At Widespread Properties, we understand that while you may feel deeply attached to your home, there are times when its financial value is more important than its sentimental one. If you are in a position where you need to sell your home as quickly as possible–for example, if you are facing foreclosure or tax liens–then your best position may be to sell it by owner rather than go through a real estate agent. Of course, there are some common pitfalls in this approach, but our team has put together this article to help you know what to watch out for and how to avoid these common mistakes.
- Using Subpar Signage. One common mistake people make when selling a house by owner is buying a cheap FSBO sign, rather than investing in something that looks sturdy and professional. Using low-quality signage for your home has the same effect as putting a valuable painting in a cheap frame–it gives the impression that you don’t value your property, which discourages buyers from valuing it as well.
- Letting Sentiment Affect Pricing. Another mistake that many people make when selling a house by owner is letting their emotional attachment to their home affect the price they set for the property. The deep sentimental value that your home holds for you does not translate into financial value on the market, and pricing your home too high will make it hard to attract buyers.
- Failing to Disclose Problems. A third mistake that many homeowners make when selling their homes themselves is failing to disclose all the problems with the property. While it may seem like a good idea to cover these flaws up in order to keep buyers interested, doing so will come back to bite you, as all those flaws will come out in the property inspection anyway, and your omission could put the contract in jeopardy and lose you the sale.