Posted On June 11th, 2019 By deepardue
So the airways are full of commercials saying how you can just sell your home online, no hassle, no prepping your home, no open houses, no waiting to get an offer…. So this brings up a few questions. How much do you give up for this “hassle-free” quick sale? Who answers all the many questions sellers typically have during this process? There is a reason the real estate industry is heavily regulated and agents must be licensed and adhere to a code of ethics. Because selling or buying a home is fairly complicated, leaving sellers open to possible liabilities, substantial loss of their equity in their home and opens the door (so to speak) to lawsuits and a multitude of other problems without the guidance of a licensed professional. I gained first hand experience by working with a seller who sold to an online service with me as their listing agent. I helped handle all the details and communications for them. They were willing to give up a substantial amount of equity just to make it a quick cash sale. The sales price posted in MLS was just slightly less than the original list price so the “discount” was hidden in a large service fee and other fees to the seller. Documents are sent to sellers to sign electronically–too many pages for the average person to read thoroughly–but it attempts to prevent the company from having any liability and typically sellers just click through and sign off everything.
This has opened my eyes to the fact that I should ask more questions when meeting with sellers about listing their home. Perhaps some sellers would like to have the option of listing their home at a below market price, “as is”, even if they could make a much larger profit by taking care of “deferred maintenance” and updating the home to bring it to market standard. And listing it with a real estate agent provides them with someone who is working in their best interest by showing them a professional market analysis and representing them throughout the process through closing. Often we can help connect sellers directly with investors willing to pay cash to buy a home to flip. By taking this approach, they could still get a fairly quick sale and quick close, but they would retain a lot more of their equity.
So before you throw in the towel and sell your home for pennies on the dollar, consult with a real estate agent. Discuss options and see how you could list your home at slightly less than market value, get a quick sale and net more at closing. Keep your equity! Don’t give it away.