be difficult to know the exact steps to take to make sure the sale process is completed according to the law.
A real estate professional may be conversant with the real estate laws in your area. Your real estate agent could handle, for example, the earnest money put down on your property through an escrow account.
Note that this does not mean that you cannot legally handle the sale of your property on your own. Many property owners legally sell their property after researching the laws in their area. It may only require a bit of extra research on your part to feel comfortable completing a for sale by owner sale.
Get Help on Your Side When Selling Your Property
If you are interested in selling your own property, you may want to get some additional help while avoiding working with an expensive real estate agent. In this situation, you could turn to a real estate lawyer to get help.
Real estate lawyers often offer specific services to homeowners who are interested in a for sale by owner plan. For example, a lawyer could help you create contracts for the sale of your property or take care of the closing for your property.
Working with a lawyer can allow you to pick and choose the specific services you want. Some real estate lawyers offer individual pricing for different services. In other cases, you could pick a package that allows you to get help handling multiple common real estate issues. This may make you feel more comfortable selling your property without a lawyer, especially if you are dealing with a realtor or legal professional on the other side of your transaction.
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Find Out More About Working With a Real Estate Lawyer
Generally, working with a realtor allows you to get more professional help selling your home. However, you could also get help from a real estate lawyer if you do not want to work with a realtor.
Bogin, Munns & Munns provides legal services to home sellers and buyers throughout Florida. We make sure our clients understand all of their options when it comes to the differences between for sale by owner and realtor.
To discuss your needs with a member of our team, call Bogin, Munns & Munns today at (407) 578-1334.